Banking companies providing FASTag services have announced several new charges starting from July 1. Customers have been notified about these changes through SMS and emails. Now, consumers will have to pay various fees related to tag management, low account balance, and payment details extraction.
Key Changes and New Charges
| Service | Charge |
|---|---|
| New FASTag Issuance | ₹100 |
| FASTag Management | ₹25 per quarter |
| Low Balance Alert | ₹25 per quarter |
| Statement Extraction | ₹25 per request |
| Closing FASTag | As per bank’s policy |
These charges are in addition to the existing fees for new FASTag issuance, re-issuance, security deposit, and minimum recharge amounts.
NPCI Directives
The National Payments Corporation of India (NPCI) issued new guidelines on June 20 regarding the verification of new and existing customers (KYC). These include:
- New Customers: New charges for issuing and re-issuing FASTags, security deposits, and minimum recharge.
- KYC Verification: Mandatory KYC verification every three years.
- FASTag Replacement: Priority replacement of FASTags older than five years.
- Vehicle Linking: FASTags must be linked to the vehicle’s unique VRN (Vehicle Registration Number) and chassis number.
- Database Verification: Verification of FASTags against the vehicle database portal.
- Mandatory Updates: Uploading clear photos of the front and side of the vehicle during KYC.
Operational Guidelines
- Authorized Agents: Companies must place authorized agents at toll plaza centers. If irregularities such as KYC issues are found, a fine of ₹10,000 can be imposed.
- Inactive FASTags: If no transaction occurs within three months, the FASTag will become inactive. Users must update vehicle numbers within 90 days, or the FASTag will be hotlisted. If not updated within 30 days, it will be deactivated.
- Limited Use Vehicles: These rules might inconvenience those who use their vehicles infrequently.