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FAS Tag KYC Compliance Deadline on January 31

FAS Tag KYC Compliance Deadline on January 31

National Highways Authority of India (NHAI) has declared that FAS Tag KYC Compliance Deadline on January 31, the game-changer in toll collection, must undergo Know Your Customer (KYC) verification by January 31, 2024, to avoid deactivation or blacklisting.

Streamlining Toll Collections with FASTags

FASTags, a centralized effort by the government to expedite toll collections through a systematic approach, have witnessed significant developments. The emphasis on completing KYC for FASTags aims to eliminate inactive accounts. NHAI, responsible for national highways, has officially communicated that after January 31, 2024, banks will deactivate or blacklist FASTags that lack KYC validation.

Ensuring KYC Compliance for Uninterrupted Services

NHAI highlights that users must ensure KYC completion for their FASTags to prevent deactivation or blacklisting after January 31, 2024. To address this inconvenience, NHAI has released information advising users to contact nearby toll plazas or the respective bank’s customer care for swift resolution.

Addressing User Concerns and Enhancing Convenience

NHAI acknowledges that some users may be reluctant to affix FASTags on their vehicle’s front windshield for various reasons. This has resulted in delays and inconvenience for travelers at toll plazas. To mitigate this, NHAI urges users to proactively complete KYC for their FASTags and avoid potential journey disruptions.

One Vehicle, One FASTag Initiative

Recognizing the need for an efficient toll collection system, the government, through NHAI, has introduced the “One Vehicle, One FASTag” initiative. This initiative promotes a seamless experience by linking a single FASTag to a specific vehicle. NHAI has implemented these measures to encourage users to adhere to KYC requirements, ensuring the optimal functioning of the FASTag system.

Understanding KYC and ICICI Bank’s FASTag Prepaid Wallets

In the fast-paced world of banking and finance, staying up-to-date with the latest innovations is crucial. One such advancement is ICICI Bank’s KYC process and its associated FASTag prepaid wallets. Whether you’re a personal account holder, an NRI, a business owner, or part of a corporate entity, understanding the types and features of FASTag prepaid wallets is essential for seamless financial transactions. Let’s delve into the details.

Types and Features of FASTag Prepaid Wallets

Small PPIs

Small Prepaid Payment Instruments (PPIs) cater to transactions up to Rs. 10,000, with no cash loading involved. Issued with minimal customer details, these wallets require a verified mobile number, One Time Pin (OTP), and a self-declaration of identity. The wallet balance must not exceed Rs. 10,000 at any time, and cash withdrawal or fund transfer is not allowed.

Accepted Documents for Small PPIs:

  • Aadhar Card
  • Pan Card
  • NREGA Job Card
  • Driving License
  • Passport

Full KYC PPIs

For customers seeking enhanced benefits, Full KYC PPIs are the way to go. These wallets, after completion of KYC, offer a higher limit of Rs. 1,00,000. Documents required for Full KYC include Aadhar, Pan card, NREGA Job Card, Driving Licence, Passport, and the application form. Closure proceeds can be transferred back to the source account.

Converting to Full KYC

To convert to Full KYC:

  • Branch: Submit your KYC at ICICI Bank branches.
  • VKYC: Complete VKYC (coming soon).

Accepted Documents for Full KYC

Individual Customers

  • Aadhar
  • Pan card
  • NREGA Job Card
  • Driving Licence
  • Passport
  • Application form

Corporate Customers

  • GSTIN
  • Incorporation certificate
  • Partnership Deed
  • UDYAM Certificate
  • List of Partners/Directors
  • Company Pan
  • Photo ID and address proof of AS/BO
  • Application form

Frequently Asked Questions

Q1: What are the limitations of Small PPIs?

A1: Small PPIs have a monthly load limit of Rs. 10,000 and a yearly limit of Rs. 1,20,000. The wallet balance should not exceed Rs. 10,000.

Q2: Can funds be transferred from Small PPIs?

A2: No, cash withdrawal or funds transfer from Small PPIs is not permitted.

Q3: How can I convert to Full KYC?

A3: You can convert to Full KYC by submitting your KYC at ICICI Bank branches or by completing VKYC (coming soon).

About ICICI Bank

In our commitment to providing innovative and secure banking solutions, ICICI Bank has garnered recognition for its excellence. As a customer-centric institution, we continually strive to enhance your banking experience.

Conclusion

Understanding the nuances of KYC and FASTag prepaid wallets is essential for maximizing the benefits of modern banking. Whether you opt for Small PPIs or Full KYC, ICICI Bank ensures a seamless and secure financial journey.

In conclusion, the government’s push for KYC compliance for FASTags before January 31, 2024, underscores the commitment to streamline toll collections and enhance user experience. Users are encouraged to take proactive steps to complete KYC, contributing to the success of the “One Vehicle, One FASTag” initiative and ensuring hassle-free journeys through toll plazas.

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