FASTag is now mandatory for driving vehicles on highways in the country. Based on a radio frequency identification- or RFID-based system, FASTag enables the toll to be deducted automatically from a prepaid account when the vehicle crosses a toll plaza on a highway. Simply put, FASTag enables automatic, cashless deduction of toll charges when a registered vehicle passes through a toll plaza, without having to stop for a cash transaction. Many banks today offer prepaid accounts for their customers to use with FASTag. For example, State Bank of India (SBI) offers “SBI FASTag” accounts at designated point of sale (PoS) locations. (Also Read: No Issuance Fee On FASTag Till February 29)
Here’s all you need to know about State Bank of India (SBI)’s FASTag accounts:
An SBI FASTag account can be set up by submitting copies of valid Know Your Customer (KYC) documents and the registration certificate (RC) of the vehicle at these locations, according to the lender’s internet banking website (fastag.onlinesbi.com).
SBI FASTag Account Types
SBI FASTag accounts are available in two categories: with limited KYC verification and with full KYC verification.
SBI FASTag Limited KYC Account
An SBI FASTag account holder is only allowed to keep a value up to Rs 10,000 in the “limited KYC” option. Similarly, only a recharge up to Rs 10,000 is permitted every month, according to the bank.
SBI FASTag Full KYC Account
The limit on the value stored in the FASTag account is Rs 1 lakh for a full KYC-compliant account. Also, there is no monthly recharge limit applicable to this option, according to SBI.
(Also Read: FASTag Mandatory For Your Car, How To Buy FASTag)
The government has rolled out the FASTag-based toll collection system across more than 527 national highways in the country.
Once the system is fully implemented, highways authority NHAI expects to collect Rs 100 crore worth of toll income per day through FASTag.
A FASTag can be purchased from all national highway fee plazas, Regional Transport Offices (RTOs), common service centres, transport hubs as well as petrol pumps, according to the Road Ministry.