IOB Bank FASTag

FASTag is a digital toll tag that works on Radio Frequency Identification (RFID) technology and enables you to make cashless toll payments on highways. The tag is linked to your prepaid account and will be affixed on your vehicle’s windshield. The tag reader present at the toll plaza will scan the FASTag as the vehicle passes by and the toll amount will get deducted from your prepaid account automatically. You will receive an SMS alert for every transaction you make with your tag. Using FASTag makes the toll payment process smooth and quick without you having to wait in long lines.

Today various banks in India are offering the FASTag facility including IOB Bank. If you are a customer of Indian Overseas Bank (IOB), then you can avail yourself of the FASTag facility provided by the bank.

Benefits of using Indian Overseas Bank FASTag

Some of the benefits of using IOB FASTag facility are:

1. Cashless payment: There is no need to carry cash when you avail the FASTag facility from Indian Overseas Bank.
2. Faster mode of transaction: You don’t have to stand in long queues to pay your toll fees. The FASTag reader present at the toll plaza scans the tag and the toll amount gets automatically deducted from the prepaid account.
3. Online recharge: You can recharge your FASTag account using your through net banking or through credit/debit card.
4. SMS alerts: You will also receive SMS alerts every time you make toll payments using the FASTag facility. This process of toll payment is safe.

Documents required to apply for Indian Overseas Bank FASTag

Given below is the list of documents you will have to submit in order to apply for FASTag:

• Passport size photograph of the vehicle owner
• Registration Certificate (RC) of the vehicle owner
• KYC documents as per the category of the vehicle owner
• Proof of address and proof of ID

Indian Overseas Bank FASTag fees and charges

You need to pay the following fees and charges for IOB FASTag:

1. FASTag issuance charges: Rs.100 (inclusive of GST)
2. FASTag reissuance charges: Rs.100 (inclusive of GST)
3. FASTag security deposit & minimum balance as per the type of vehicle is as follows:

Dos and don’ts while affixing Indian Overseas Bank FASTag

You need to take care of the following points while affixing FASTag on your vehicle:

FAQs on Indian Overseas Bank FASTag

1. Can the same FASTag be used for multiple vehicles?

   No, the same FASTag cannot be used for multiple vehicles. You have to use separate FASTags for separate vehicles.

2. How long is the Indian Overseas Bank FASTag account valid for?

   The IOB FASTag is valid for a period of 5 years. Once you buy it, you will have to recharge or top-up the tag according to your requirements.

3. Are there separate lanes for FASTag users?

   Yes, FASTag lanes are separate in all toll plazas which are enabled with FASTag. In these toll plazas, the lanes are separated to allow quicker passage through the toll gates.

4. What should I do if my Indian Overseas Bank FASTag is damaged or lost?

   In case you lose your IOB FASTag, you need to get in touch with the bank immediately through their customer care service and block the previous FASTag. If you have any remaining balance on the card, the same will be refunded to your new card once it is issued.

5. How can I recharge my IOB FASTag account?

   You can recharge your IOB FASTag account by making online payment through Debit/Credit card or through NEFT/RTGS.