Regarding cashless toll payments on Indian highways, SBI Bank FASTag and Equitas Bank FASTag are two popular choices. These electronic toll collection systems offer convenience, efficiency, and time-saving benefits.
This guide will compare SBI Bank FASTag and Equitas Bank FASTag. To help you choose the right one for your needs, I want to give you information so you can make an intelligent choice. Let us explore their features, benefits, recharge options, fees, and required documents.
Getting a FASTag for SBI Bank or Equitas Bank is easy. Just send the needed documents and pay the fees. These tags can help you collect tolls electronically. Let's look at each bank's process:
SBI Bank FASTag
To obtain an SBI Bank FASTag, you need to follow these steps:
To get the application form for FASTag, go to the closest SBI Bank branch or look for it on their website.
To apply, fill out the form and include KYC documents and the Vehicle Registration Certificate.
You must pay an issuance fee to SBI Bank for all vehicle categories, which costs Rs.100.
Equitas Bank FASTag
The joining process for Equitas Bank FASTag involves the following steps:
Get your documents ready: You'll need a small photo, some ID papers (depending on your driver status), and your vehicle's registration certificate (RC).
Submit the documents. You can go to an Equitas Small Finance Bank branch or their website and give them the required papers with the application form.
To become a member of Equitas Bank, you need to pay a joining fee that differs based on the type of vehicle you have.
Understanding the fees and charges associated with SBI Bank FASTag and Equitas Bank FASTag is crucial for making an informed decision. Here's a breakdown of the fees and charges for both:
SBI Bank FASTag
SBI Bank FASTag offers a convenient and hassle-free way to pay tolls electronically.
SBI Bank charges an issuance fee of Rs. 100 for all vehicle categories
SBI Bank asks for a security deposit, along with the issuance fee, which can be returned later.
Check out the fees and charges of SBI Bank FASTag:
Vehicle Class: Light Commercial Vehicle
Security Amount (in Rs.): 300
Minimum Balance (in Rs.): 300
Vehicle Class: Three-Axle Commercial Vehicles
Security Amount (in Rs.): 400
Minimum Balance (in Rs.): 300
Vehicle Class: Bus / Truck
Security Amount (in Rs.): 400
Minimum Balance (in Rs.): 300
Vehicle Class: 4 to 6 axle
Security Amount (in Rs.): 400
Minimum Balance (in Rs.): 300
Vehicle Class: 7 or More Axle
Security Amount (in Rs.): 400
Minimum Balance (in Rs.): 300
Vehicle Class: Heavy Construction Machinery (HCM) / Earth Moving Equipment (EME)
Security Amount (in Rs.): 400
Minimum Balance (in Rs.): 300
Equitas Bank FASTag
Equitas Bank FASTag offers a convenient and efficient way to make electronic toll payments.
Equitas Bank FASTag purchased online incurs a courier charge of Rs. 50 plus applicable taxes.
Equitas Bank levies a joining fee and security deposit, both of which vary based on the vehicle class. Furthermore, there is a mandatory initial wallet load amount required for activation.
Here are the fees and charges of Equitas Bank FASTag:
Vehicle Class: Light Commercial Vehicle
Tag Joining Fee: Rs.100
Security Deposit: Rs.100
First Wallet Load Amount: Rs.100
Total: Rs.300
Vehicle Class: Light Commercial vehicle 2 axle
Tag Joining Fee: Nil
Security Deposit: Rs.200
First Wallet Load Amount: Rs.200
Total: Rs.400
Vehicle Class: 2 axle/3 axle
Tag Joining Fee: Nil
Security Deposit: Rs.300
First Wallet Load Amount: Rs.300
Total: Rs.600
Vehicle Class: 4 axle/5 axle
Tag Joining Fee: Nil
Security Deposit: Rs.500
First Wallet Load Amount: Rs.300
Total: Rs.800
Vehicle Class: 6 axle/7 axle and above,
Tag Joining Fee: Nil
Security Deposit: Rs.500
First Wallet Load Amount: Rs.300
Total: Rs.800
When comparing SBI Bank FASTag and Equitas Bank FASTag, it's crucial to consider your specific needs and preferences. Both options offer convenient and efficient cashless toll payment solutions. Consider your vehicle class, associated fees, and specific requirements to determine your better choice. We recommend reviewing the latest information from both banks and carefully evaluating your needs before deciding.
SBI Bank FASTag and Equitas Bank FASTag are reliable options for cashless toll payments on Indian highways. Both provide convenience, efficiency, and time-saving benefits, catering to various vehicle classes.
To further simplify your toll payment experience, we urge you to download the Park+ app. With the Park+ app, you can perform your FASTag recharge conveniently and gain access to a range of other parking and mobility services. Whether you're looking for hassle-free parking, fuel payment options, or real-time toll updates, the Park+ app covers you.