Fastag offers: Here's a quick guide to the discounts offered on Fastag by different banks
The deadline for paying the toll charges through FASTag has been extended to December 15, 2019, whereas the earlier deadline was December 1, 2019. While the government has given some additional time for the vehicle owners to make a switchover to this system, those vehicles crossing the toll plazas without FASTag after December 15 will have to incur twice the toll charges. This being announced, now the vehicle owners are desperately hunting for the required info
- What is FASTag system
FASTag is a method of electronically paying the toll charges while the vehicles pass through the toll plazas located at the National Highways all over India. FASTag works on radio frequency identification technology that can automatically debit the toll charges applicable to the given vehicle from the linked account of the vehicle owner. Having FASTag affixed to the windshield of your vehicle will mean you will not have to stop at the toll plazas in long queues for paying the toll charges. This will make the process much easier. It is quite easy to buy, use and recharge FASTag and the whole system works in a similar fashion to the concept of mobile wallet.
- Where to buy FASTag
FASTag, the electronic toll collection tags are made available by the government through various providers like PayTM, fuel stations, banks and others. You can also buy FASTag from Amazon or any toll plaza. Talking of banks that offer FASTag, we can list out entities like Kotak Mahindra, ICICI, HDFC and others. If you wish to buy a new FASTag, you need to carry an ID proof, address proof, and vehicle registration documents. The National Highways Authority of India has requested the banks to offer FASTag free of charges. However, only a few banks have implemented the instructions. Here is an overview of the discounts available on FASTag from different banks so that you can make informed decisions while buying FASTag.
- how much discount by PayTM for fastag
PayTm charges one-time fee of Rs. 100 (tag fee) to issue FASTag. The other charges payable are a security deposit of Rs. 250, and a threshold amount. The threshold amount depends on the type of vehicle. For instance, the threshold amount for light commercial vehicles is Rs.150 and it is Rs. 200 in case of LCV’s with 2 axles.
- how much discount by HDFC Bank for fastag
When you buy FASTag from HDFC bank, there is no tag joining or one-time fee till 31 December 2019 as the banker’s site says. Security deposit is Rs. 200 with the threshold amount calculated depending on the vehicle. Threshold amount for LCV is 100 and for LCV with 2 axles, it is Rs. 200.
- how much discount by ICICI Bank for fastag
When you buy FASTag from ICICI, you will have to pay Rs. 499. The break up is as follows. Tag joining fee is Rs. 99.12 which includes GST. The security deposit is Rs. 200 and the minimum recharge amount is Rs. 200. A small convenience fee is applicable for online recharges.
- how much discount by SBI Bank for fastag
With SBI, the FASTag issuance fee is Rs. 100 for all categories of vehicles. The minimum security deposit depends on the type of vehicle. For LCV, the security amount is Rs. 200 and for LCVs with 2 axles, it is Rs. 300. The minimum balance is Rs 100 and Rs 140 respectively in these cases.
- how much discount by Kotak Mahindra Bank
Kotak Mahindra Bank has waived off the one time joining fee or tag fee till 15 January 2020. The tag deposit is Rs. 200 and the threshold amount is Rs 200 in case of LCV. In case of LCVs with 2 axles, the tag deposit is Rs. 300 and the threshold amount is Rs 200.