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South Indian Bank Ties Up with Central Board of Direct Taxes

In Business
March 24, 2023

South Indian Bank announced that it has associated with the Central Board of Direct Taxes for the collection of Direct Tax for retail and corporate tax payers. 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.

Speaking on the occasion, 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.