FASTag to be mandatory: All you need to know about it
The FASTag is like a sticker with a magnetic strip that will be at the top left corner of the vehicle’s windscreen that uses Radio Frequency Identification (RFID).
This will help the passenger and commercial vehicles to pass through the toll booths without halting for paying the toll tax.
According to BullEye Technologies, the transition to 100 per cent FASTag-based toll collection on national highways from 1st December could save up to Rs 12,000 crore worth of fuel and man-hours in India.
How FASTags can benefit you?
The first and foremost purpose of FASTag is reducing the travel time and making the toll collection process digital and more efficient. Not having FASTag in your vehicle will cost you up to twice the normal rate, as the Government of India has mandated.
While both private and commercial vehicles will have to have the FASTags, commercial vehicles that travel a thousands of kilometres crossing different states and multiple toll plazas will be the real beneficiary, in terms of money and time.
With this, the commercial vehicle operators, logistics providers will be able to save the fuel expenses and labour wage as well, which would help them to offer services at a competitive rate.
Where you can get FASTags?
FASTags are being issued by 22 certified banks in India via various channels like Point-of-Sale (POS) at National Highway toll plazas and select bank branches. Apart from that, it is also available on the e-commerce platform like Amazon.
Charges for FASTag
The certified banks issuing FASTags can charge a maximum of Rs 500 for each tag, as mandated by National Payments Corporation of India (NPCI). However, with different banks offering different offers and discounts, the charges may vary from bank t o bank. The total cost includes tag issuance fees, refundable security deposit and first recharge amount.
How to activate FASTags?
FASTags can be activated in two ways. The customer can activate it by himself or herself. Also, he or she can visit the certified bank branch.
Self-activation: The FASTags come as bank-neutral, which means no bank is pre-assigned to the RFIDs at the time of purchase. It is based on the concept of Do-It-Yourself (DIY). First, you have to download the My FASTag app from Google Play Store or Apple Store. Then self activate the FASTag by entering the details in the app, where you can link it with anyone of your existing bank accounts.
The National Highway Authority of India (NHAI) prepaid wallet is also available in the app. The users can load the money there and get the toll fee deducted from there instead direct deduction from the bank account. Consumers can recharge the FASTag from digital wallet service provider Paytm as well.
Activate at a certified bank branch: The consumers can also buy and activate the FASTag by visiting the nearest certified bank branch. Also, they can get the FASTag linked with an existing bank account there. He or she has to submit the Know Your Customer (KYC) document during the activation process along with the registration certificate of the vehicle along with the application for the FASTag.
As the Indian Highways Management Company Limited (IHMCL) says, FASTags with limited KYC account holders can only have up to Rs 20,000 amount in their prepaid wallet. The monthly reloading limit too is capped at Rs 20,000. On the other hand full KYC FASTag account holder can have up to Rs 1 lakh in their wallet with no monthly capping on reloading amount.
Source – economictimes.
