This Private Bank Enables Online EPF Payments Via Net Banking; What Does It Mean For Employers?

Tamilnad Mercantile Bank (TMB) today announced the successful launch of online collection of Employees' Provident Fund (EPF) payments through its net banking platform, with direct integration between the EPFO portal and TMB's internet banking application.

Executive Director of TMB, Shri Vincent Menachery Devassy, stated that the launch of online EPF payment collection is an important milestone for the bank, aimed at enhancing customer convenience through digital integration. He highlighted that 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. He added that the Bank will actively popularise this facility among customers and focus on increasing the number of EPF payments routed through TMB.

With this new feature, MSME units, retailers, wholesalers, and big corporate customers with more than 20 employees can remit EPF contributions—including monthly employee salary deductions-directly through TMB Internet Banking without having to go to bank branches.

The aforementioned customers who have TMB accounts but were previously making EPF contributions through other banks will greatly benefit from this option, according to Chief Guest Smt. Kavitha N. George. In order to enable more companies to remit EPF contributions for their employees through TMB Internet Banking, she underlined the necessity of educating TMB customers on how to use this digital tool and encouraging MSME customers to remit EPF contributions.

With its headquarters located in Thoothukudi, Tamilnadu, Tamilnad Mercantile Bank Limited (TMB), one of the well-known old private sector banks, has a rich history spanning over 100 years, solid foundations, and a track record of consistent profitability in the sector. With 601 branches and 12 regional offices spread throughout 17 states and 4 Union Territories, TMB has a pan-Indian presence and serves over 5.30 million satisfied clients.