FASTags have become one of the most convenient ways to pay tolls when travelling. Using a FASTag account, you only have to recharge it from a third-party online marketplace or platform, and the toll amount is automatically debited while you are at a toll plaza.
However, there will be times where you;ll need to transfer your current FASTag balance back to your account. In this article, we will help you learn how to transfer your FASTag balance easily.
Reasons to transfer your FASTag account
Here are some reasons for which you may need to transfer your FASTag account:
- Bank account ban: If your bank account has been banned for any non-compliance issue and is linked with your FASTag account.
- Multiple FASTags: NHAI has made having only one FASTag for one vehicle compulsory. In case of multiple FASTags, you may need to transfer the amounts in all other FASTags into the most recent FASTags.
- Sale of car: If you have sold your car, you will have no use of the current FASTag amount. You can transfer the amount back to your bank account.
Steps to transfer your FASTag balance to your bank account
Here are the steps to transfer your FASTag balance to your bank account:
Login to your FASTag account
The first step is to log in to your current FASTag account. You can use the FASTag issuing institution’s website or mobile app. You may need to enter your User ID and password to log in to the account.
Check FASTag balance
Once you have logged in to your FASTag account online, check your current balance. Ensure that it is higher than the minimum required balance. If it is lower than the minimum required amount, you will be unable to transfer any amount to your bank account.
Balance transfer request
After ensuring the current FASTag balance is higher than the minimum required balance, you must submit a balance transfer request. For this, look for an option present under your account settings. The option will be for closing or transferring your current FASTag account balance. You can choose to transfer all the amount or a portion of the amount to your bank account. However, ensure the minimum required balance.
Verify bank details
Once you have submitted the balance transfer request, you will have to verify your bank details. The issuing institution, such as the bank and NBFC, will ask you to provide bank details such as the account number, IFSC code, branch and bank name. Some institutions also require a scanned copy of a cancelled cheque.
Confirmation
FASTag issuing institutions generally take 7-10 days to transfer the FASTag amount to a bank account. You can contact customer care to know the exact time window or if there is a delay in processing the balance transfer request. You will get notified by the bank once the transfer is successful.
Transferring FASTag balance from one FASTag to another
Currently there is no process to transfer balance directly from one FASTag to another. If you want to close your current FASTag account and open a new one with a different institution, the only way is to submit a balance transfer request to a bank account and deactivate your current FASTag. Once you have deactivated your current FASTag account, you can open a new one and recharge it using money from your bank account.
However, it is important to remember that some institutions may charge a closure fee for deactivating your FASTag. Hence, it is wise to contact customer care before deactivating the account and know about the closure fee. If your FASTag has been blacklisted or is inactive, you will need to reactivate it before transferring the amount to your bank account.
Conclusion
It is better to transfer the excess amount in your current FASTag account to your bank account if you know you won’t use it for long. Furthermore, transferring the balance to your bank account is ideal for other reasons, such as when selling your car. Now that you know how to transfer your FASTag balance to your bank account, you can easily execute the process.
