How do I update my KYC for FASTag online? FASTag KYC is Compulsory

FASTag has revolutionized toll payments in India, offering a seamless and hassle-free experience. But to enjoy its full benefits, keeping your KYC (Know Your Customer) information updated is crucial. This ensures smooth transactions and avoids any service disruptions. Here’s a detailed guide on how to update your FASTag KYC online:

By following these simple steps, you can quickly and easily update your FASTag KYC online. This will ensure a smooth and convenient toll payment experience on your next journey.

Before You Begin:

• Check your KYC status: Log in to your FASTag portal (https://fastag.ihmcl.com/) or the app of your issuing bank. If your KYC shows “incomplete,” proceed with the update.
• Gather documents: Keep scanned copies of your ID proof (PAN card, Aadhaar card, driving license, etc.) and address proof (utility bills, bank statements, etc.) handy.

Steps to Update KYC Online:

1. Visit the FASTag portal: Go to https://fastag.ihmcl.com/ and log in using your registered mobile number and password.
2. Navigate to “My Profile”: Click on your name or profile picture on the top right corner.
3. Access “KYC” section: Under “My Profile,” find the “KYC” section and click on it.
4. Select customer type: Choose whether you are an individual, corporate, or other entity.
5. Fill in the details: Provide the required information, including your name, father’s name, date of birth, and address.
6. Upload documents: Click on “Browse” and upload scanned copies of your ID and address proof documents. Ensure they are clear and legible.
7. Declaration and submission: Carefully read and agree to the declaration confirming the authenticity of the documents. Then, click on “Submit.”

Alternative Method:

• Bank website/app: Many issuing banks like ICICI, Kotak Mahindra, and HDFC Bank allow FASTag KYC update through their online platforms. Visit your bank’s website or app, locate the FASTag section, and follow their specific instructions for KYC update.

Important Points:

• The KYC update process usually takes 2-3 working days for verification.
• You will receive an SMS and email notification once your KYC is successfully updated.
• After updating your KYC, your wallet limit will be increased, allowing higher recharge amounts.
• Remember to update your KYC details even if you haven’t received any notification. Maintaining complete KYC ensures uninterrupted FASTag services and avoids penalties for non-compliance.

10 FAQs on FASTag KYC as per New Guidelines (Jan 31, 2024):

1. Why is FASTag KYC required?

FASTag KYC helps prevent misuse of tags, money laundering, and ensures financial transactions are legitimate. It aligns with RBI guidelines for digital wallets.

2. What are the new KYC guidelines for FASTag?

As of January 2024, two types of FASTag wallets exist:

a) Full KYC Wallet:

• No transaction limit per month or year.
• Requires submission of ID and address proof (passport, driving license etc.)
• Can be linked to savings bank account, eliminating document requirement.

b) Minimum KYC Wallet:

• Maximum transaction limit of Rs. 10,000 per month and Rs. 1,00,000 per year.
• No document submission necessary.

3. How to upgrade my FASTag to Full KYC?

You can complete the KYC process through your issuing bank’s app or the FASTag portal (fastag.ihmcl.com). Provide KYC documents like ID and address proof, a passport-sized photo, and vehicle RC copy.

4. How long does KYC verification take?

Usually, FASTag KYC verification takes up to 7 working days from document submission. You can track the status on the bank app or portal.

5. What happens if I don’t upgrade my FASTag KYC?

After March 2024, non-KYC FASTags will have transaction limits and may eventually be deactivated. It’s recommended to upgrade for smooth future usage.

6. Can I link my FASTag to multiple vehicles?

Yes, you can link one FASTag account to multiple vehicles by adding their RC details. KYC requirements apply per account, not each vehicle.

7. Are there any charges for FASTag KYC?

No, the KYC process itself is free. However, standard FASTag tag cost (around Rs. 100) and bank-specific charges may apply.

8. What documents are needed for corporate FASTag KYC?

Corporate KYC documents follow RBI guidelines for entities, typically requiring company registration certificates, director information, etc. Contact your issuing bank for specifics.

9. I lost my FASTag. Can I still complete KYC?

Yes, you can apply for a duplicate tag and link it to your existing FASTag account. KYC details will remain associated.

10. Where can I find more information about FASTag KYC?

You can visit the official FASTag website (fastag.ihmcl.com) or contact your issuing bank for details and assistance with the KYC process.

Remember, completing FASTag KYC ensures smooth future transactions and compliance with regulations. Don’t hesitate to reach out to your bank or the FASTag portal for any further information or assistance.

Bonus Tip: Keep your FASTag wallet balance topped up to avoid delays at toll plazas!