Author
LoansJagat Team
Read Time
15 Min
30 Apr 2025
Established in 1937, the Indian Overseas Bank (IOB) is a well-known public sector bank in India. Chennai, Tamil Nadu. IOB has more than 80 years of history and is known for providing a wide range of banking services. The bank's extensive branch network throughout India and its participation in other foreign markets attest to its fiscal health. The bank is known for its dedication, which ensures that banking is safe, effective, and available to all societal segments.
Customer Profile: Let's look at Mr. Anil Kumar, a frequent traveller who frequently travels on national roads for work and pleasure. He frequently encounters lengthy lines at toll booths, wasting time and increasing fuel expenses.
Current Account and FASTag Integration: Mr. Kumar created an IOB current account, which provides smooth connectivity with the IOB FASTag. By using Radio Frequency Identification (RFID) technology, an electronic toll-collecting device called a FASTag enables toll fees to be taken straight out of his bank account, eliminating the need for him to visit toll booths.
Parameter | Details |
FASTag Balance in IOB | ₹1,000 (initial deposit) |
Toll Charges per Month | ₹2,500 |
Total Toll Charges per Year | ₹30,000 |
Time Saved per Month | 10 hours |
Fuel Savings per Month | ₹500 (due to less idling at tolls) |
Annual Toll Savings | ₹6,000 |
Annual Time Savings | 120 hours (5 days) |
Indian Overseas Bank (IOB) FASTag is an electronic toll collection system designed to make travel smoother and faster for motorists. It uses Radio Frequency Identification (RFID) technology to facilitate automatic toll payments without the need to stop at toll booths.
Indian Overseas Bank FASTag provides many features that make travelling easier and improve the experience for its consumers. These features facilitate smooth toll expense management, increase the effectiveness of toll payments, and minimise manual involvement.
Feature | Description |
Cashless Transactions | Toll payments are automatically taken from the associated account, eliminating the need to carry cash. |
SMS Transaction Alerts | For every toll transaction, customers receive SMS notifications, guaranteeing transparency and convenient tracking. |
Online Account Management | Customers can manage their FASTag accounts, including recharges and transaction history, using a dedicated web interface. |
Multiple Tag Management | It is easier for customers to manage toll payments for many vehicles when they have multiple FASTags in a single wallet. |
Recharge Facilities | Provides both online and offline recharge options for enhanced convenience. |
Auto Top-Up Facility | When an IOB account holder's FASTag balance drops below a predetermined threshold, an auto-top-up mechanism makes sure the balance is automatically restored. |
The IOB FASTag system offers several advantages that let consumers pay for tolls more quickly, easily, and affordably. It provides easy access to toll plazas and is made to save time and money.
Benefit | Description |
Time Savings | Reduces wait times at toll booths, resulting in speedier travel and improved traffic flow. |
Cost Savings | Reduces fuel usage because there is less idle time at toll plazas, which lowers overall expenses. |
Convenience | Simplify the toll payment procedure, reducing customers' travel inconvenience. |
Financial Transparency | Clear insight into toll costs is provided via frequent SMS alerts and online account access. |
Seamless Integration | Managing and refilling the FASTag is simple due to the connectivity with IOB accounts. |
Enhanced Mobility | Makes it easier to cross tolls, improving the trip experience in general. |
Indian Overseas Bank (IOB) offers two convenient ways to purchase and activate a FASTag: Online and Offline. Below is a detailed explanation of both processes:
Offline Process:
Online Process:
Indian Overseas Bank (IOB) offers the FASTag service to facilitate seamless toll payments for its customers. Below is a detailed overview of the fees and charges associated with the IOB FASTag:
Fee/Charge | Amount (₹) | Description |
FASTag Issuance Fee | 100 | One-time fee for issuing a new FASTag. This amount is refundable upon closure of the FASTag account. |
Minimum Initial Balance | 200 | A mandatory minimum balance is required in the FASTag account at the time of issuance. |
Auto Top-Up Facility | Available | Automatic recharge option for IOB account holders to maintain a sufficient balance in the FASTag account. |
Replacement Fee for Lost/Damaged Tag | 100 | The fee is charged for replacing a lost or damaged FASTag. |
Wallet Limit (Per Month) | 50,000 | Maximum permissible wallet limit for toll transactions within a month. |
Maximum Wallet Balance | 100,000 | Upper limit of the wallet balance at any given time. |
Minimum Recharge Amount (Digital Channels) | 200 | Minimum amount required for recharging the FASTag through digital channels? |
Transaction SMS Alerts | Free | Complimentary SMS notifications for each toll transaction. |
Online Account Management | Free | No charges for managing the FASTag account online. |
Multiple Tag Management | Free | The facility to manage multiple FASTags under a single wallet at no additional cost. |
Note: The above charges are subject to change. For the most current information, refer to IOB's official sources.
Activating your IOB FASTag is a simple process that ensures seamless toll payments. Once you have received your FASTag, follow the steps below to activate it and start using it.
Recharging your IOB FASTag ensures a smooth toll payment experience. Here are the various ways you can recharge your FASTag:
Here is a table that explains the different ways to check your IOB FASTag balance:
Method | Details |
Online Portal | Visit the official IOB website, log in to your FASTag account, and view your balance. |
Mobile App | Open the IOB mobile app, log in to your account, and check the balance in the FASTag section. |
SMS Alerts | Receive real-time SMS notifications for each toll transaction, which also includes your balance. |
Here is a table summarising the ways to get in touch with the Indian Overseas Bank for any FASTag-related queries:
Support Channel | Details |
Customer Care Numbers | Toll-Free Helpline: 1800-425-4445 Alternate Number: 044-28134300 |
Email Support | Email: customercare@iob.in |
Branch Support | Visit any IOB branch for in-person assistance regarding FASTag issues. |
FAQs and Online Support | Visit the IOB official website for frequently asked questions and self-help guides. |
FASTag Helpdesk | Available in the FASTag Customer Care section on the IOB website for troubleshooting. |
Operational Hours | Monday to Saturday (Excluding public holidays) during business hours. |
In conclusion, Indian Overseas Bank (IOB) FASTag offers a convenient and efficient solution for toll payments, providing multiple options for purchasing, activating, recharging, and managing the FASTag. The process is streamlined, whether online through the website or mobile app or offline at the bank’s branches. Customers can also manage their balance, receive real-time alerts, and enjoy a variety of benefits, such as auto top-up and multiple tag management.
IOB FASTag ensures a smooth travel experience with easy activation and recharge methods, while the customer support system is accessible through various channels, including phone, email, and branch visits. The bank’s commitment to customer satisfaction is reflected in its well-structured services and transparent fee system.
Yes, you can link your IOB FASTag to a joint account as long as all account holders have provided the necessary documents and agreed to the terms.
2. What happens if my IOB FASTag balance is insufficient while passing through a toll?
If your FASTag balance is insufficient, the toll booth may allow you to pay the toll in cash or through other payment methods, depending on the booth’s policies.
3. Is there a way to transfer my FASTag from one vehicle to another?
Transferring a FASTag from one vehicle to another is possible. However, you will need to request a replacement tag through the bank and provide the new vehicle details.
4. What should I do if my FASTag gets damaged or is not working properly?
If your FASTag is damaged or not functioning, you can request a replacement from IOB by visiting a branch or through their customer care service.
5. How do I know if my FASTag has been linked successfully to my account?
After successful linkage, you will receive a confirmation message via SMS or email from IOB. You can also verify the linkage by checking your FASTag account balance online.
6. Can I change the payment method associated with my FASTag after activation?
Yes, you can change the payment method (such as linking a different account or credit/debit card) by logging into your FASTag account and updating the payment details.
7. Is it possible to have multiple FASTags linked to a single wallet?
Yes, IOB allows users to manage multiple FASTags under a single wallet, which can be convenient for families or businesses managing several vehicles.
Other Fastag Pages | ||
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