FASTag, an electronic toll collection system, has made highway travel easier and faster for millions of commuters in India. However, if you have not completed your Know Your Customer (KYC) process for your FASTag account, you may face some inconvenience soon. The National Highway Authority of India (NHAI) has announced that all FASTags with incomplete KYC will be deactivated or blacklisted by banks after January 31. Therefore, it is important to update your KYC details before the deadline to avoid any hassle at the toll plazas. Here is a simple guide on how to do it online.
What is KYC and why is it important?
KYC is a process that allows entities to identify and verify their customers. When you avail of a financial service, you need to provide your KYC details. This is also applicable for FASTag applications. By completing the KYC process, you provide important personal information and documents that help establish your identity and ensure secure transactions. KYC compliance is mandatory as per regulatory guidelines.
What are the documents needed for KYC?
Per Reserve Bank of India (RBI) guidelines, you need to submit any of the following Official Valid Documents (OVD) to be KYC-compliant:
- Valid passport
- Voter’s ID
- Permanent Account Number (PAN)
- Job card issued by the NREGA and signed by an official of the State Government
Along with the KYC documents, you also need to submit your vehicle’s registration certificate (RC) copy.
How to update KYC online?
There are two ways to update your KYC online, depending on the type of FASTag you have.
For bank-linked FASTag
If you have purchased your FASTag from a bank or linked it to your bank account, you need to request the FASTag issuing bank to update your KYC details. You can visit the nearest bank branch and request for a form to update FASTag KYC. Fill out the application form and provide the updated details. The bank will update the new information to your FASTag Account at the earliest.
For NHAI FASTag
If you have purchased your FASTag from a toll plaza, petrol pump or online, and it is not linked to any bank, you have a NHAI FASTag. These tags come with a prepaid wallet that can be recharged online. You can update your KYC for NHAI FASTag by following these steps:
- Visit the Indian Highway Management Company Limited (IHMCL) FASTag portal.
- Log in using your registered mobile number and password or OTP.
- Select ‘My Profile’ from the menu on the dashboard.
- Here, you can check your KYC states and the details that were submitted at the time of registration.
- Click on ‘KYC’ and select ‘Customer Type’.
- Fill out the mandatory fields and submit the ID and address proof documents.
Your KYC will be processed in 7 working days from the date of submission of the request to update KYC.
What are the benefits of updating KYC?
By updating your KYC, you can enjoy the following benefits:
- Avoid deactivation or blacklisting of your FASTag account
- Increase your FASTag wallet limit from Rs. 10,000 to Rs. 1 lakh
- Avail monthly passes or concessions at select toll plazas
- Receive cashback and rewards for using FASTag
- Ensure smooth and hassle-free toll payments
So, do not wait any longer and update your FASTag KYC online before January 31. It is a simple and quick process that will save you time and money in the long run. Happy driving! 🚗
