Axis Bank launches Income Tax Payment facility at ATMs

Company Brief

New Delhi, February 25, 2010

Axis Bank, India's third largest private bank, today announced the launch of the facility to pay Income Tax at ATMs. This facility, initially, will be available at select ATMs in the major centers and will shortly be made available at all 5,600 plus ATMs across the country. Axis Bank customers holding ATM/ Debit Cards can use this facility to pay Income Tax/ Other Direct Taxes using Axis Bank ATMs.

The Central Board of Direct Taxes (CBDT), as a part of its e-Governance Initiative to provide more convenience to the taxpayers had advised authorized Banks to roll out the facility to pay Tax using ATMs. Axis Bank is the first private sector bank to make this facility available for its large tax-paying customer base.

Mr. V. Srinivasan, Executive Director - Corporate Banking, Axis Bank said, "It is mandatory for corporates to pay income tax on-line through internet, while the retail assesses prefer paying taxes physically through challan deposit at authorized Branches. Axis Bank is already among the top Banks handling collection of Income/ Other Direct Taxes through its Branches as well as on-line through internet banking. There also is a vast segment of retail taxpayers who do not have internet enabled Bank accounts and are thus unable to pay income tax on-line. Axis Bank with its vast ATM network will now be able to cater to these retail assesses who account for a substantial portion of all income tax payers."

This provision will ensure immediate credit of taxes paid to the Government account and is expected to not only improve compliance on part of taxpayer but also substantially reduce paper handling of challans by the Banks.

The facility will not only make income tax payment easier and simpler for the individual tax payers but also provide them the convenience of making the payment 24 hours a day - 365 days a year.

About Axis Bank:

Axis Bank is the third largest private sector bank in India. Axis Bank offers a vast spectrum of services encompassing Large and Mid-Corporate Banking, SME Banking, Agri-Business Banking, Retail Banking and International Banking.

Axis Bank has a network of over 1200 branches and over 5000 ATMs across the country. The branches, spread across more than 700 cities and towns, enable the Bank to reach out to a large cross-section of customers with an array of products and services catering to both the retail and the corporate segment. Axis Bank has presence in Singapore, Hong Kong, Shanghai and Dubai, and seeks to expand further its international presence. Axis Bank has the largest EDC network, the third largest ATM network in India and also has the fourth largest base of debit cards in the country. Axis Bank has a customer base of over 150 Lakhs. The market capitalisation of the Bank as on February 24, 2011 was Rs 48, 767crores (NSE).

The Bank's centralised database enables customers to operate their accounts from anywhere in the country. The Bank's website www.axisbank.com offers comprehensive details about its various schemes.

For further information, please contact:

Axis Bank

Anand H. Mugad

Tel: 022-67071589

Email: anand.mugad@axisbank.com