The deadline for mandatory use of FASTags at toll plazas is closing in. Starting December 1, you will need a FASTag to make toll payments on national highways (NH) across India. The FASTags employ Radio-frequency Identification (RFID) technology which automatically deducts toll charges as your vehicle passes through the toll plaza. By having the tag, you won’t need to stop for cash transaction, making the process easier. The tags are simple to use, just like mobile wallets and can be reloaded whenever you want.
The electronic toll collection tags are available via different providers, including banks, Paytm, petrol pumps and more. You can buy FASTags from Amazon India, toll plazas across India, Paytm, or from banks like ICICI Bank, HDFC Bank, Kotak Mahindra Bank and more. Do note, to be able to buy a FASTag, you will need to carry your ID and address proof; along with the vehicle registration documents. The National Highways Authority of India (NHAI) has already requested all banks to offer FASTags for free, but only a few have implemented. Here is a look at deals.
FASTag offers to know before buying one
Paytm: A FASTag is generally costs Rs 100. But Paytm has waved off the charges, so you get the tag for free. However, you will still need to pay Rs 400, which includes Rs 250 refundable security deposit and Rs 150 minimum balance. Paytm is also offering movie ticket discount worth Rs 150, which brings the effective price down to Rs 250.
HDFC Bank is charging Rs 400 for the tag. It is selling it for Rs 100 (issuance fees). You will also have to pay Rs 200 as refundable security deposit, and Rs 200 as first recharge amount.
ICICI Bank, on the other hand, is charging Rs 500. This includes Rs 99 issuance fees, Rs 200 refundable security deposit, and Rs 200 as first recharge amount.
Kotak Mahindra Bank has waived off the fees for customers who buy FASTags before December 1. SBI Bank is also charging Rs 400 – which includes Rs 100 issuance fees, Rs 200 security deposit and Rs 100 minimum balance. Now, while these charges are for private cars, charges for buses and trucks, commercial vehicles are different.
Cash back offers on FASTags, other features
Until March 2020, all toll payments made using a FASTag will include up to 2.5 percent cashback. SBI Bank, on the other hand, is offering up to 7.5 percent cashback as per details on the website. Talking about other features, you get the ability to easily load money using mobile wallets, credit and debit cards and UPI. (Do note – some banks may charge for loading money using credit cards). You will also get email and SMS notification for each deduction, and also when the account balance is running low.