FASTags are issued by multiple banks, including HDFC Bank, Axis Bank, ICICI Bank, Kotak Bank, Paytm Payments Bank and IDFC First Bank, to name a few. Mobile wallet and digital payments apps including Paytm, PhonePe, Google Pay and Amazon Pay let you recharge pretty much any issuing bank’s FASTag.
Sanjhi Soch Beauro –AFASTag contactless payments system is now mandatory for all vehicles for paying the toll charges while crossing any toll plazas across national highways in India, from February 15. This comes as part of the government’s push for enabling contactless and electronic toll payments at all toll plazas on national highways. The expectation is that it’ll increase efficiency of processing transactions and reduce waiting time at toll plazas for vehicles, in comparison with the time taken to process cash transactions. Since the January 1 deadline isn’t too far away, you might want to get a FASTag for your car if you intend to travel anytime soon.
How can I buy a FASTag? You have multiple options here. If you need to buy a FASTag for your car, you can buy one at certain toll plazas across India, by carrying your identification as well as the vehicle registration documents with you. This is a mandatory KYC process. Or, and this could perhaps be simpler as well—you could buy one on Amazon.in or approach certain banks, including payments banks, for these FASTags. The banks that currently offer FASTags include HDFC Bank, ICICI Bank, State Bank of India, Kotak Bank, Axis Bank as well as Paytm Payments Bank, to name a few. To buy from a bank, you’ll need to head to their websites. For options such as Paytm and Airtel PaymentsBank, you can buy these directly on the payments apps on your phone.
What is the cost of buying a FASTag? The cost of buying a FASTag depends on two things. First, the class of vehicle you are buying it for—a car, jeep or van, or a bus or truck, light commercial vehicles, construction machines etc. Secondly, the bank you are buying the FASTag from will have their own policies regarding issuance fees and security deposits. At this time, for instance, you can buy a FASTag for a car from Paytm for Rs 500—this includes Rs 250 refundable security deposit and the Rs 150 minimum balance threshold that needs to be maintained. If you buy it from ICICI Bank, you will pay a tag issuance fee of Rs 99.12 plus Rs 200 as deposit amount and Rs 200 as the minimum threshold balance. There are minor pricing differences from time to time, but also do note, banks bundle some offers or cashbacks with the purchase of a new FASTag.
How can I recharge a FASTag? Quite simple, there are two options for you. First is to use the FASTag wallet created by the issuing bank, and recharge it using internet banking, credit or debit cards or UPI, depending on the options the bank offers. However, this experience may be clunky at best. Secondly, you have mobile wallet apps such as Paytm and PhonePe that let you recharge pretty much any issuing bank’s FASTag. The latter option is much simpler and intuitive, because the quality of wallet options currently offered by most banks isn’t really up to the mark.
