Kochi: With the Centre deciding to make toll payments electronic from next month across the country, all major banks besides digital payment platforms like Paytm are offering Fastag facilities.
"All banks which are part of the National Electronic Toll Collection (NETC) initiative rolled out by National Payments Corporation of India (NPCI), under the guidelines of National Highway Authority of India (NHAI) and Indian Highways Management Company Limited (IHMCL) can offer the facility and its recharging," said an NHAI official.
The same includes State Bank of India, ICICI Bank, South Indian Bank, Axis Bank, HDFC Bank and Kotak Mahindra Bank among others.
"The general offer for Fastag for semi-light commercial vehicles (car, jeep, van) is the Rs 500 scheme. It includes Rs 100 as fee for issuance of the RFID tag and Rs 200 as security deposit while the customer can use Rs 200. He/she can recharge tag account online through credit card/ debit card/ NEFT/RTGS/UPI ort net banking. The facility can also be availed from bank branches," said Rahul Hareesh, a sales executive of ICICI Bank.
The NHAI is offering a 2.5 per cent cash back scheme for Fastag holders for every time the facility is used till March 31, 2020.
The validity period of Fastags will be five years after purchase. Those staying within 10 km of toll plaza can get concession on Fastag by submitting documents as proof to the concessionaire.
One should submit copies of Pan card, Aadhar card, vehicle Registration Certificate and a passport size photo while applying for Fastag.
"The demand for Fastag is slowly increasing. From the start of this month, I'm receiving close to 80 applications a day," said Mr Rahul.
"Vehicles without Fastag if entering ETC (Electronic Toll Collection) lanes will have to pay double the normal toll fees. There will be one cash lane on a temporary basis for those who are yet to switch over but only electronic mode of payment will be accepted in future," said Mr Ithesh Chaudhary, System Administrator, Kochi-Aroor Tollways Ltd, which is running the toll-plaza at Kumbalam....