123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

What Are The Features Of The Fastag?

By Author: Neha Sharma
Total Articles: 1170

"A new payment program introduced by the government, FASTag is a type of Electronic Toll Collection (TOLL) that has been rolled out on the highways of the country. FASTag has been fashioned by the Indian Ministry of Road Transport and Highways and is now being implemented by the Indian National Highways authority. In order to make FASTag a success, the Indian Highways management Company Limited (IHMCL) has teamed up with Axis Banks as well as ICICI Bank to help Indian citizens clear toll payments and transactions.

How does FASTag function?

This system of toll clearance has been adopted in foreign countries and basically involves the installation of a Radio Frequency Identification (RFID) device or strip which is fixed to vehicle windscreens. The technology makes toll payment easy as the driver does not have to stop to pay the toll at the toll booth. The money is automatically deducted from his prepaid account. FASTag is valid for about 5 years, and one can recharge it whenever they want after buying it.

Here are a few commendable features of this new technology that one should be aware of-

• The first and most important feature is cashless payment. Those who use FASTag do not need to worry about carrying change in order to pay money at the toll booth. They can wiz by in no time.

• In order to promote the use of FASTag, the government offered a cashback offer. Anyone who used this technology got a 10% cashback every month till the 31st of March 2017.

• One is definitely assured faster transit. This is primarily because an individual using this feature will not have to wait for the staff at the toll booth to complete the transaction and fish for change. The money will be directly deducted from their prepaid account which is must faster.

• One can recharge their FASTag prepaid account online via net banking, credit card, IMPS as well as a debit card.

• One will get SMS alerts on the mobile number they have registered in case of a transaction or if their balance is low.

• One can do a minimum recharge of hundred rupees and a maximum recharge of one lahk rupees.

• In case a person owns 2 vehicles, each vehicle will require FASTag facility.

• In case of loss of vehicle or if it is stolen, one can immediately block their account by calling customer care.

One can create a FASTag Account for themselves either by visiting the 2 banks that the government has associated with or one of the Point of Sale (PoS) stations near toll plazas in the country. "

Author Bio:- Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about the EMI calculator and why is it important to calculate the EMI. Through her work, she provides valuable information on the features of fastag.

Total Views: 35Word Count: 483See All articles From Author

Investing / Finance Articles

1. Things To Know About Investment App
Author: Ahrvo Web

2. The Procedure And Documents Required For Applying For A Loan Against Property
Author: Manish Damani

3. Different Quickbooks Versions & Their Uses
Author: Marya Smith

4. What Does Net Asset Value Of Mutual Fund Mean?
Author: Bhagath Varma

5. Asset Reconstruction Company For India
Author: Arnav Desai

6. Summary Of Value Investing: Famous Value Investors?
Author: BhartiJoshi

7. Comparing Quickbooks Pro, Premier & Enterprise At A Glance
Author: Jessica Haizel

8. What Is A Share And What Is A Share Market?
Author: BhartiJoshi

9. Loans Without Guarantor & Credit Check To Fuel Your Financial Strength
Author: Adela Jones

10. What Does Systematic Withdrawal Plan Mean In Mutual Funds?
Author: Bhagath Varma

11. Beat The Summer Heat With 0 Percent Interest Loan On Air Conditioners!
Author: Meenal Wahi

12. Industry Research Reports
Author: Chetan Rathod

13. How To Start Investing In Sip Online?
Author: Bhagath Varma

14. What Is A Mutual Fund And How Do I Invest In Them?
Author: Bhagath Varma

15. Advantages Of Export Documentation
Author: Laural Smith

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: