FASTag is a prepaid account that allows you to make automatic toll payments while crossing any Indian highway. Since February 15, 2021, it has been mandatory for all the vehicles. If you still don’t have this small electronic tag, you might need to pay double the toll amount!
Sometimes, it has been observed that you feel the need to withdraw your FASTag balance because:
- You deposited extra funds into your FASTag account
- You are selling your vehicle
- You are closing your FASTag account
- You are changing your FASTag service provider
In all such cases, you must transfer your FASTag balance to your bank account. Wondering how to do it? In this article, let’s check out some simple steps.
How to transfer FASTag balance
To transfer your FASTag balance to your bank account, you must follow these five simple steps:
Step 1: Log in to your FASTag account
To start with, you must log in to the website or mobile app of the bank or NBFC from where you have secured your FASTag.
Step 2: Check your FASTag balance
Most online platforms display FASTag balance on the dashboard of a user’s account. Once logged in, you can easily check how much money is left in your FASTag wallet.
Here you must decide whether you want to transfer the entire balance or just a part of it.
Step 3: Submit a balance transfer request
Now, specifically look for options like:
- Close Account
- Transfer Balance
- My FASTag
Mostly, you will find them in the ‘Menu’. Be aware that the labels of these options vary based on service providers. Additionally, some providers may also require you to fill out an online form.
Step 4: Verify your bank details
To ensure you receive the amount in the correct bank account, specifically check for details like your:
- Bank account number
- IFSC
- Branch address, and more.
Usually, you find them in the ‘My Profile’ or ‘My Account’ section of your online account. Some issuers may also ask for extra verification, such as submitting a cancelled cheque or entering an OTP (One-Time Password).
Step 5: Wait for the transfer to complete
Once your request is submitted, it usually takes 7–10 working days to process.
Check your bank account after a week to confirm if the money has been credited.
Now, if required, you can apply for a new FASTag with your preferred service provider. Upon arrival, paste the new sticker on the windshield (preferably near the rearview mirror). In case you need adhesives or cleaning cloths, buy them from online marketplaces or offline stores.
3 Important things to remember
Before transferring your FASTag balance to your bank account, keep the following points in mind:
1. Closure fee
- Some FASTag providers may charge a small fee if you close or deactivate your FASTag account.
- This fee will be deducted from your balance.
- Check your issuer’s terms and conditions beforehand.
- This will ensure you are aware of any charges before starting the process.
2. Inactive accounts
- If your FASTag account has not been used for a long time, it might be marked as inactive.
- In such cases, you won’t be able to transfer your balance until the account is reactivated.
- Here you first need to contact the customer service of your FASTag provider to reactivate the account.
3. Refund timelines
- Generally, it takes 7–10 working days for the balance to be transferred to your bank account.
- However, the exact timeline can vary depending on your FASTag provider.
- Ideally, to get a clear estimate of time, check their policies and terms.
- Alternatively, you can contact customer support to know how long the transfer will take.
Conclusion
Transferring your FASTag balance to your bank account is a simple five-step process. Start by logging in to your FASTag account and check your balance. Next, submit a transfer request online.
As a tip, verify your bank details carefully to ensure the amount is credited to the correct account. Refunds usually take 7–10 working days, but be aware that the exact time may vary depending on the service provider.
Lastly, always remember that some providers may charge a closure fee. Also, inactive accounts will first need to be reactivated before initiating a transfer request.