Small private lender, South Indian Bank recently tied up with Central Board of Direct Taxes (CBDT) for direct tax collections.
The payment facility is now LIVE, allowing any taxpayers to remit Direct Taxes under ‘Over the Counter Mode’ and specifically for SIB customers, payment can be made via ‘Over the Counter’ as well as ‘Internet Banking’ modes, thereby making the process seamless and faster like never before.
Thomas Joseph K, EVP & Group Business Head, South Indian Bank said “With this arrangement, we join the ranks of a select few other private banks in the country to carry out Direct Tax collections on behalf of CBDT under the new regime TIN 2.0. Our offering is for all taxpayers who can avail the convenience of Direct Tax Payments across our 932 branches and through our novel net banking platform –SIBerNet, exclusively for SIB account holders. With this initiative, we aim to make Tax payments more convenient for customers by providing them with alternate options that are seamless and hassle-free.”
Enabling this facility would further strengthen the ties of South Indian Bank with the Government of India imprinting it as a bankable partner in facilitating payments, the bank said in the press release.