In today's fast-moving world, where speed and ease are crucial, FASTag has emerged as a cornerstone for efficiently paying toll charges across India's vast network of roads. However, situations may cause users to change their FASTag provider bank, such as better customer service, lower fees or added benefits.
The question then becomes, how to transfer FASTag to another bank? While the process is not as easy as moving funds between bank accounts, it is possible with some know-how and the appropriate paperwork.
How to change your FASTag bank
FASTag transfer to another bank requires specific steps to ensure a smooth move. Transferring your FASTag includes closing your existing account with your present bank and then asking for a new one with your chosen organisation.
This process ensures that there are no duplicate FASTags for a single car, which would confuse the toll collection system. Here’s how to transfer FASTAg from one bank to another.
- Close your existing FASTag account
Before you can get a new FASTag from another bank, you need to close your current one. To do this, contact your current provider’s customer service or log in to their online portal.
Navigate to the ‘Account Closure’ section, enter the required details (such as your vehicle number and account information) and follow the closure process as instructed.
- Withdraw your balance
According to IHMCL (Indian Highways Management Company Limited), money cannot be easily taken from the FASTag account. However, after successful deactivation, all leftover value and security will be returned to your bank account.
- Get a new FASTag from another bank
Once your FASTag account is closed, you can apply for a new one from one of the 32 approved banks. These include Airtel Payments Bank, ICICI, SBI, Axis Bank, Bank of Baroda and many others.
How to Buy a New FASTag
You have two options for purchasing a new FASTag:
- Offline purchase: You can buy a FASTag at any of the following locations:
- Visit any NH (National Highway) toll plaza
- Check Point-of-Sale sites set up by the 26 member banks (over 40,000 spots available)
- Visit the chosen stores of the 26 approved banks
- Visit RTOs or travel hubs
- For NHAI (National Highway Authority of India) FASTag: Visit e-commerce websites
- For bank-issued FASTags: Purchase from various bank websites or apps
- ICICI Bank (through iMobile App)
- Axis Bank website
- HDFC Bank website
- IDFC First Bank website
- Airtel Payments Bank (via Airtel App)
Documents required to transfer FASTag to another bank
When registering for a new FASTag, you'll need to submit:
- Registration Certificate (RC) of the vehicle
- Passport-size picture of the vehicle owner
- KYC papers (such as PAN card, Aadhaar card or driving license)
Things to keep in mind while transferring FASTag to another bank account
You must keep these things in mind in order to transfer FASTag from one bank to another:
- One vehicle, one FASTag: According to IHMCL rules, you cannot use two FASTags for one vehicle. Only one will be live; in most cases, another tag will not be given until the current one is removed.
- What to do if the bank isn't closing your FASTag account: If you face problems closing your FASTag account, you can raise a report against the bank at the NHAI FASTag customer care number 1033.
- For FASTag users with a remaining balance: If you have any balance in your FASTag account, you can apply for a refund.
FAQs
- Can I transfer my existing FASTag balance to a new bank?
No, you cannot directly transfer your balance from one FASTag to another. You need to close your existing FASTag and request a refund of the balance before getting a new one from another bank.
- How long does it take to close my existing FASTag account?
The process typically takes 7-10 working days, though it may vary depending on your bank's procedures.
- Will I need to pay again for a new FASTag?
You'll need to buy a new FASTag from your chosen bank, which usually costs around ₹200-500, depending on the bank, security deposit amount and car class.
- Can I use my old FASTag while waiting for the new one?
Your old FASTag will be deactivated once you initiate the closure process. It is advisable to plan the transition when you won't be travelling extensively.
- Is there a limit to how many times I can port FASTag?
There is no official limit, but frequent FASTag port is discouraged as each change requires deactivation and new registration.
Conclusion
The transfer of FASTag from one bank to another includes ending your current FASTag account, requesting a new one with your chosen bank and having the necessary documentation. Although the process takes effort, it allows you to benefit from the unique offers and services different banks provide.
Ensure you always have a valid FASTag, as it is mandatory in India. Additionally, follow speed limits and maintain essential documentation, such as your Registration Certificate (RC), valid license and car insurance.
Many banks now offer integrated services, allowing you to renew or purchase car insurance online conveniently. While third party car insurance is legally required in India, opting for comprehensive coverage is highly recommended. A comprehensive policy provides broader protection, covering your vehicle against theft, fire, accidental damage and various non-collision incidents.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.