How do You Transfer FASTag Account From One Bank to Another?
In India, except for the FASTag, which ensures easy toll payments, the efficiency of tolls needs to be improved. Thus, there could be circumstances where one has to transfer a FASTag account from one bank to another. They are cost-effective to an extent as you can buy FASTag from a new bank and even then may be required to transfer your existing FASTag account. This ultimate guide will provide you with all the necessary information and the process to follow when migrating your FASTag account to a different bank. This elaborate blog will guide the learners through all the steps of transferring, why one may want to, and other necessary information.
Several factors can influence your decision to transfer your FASTag account to another bank. Here are some key considerations:
RBI's Ban: The Reserve Bank of India (RBI) has the authority to ban specific payment banks due to non-compliance issues. If your FASTag is linked to a banned bank, it will become inoperable. In such cases, transferring your FASTag account to a new FASTag issued by a different bank becomes necessary.
One FASTag One Vehicle: The National Highway Authority of India (NHAI) enforces the "One FASTag One Vehicle" policy. This means you can only link one active FASTag to a specific vehicle. Only the most recently activated one will function if you obtain multiple FASTags for the same vehicle from different banks. To optimise your FASTag usage and avoid confusion, transferring your existing account might be necessary.
Account Inactivity: If your FASTag account linked to a particular bank becomes inactive due to insufficient balance or non-usage for an extended period, you might consider transferring to a more active bank account.
Improved Services and Incentives: Banks often offer competitive features and incentives to attract FASTag users. These can include attractive recharge options, cashback offers, and integrations with mobile banking platforms for easier management. Exploring options from other banks might reveal better deals that suit your travel needs.
Before you can transfer your FASTag account to a new bank, you need to deactivate your current FASTag. Here’s how you can do it:
Contact Customer Support: Reach out to the customer support of the bank that issued your current FASTag.
Submit Deactivation Request: Request the deactivation of your FASTag account. You may need to provide details such as your vehicle registration number, FASTag ID, and other relevant information.
Confirmation: Once your request is processed, you will receive a confirmation of deactivation.
After deactivating your current FASTag, the next step is to apply for a new FASTag from the bank of your choice.
Choose a Bank: Select a bank that is authorized to issue FASTags. You can find the list of authorized banks on the NHAI website.
New FASTag Application: Visit the bank’s website or their nearest branch to apply for a new FASTag. Provide the necessary documents, such as a vehicle registration certificate (RC), KYC documents, and photographs of the vehicle.
Buy FASTag Online: Many banks offer the option to buy FASTag online. Simply visit the bank’s website, fill out the application form, upload the required documents, and make the payment.
Once you receive your new FASTag, you need to link it to your vehicle and your preferred prepaid wallet.
Affix the New FASTag: Attach the new FASTag to your vehicle’s windshield as per the instructions provided.
Link to Wallet: Follow the bank’s instructions to link the new FASTag to your prepaid wallet. This may involve downloading the bank’s app, registering your account, and linking the FASTag to your vehicle.
When choosing a bank to buy FASTag online, consider factors such as ease of recharge, customer support, and any additional features or benefits the bank may offer.
Visit the Bank’s Website: Go to the official website of the bank you have chosen.
Navigate to FASTag Section: Look for the FASTag section, which is usually under the ‘Products’ or ‘Services’ tab.
Fill Out Application Form: Complete the online application form with the necessary details, including vehicle registration number, owner’s name, and contact information.
Upload Documents: Upload scanned copies of the required documents, such as the vehicle’s RC, KYC documents, and owner’s photograph.
Make Payment: Pay the required fee using your preferred payment method. This fee generally includes the cost of the FASTag, security deposit, and initial recharge amount.
Receive FASTag: After successful payment, the FASTag will be delivered to your registered address.
Here is how you can manage your new FASTag account:
Once you have your new FASTag, it's important to keep track of the balance and recharge it as needed.
Bank’s App/Website: Use the issuing bank’s app or website to check your FASTag balance.
SMS Alerts: Most banks provide SMS alerts for transactions and low balance notifications.
Auto-Recharge: Set up an auto-recharge option to ensure your FASTag wallet always has sufficient funds.
If you own multiple vehicles, you will need to manage separate FASTags for each vehicle.
Separate Wallets: Each FASTag will have its prepaid wallet. Ensure you monitor and recharge each wallet separately.
Track Usage: Keep track of toll transactions for each vehicle to manage expenses effectively.
You may also like: Ultimate Guide to FASTag Monthly Pass and How to Get One?
While both methods enable you to utilize FASTag for toll payments, there are crucial distinctions to consider:
Process: Transferring an existing account involves contacting your current bank and initiating the transfer process while acquiring a new FASTag involves applying afresh with a new bank.
Time Consumption: Generally, transferring an existing account can be a lengthier process compared to applying for a new FASTag.
Documentation: Transferring an existing account might require additional documents like proof of ownership of the vehicle and cancellation confirmation from your previous bank. Obtaining a new FASTag typically requires less documentation.
In most scenarios, transferring your existing FASTag account is the preferred option as it retains your existing balance and transaction history. However, if your current FASTag is linked to a banned bank or has become inactive for an extended period, obtaining a new FASTag becomes the only viable solution.
By understanding the reasons for transferring your FASTag account, knowing how to deactivate the old one, and how to buy FASTag online and link it to your new account, you ensure that your vehicle remains toll-ready at all times. Keep track of your new FASTag balance and stay informed about any updates in policies to make the most of your FASTag experience.