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In India, authorised FASTag issuers can offer a FASTag only after completing the KYC (Know Your Customer) process. This process is similar to verifying your identity for a SIM card or a bank account.
Moreover, a FASTag is linked not just to your name but also specifically to the vehicle’s registration number. This means the tag is tied to that particular vehicle and can not be transferred.
Due to the strict KYC process and the vehicle-specific nature of FASTags in India, transferring a FASTag balance between users is not possible. This ensures that the tag can not be misused.
Want to gain more clarity? Let’s understand in detail why FASTag balance transfer between users is not possible.
Each FASTag is unique
Be aware that each FASTag is unique to the owner and vehicle. The FASTag balance is also tied to that combination. Now, transferring the balance between users would mean changing the details of the registered owner and vehicle.
This would significantly breach security protocols. That’s because the system is designed in a way that each FASTag is accountable only to its verified user and vehicle.
The RBI’s take
According to the Reserve Bank of India (RBI), the feature “credit balance transfer” is not available in the FASTag product. Following this rule, most banks and NBFCs, do not offer this service on their website or mobile app. Due to a lack of options on the dedicated platform, you cannot transfer a FASTag balance between users. Instead, there must be a fresh recharge initiated from a unique payment source.
What can you do instead?
If you are selling your vehicle or want to change your service provider, you can:
Request a refund
- Ideally, you should close your existing FASTag account.
- To do this, contact your FASTag issuer and request a refund of the remaining balance.
- The issuer will process the refund and transfer the balance back to your bank account.
- Some service providers even offer the facility to initiate a refund on their websites or mobile apps.
Apply for a new FASTag
- Since FASTag has been mandatory since February 15, 2021, you will need this small electronic tag while crossing highways.
- As per the current rules, if you don’t have a FASTag, you will be charged double the toll amount.
- Hence, you must apply for a new FASTag with your preferred service provider.
Upon its arrival, peel off the existing tag from your car’s windshield and paste the new sticker near the rearview mirror. Ensure the FASTag is installed properly so that it can be easily scanned. In case you need adhesives, cleaning cloth, or other similar materials, visit the online marketplaces or physical stores.
Conclusion
Transferring a FASTag balance between users is not possible due to RBI’s guidelines and its vehicle-specific nature. The FASTag is tied to both the vehicle’s registration number and the owner’s details. Hence, you cannot initiate a balance transfer between users. Also, the RBI does not support a credit balance transfer for the FASTag product.
If you’re selling your vehicle or switching service providers, the best option is to request a refund of the remaining balance and apply for a new FASTag.
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