The government has made it mandatory for vehicles plying on National Highways to carry a FASTag to ensure seamless traffic and prevent congestion at toll plazas. FASTag is a prepaid tag facility that enables a cashless automatic deduction of toll charges, which means it lets the vehicle pass through the toll plaza without stopping for a cash transaction. Radio-frequency identification (RFID)-based FASTag is affixed on the windscreen of the vehicle. The FASTag platform allows for direct payment of fee from the linked prepaid or savings account. From December 1, users not having a FASTag on their vehicles will be charged double the fee in cash for passing through a FASTag-only lane, according to a Ministry of Road Transport and Highways statement in July.
FASTag: Here is how to get a FASTag for your vehicle:
All the major banks are offering the FASTag payment facilities. The FASTag is linked to the customer's savings account, and ensures automatic deduction of the toll fee from the account when the registered vehicle passes passes through a toll plaza.
State Bank of India, ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank are part of the National Electronic Toll Collection (NETC) initiative rolled out by National Payments Corporation of India (NPCI), under the guidelines of National Highway Authority of India (NHAI) and Indian Highways Management Company Limited (IHMCL).
State Bank of India (SBI) - the country's largest lender - charges an fee of Rs 100 (including all applicable taxes) for the issuance of the RFID tag (FASTag) across categories, according to its net banking website - onlinesbi.com.
Here are the charges levied by SBI for issuing the FASTag across different categories of vehicles:
| Sr. No. | Vehicle Class No. | Particulars | Security Amount | Minimum Balance |
|---|---|---|---|---|
| 1 | 4 | Car / Jeep / Van/ Tata Ace and similar mini light commercial vehicle | 200 | 100 |
| 2 | 5 | Light Commercial Vehicle | 300 | 140 |
| 3 | 6 | Three Axle Commercial Vehicles | 400 | 300 |
| 4 | 7 | Bus/Truck | 400 | 300 |
| 5 | 12 | 4 to 6 axle | 400 | 300 |
| 6 | 15 | 7 or More Axle | 400 | 300 |
| 7 | 16 | Heavy Construction Machinery (HCM)/Earth Moving Equipment (EME) | 400 | 300 |
| Source: onlinesbi.com | ||||
SBI charges a security amount of Rs 200-400 for the issuance of RFID tags meant for different classes of vehicles. This amount is refunded to the customer at the time of closure of the RFID tag account, according to the SBI FASTag website - fastag.onlinesbi.com.a
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
