Here in this article, we will discuss in detail how you can transfer the balance in your Fastag account to your bank account. We will also give information about the reasons why it is required to transfer your Fastag balance in your bank account. If you don’t know what is a Fastag and why it is necessary for vehicle owners, then we will also explain this in the article.
Why it is required to transfer Fastag balance to a bank account
There are many situations when we want to withdraw our balance from the Fastag account or to transfer it to the bank account. Suppose we have sold our new car and Fastag is installed on it, then in such case, we want the balance pending in our old Fastag to be transferred to our bank account. Transferring the balance from Fastag to bank account may also be required if our Fastag is lost or damaged. There are many other cases in which we need to transfer the balance from Fastag to a bank account. Below we are summarizing all the reasons for transferring a balance from Fastag to a bank account.
- We have sold our old vehicle
- Our Fastag is lost or physically damaged
- We opened an account with a new bank and want our Fastag details to be updated with this new bank account.
- We decide to close our Fastag account
Can i transfer Fastag balance to the bank account and how to do it?
Fastag users must understand that transferring the balance from Fastag account to a bank account is not an easy process. If Fastag is in working or activating condition, it is impossible to transfer the balance to a bank account. Fastag is vehicle specific i.e it is issued based on the Vehicle’s Registration Certificate i.e RC, so Fastag and the balance associated with it can’t be transferred to some other vehicle or bank account.
Fastag balance can be transferred to a bank account only for one or more of the above-mentioned reasons. So for transferring your Fastag balance to a bank account follow the below steps:
- Transferring the balance from your Fastag account to your bank account requires you to first deactivate or close or old Fastag account.
- If you want to close your Fastag account, you have to contact your Fastag issuing bank.
- If your Fastag is lost or damaged, you should instantly contact the issuing bank with complete details.
- You can contact the bank either by calling on their customer support center or can visit the nearest branch of the bank.
- Once you contact the bank, then you have to give a request in writing or through email and mention the reason for transferring the balance eg. Fastag is lost, damaged or you have sold your car.
- After getting the request from the user, the bank will first block or deactivate your Fastag account.
- Once the Fastag is deactivated, the user has to provide details of the new bank account to which he/she wants to transfer the Fastag balance.
- Fastag balance can also be transferred to the new Fastag account if the user applies for a new Fastag after blocking the old Fastag.
What is a Fastag?
Fastag is an electronic toll collection system designed by the Ministry of Road Transport and Highways in collaboration with the National Highways Authority of India i.e NHAI. Fastag is a very easy-to-use toll collection system that gives some extraordinary advantages, especially to those who travel frequently through National Highways across India.
By having a Fastag device installed on the windscreen of your Four wheeler vehicle, it is not necessary for you to stop at the toll plazas to pay the toll tax. The sensors or scanners installed at the toll plazas catches the signals emitted by the Fastag device on your vehicle with the help of Radio Frequency Identification technology (RFID). Upon catching these signals, the devices at the toll plaza record the details about your vehicle and charge the relative fees of the toll tax from the prepaid account of Fastag.
Special lanes have been created across all toll plazas in India. Fastag users enter these dedicated Fastag lanes and can immediately cross the barrier upon the automatic deduction of toll tax from the Fastag wallet.
Fastag is a pre-paid rechargeable device and a minimum balance known as the Threshold amount needs to be maintained in it to avoid getting the Fastag to be blacklisted.
So users can follow the above-mentioned steps to transfer Fastag balance to the bank account. Also as you know that there are various banks and service providers in India that issue Fastag, the steps for closing your Fastag account and transferring the balance to your bank may differ depending upon the service provider from which you have purchased your Fastag. But the steps are mostly the same as mentioned above with only a few changes.