The integration of technology has significantly transformed toll collection processes on Indian highways. One noteworthy initiative in this regard is the “One Vehicle, One FASTag” program, leveraging radio frequency identification (RFID) technology. This initiative aims to streamline toll collection by automatically deducting toll tax payments from linked bank accounts. An integral aspect of this system is the mandatory Know Your Customer (KYC) update for FASTag accounts. In this article, we will delve into the details of the process, emphasizing its significance and explaining the step-by-step procedure.
Also Read: Can you use Paytm for UPI after RBI action?
What is One Vehicle, One FASTag Initiative:
The One Vehicle, One FASTag initiative is designed to enhance the efficiency of toll collection on national highways through the use of RFID technology. It ensures seamless and automatic toll tax deductions from linked bank accounts, simplifying the overall toll payment experience for vehicle owners.
What is the Deadline for Updating the FASTag KYC?
The National Highways Authority of India (NHAI) has extended the deadline for the #OneVehicleOneFASTag initiative and mandatory KYC updation. The new deadline is set for February 29, 2024, providing vehicle owners with additional time to comply with the essential requirements.
Why Should I Update the FASTag KYC?
Timely KYC updates are crucial to ensuring a smooth and uninterrupted toll payment experience on national highways. Non-compliance with the KYC update by the February 29 deadline could result in the deactivation of the FASTag account, leading to potential disruptions in the electronic toll collection system.
What Will Happen if I Don’t Update the FASTag KYC?
Failure to update KYC details by the specified deadline may lead to the deactivation of the FASTag account. This deactivation can result in inconvenience for vehicle owners, causing disruptions in the electronic toll collection process.
List of Documents Required for FASTag KYC:
To update the KYC details, vehicle owners need to submit specific documents, including:
- Vehicle registration certificate.
- Driver’s license.
- Identity proof (PAN card, voter’s ID card).
- Address proof (Aadhaar card, passport, passport-size photographs).
How to Update the FASTag KYC?
Updating KYC on FASTags involves a straightforward process. Vehicle owners can follow these steps:
- Visit the official website of the bank-linked or issuing authority.
- Log in using the registered mobile number.
- Navigate to the ‘My Profile’ section.
- Click on the ‘KYC’ sub-section.
- Update all necessary fields by attaching the required documents.
What is the Verification Process?
Vehicle owners can verify the status of their KYC by logging in through the bank-linked or issuing authority of FASTag or by visiting the official FASTag website. The verification process includes using the registered mobile number and following a password/OTP-based validation process.
In conclusion, updating the FASTag KYC is a crucial step for vehicle owners to ensure the smooth functioning of the electronic toll collection system. By adhering to the outlined process and meeting the KYC deadline, users can avoid potential disruptions and enjoy a seamless toll payment experience on national highways.