Premier Public Sector Bank (PSB) Syndicate Bank also joined the Fastag club as issuer of RFID enabled NETC Fastags. They have introduced the NETC enabled Fastags in collaboration with NPCI for cashless drive through toll plazas across India. Currently all the Toll Plazas which are controlled by NHAI (National Highway Authority of India) and Indian Highways Management Company Limited (IHMCL). Syndicate bank being the issuer of FASTag will issue the RFID enabled Tags for seven different class of vehicles. No FASTag is provided for two wheeler.
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The cashless product, Syndicate Fastag, is a card that works on Radio Frequency Identification (RFID) technology. Syndicate FASTag is a small tags which is affixed at the windscreen of your vehicle and enables you to drive through the listed toll plazas. The beauty of Fastags is that you need not to stop your vehicle for cash transactions. Amount will be made directly from the prepaid or savings account linked to it. Money can be loaded on the Fastags through various channels enabled by the bank for exclusively for this i.e. Online Recharge, Cash payment, Cheque Payment through branch, Credit Card, Debit Card etc.
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How To Buy Fastags ?
Any person of Indian origin can purchase Fastags from any designated branch of Syndicate Bank. There are seven different class of vehicles and based on each class price is being charged. Fastags can be purchased after paying the requisite fees i.e. One Time payment fees, Security Amount and recharge amount. For example If you want to buy Fastags from Syndicate Bank, you will have to pay
One Time Payment : Rs 200/- inclusive all the applicable taxes
Security Amount : Different as per the various class of vehicles i.e. for Car it is Rs 200/-
Threshold Amount : Rs 100/- (Once the balance in Tag reaches below this, tag will be kept in low balance)
Top Up Amount : Any amount , Money can be loaded as and when it reached the threshold amount.
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How To Use the Syndicate Bank FASTag ?
There is a small sticker which is carrying the small chip will be affixed on the windscreen of the vehicle and enables one to drive through toll plazas without stopping for cash transactions by allowing auto debit of toll amount from the tag balance.
Syndicate bank FASTag will operational at about 350 toll plazas across national highways in India.Same Fastag can be used across all toll plazas under the national electronic toll collection programme.
Read : Goods and Service Tax (GST) Calculator
What are the benefits of using FASTag?
- Cashless payment – FASTag users don’t need to carry cash for toll transactions, and don’t need to worry about collecting the exact change
- Promotional cashback– All FASTag users get a monthly cashback of 10% of toll transactions till 31 March, 2017
- Faster transit – Auto-debit of exact amount through the FASTag enables faster transit through the toll plazas and saves time
- Online recharge – FASTag can be recharged online through Credit Card / Debit Card / NEFT/ RTGS or Net banking
- SMS alerts – Instant SMS alerts on registered mobile number for toll transactions, low balance, etc.
Currently Syndicate Bank is offering 10% cash-back for all transactions up to March 31, 2018, easy recharge. They are having the exclusive customer care facilities along with easy recharge option.