Tamilnad Mercantile Bank (TMB), a private sector lender, has launched an online collection facility for Employees’ Provident Fund (EPF) payments through its internet banking platform. This new facility allows Micro, Small, and Medium Enterprises (MSMEs), retailers, wholesalers, and corporates with 20 or more employees to remit EPF contributions, including monthly salary deductions, directly through TMB’s internet banking without visiting bank branches.
The launch of this facility was announced at a function presided over by TMB’s Executive Director, Vincent Menachery Devassy. Kavitha N. George, Additional Central PF Commissioner, Chennai, highlighted the benefits of this facility, stating that it would be highly beneficial for TMB customers who were earlier making EPF payments through other banks. She emphasized the need to educate TMB customers on using this digital facility and to popularize EPF payment adoption among MSME customers.
The online EPF payment facility is a significant milestone for TMB, aimed at enhancing customer convenience through digital integration. TMB has already implemented online payment facilities for CBDT, GST, and ICEGATE, and the addition of EPF payments further strengthens the bank’s digital offerings. The bank plans to actively popularize the new payment facility among customers and focus on increasing the number of EPF payments routed through TMB.
With its headquarters in Thoothukudi, Tamil Nadu, TMB has a pan-India presence with 601 branches and 12 regional offices across 17 states and 4 Union Territories. The launch of this online EPF payment facility is expected to benefit a large number of customers, particularly MSMEs, who can now make EPF payments easily and conveniently through TMB’s internet banking platform. Overall, this new facility is a significant step towards digitalization and customer convenience, and is expected to enhance TMB’s position as a leading private sector lender in the country.