What is Fastag Security Deposit or Fastag Security Balance?
The FASTag security deposit fee of Rs. 99 is a one-time deposit required when purchasing a FASTag. The fee depends on the vehicle type and varies between providers. Not all providers charge a refundable security deposit for class 4 vehicles.
The Fastag security balance is an emergency fund that can be used if there are not enough funds in your Tag account. If you forget to recharge and pass through a toll plaza, banks may use the security deposit to cover any outstanding toll charges. However, not all FASTag providers use a security deposit for toll deductions.
The security deposit is meant to be refunded only when the tag is canceled or when the FASTag account is closed or canceled. During FASTag closure, any pending dues from the user’s side will be deducted and refunded.
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What are the different charges for FASTag?
- Joining Fee: This is a one-time fee charged at the time of FASTag issuance.
- Security Deposit: A refundable security deposit may be required, depending on the issuer and vehicle type.
- Reissuance Fee: If you need to replace your FASTag due to loss or damage, there may be a reissuance fee.
- Reload Fee: Some issuers charge a fee when reloading or topping up your FASTag account.
- Transaction Fee: A small fee may be charged for each transaction made using FASTag at toll plazas.
Reasons to cancel your FASTag account?
- No Longer Using Your Vehicle: If you no longer have the vehicle associated with your FASTag account, you may want to cancel it to avoid unnecessary charges.
- Switching Providers: If you’re unhappy with your current FASTag provider and want to switch to a different one, you may need to cancel your existing account before opening a new one.
- Frequent Issues: If you’re experiencing frequent issues with your FASTag account, such as incorrect charges or malfunctioning tags, you might consider canceling it to avoid further inconvenience.
- Closing the Account: If you no longer need or want to use FASTag for toll payments, you can cancel your account to stop any associated fees or charges.
- Selling or Transferring the Vehicle: If you’re selling or transferring ownership of the vehicle associated with your FASTag, it’s a good idea to cancel the account to avoid any confusion or misuse of the tag.
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How to cancel or close a FASTag account?
- Contact Customer Support: Reach out to the customer support of your FASTag issuer. You can usually find their contact information on their website or through the FASTag app.
- Provide Necessary Information: Be prepared to provide information such as your FASTag number, registered mobile number, and any other details required to verify your account.
- Request Account Closure: Inform the customer support representative that you would like to close your FASTag account. They may guide you through the process or provide you with a specific form to fill out.
- Clear Any Dues: If there are any outstanding dues or fees associated with your FASTag account, make sure to clear them before closing the account.
- Return the FASTag Device (if required): Some issuers may require you to return the physical FASTag device as part of the account closure process. Follow any instructions provided by the issuer regarding device return.
- Confirmation: Once your request for account closure is processed, you should receive confirmation from the issuer either through email or SMS.
- Verify Closure: Double-check your FASTag account to ensure that it has been successfully closed and that there are no remaining charges or transactions associated with it.
Request to refund FASTag security balance
If your FASTag was issued by a bank where you have an account, the refund might be directly deposited into your linked account electronically. However, if the FASTag was issued by a non-bank entity or if you don’t have an account with the issuing bank, you might receive a demand draft sent to your registered address. The processing time for refunds or dispatching demand drafts can vary from 3 to 10 working days, depending on the issuer.
If your FASTag gets lost or damaged, it’s important to notify the issuer immediately. They may have specific procedures for handling such situations, which could impact the security deposit refund process.
In summary, obtaining a refund for your FASTag security deposit is a straightforward process. Just make sure you have your account details handy and there are no outstanding dues to ensure a smooth refund process.
FAQs (Frequently Asked Questions)
You can usually request a refund through the issuer’s website or FASTag portal by providing necessary details such as your FASTag number and registered mobile number.
The timeframe varies depending on the issuer, typically ranging from a few days to a couple of weeks.
Some issuers may provide a feature to track the refund status through their website or portal.
Yes, in most cases, the security deposit is refundable according to the issuer’s terms and conditions.
Generally, you need to submit a refund request through the issuer’s website or portal with required details.
In some cases, returning the physical FASTag device may be required to complete the refund process.
Any outstanding dues on the FASTag account may be deducted from the refund amount.
The refund process may vary depending on how your FASTag is linked to multiple vehicles. Contact the issuer for specific guidance.
Inform the issuer immediately. They may have specific procedures for handling such cases, which could affect the refund process.
Check with the issuer for any charges or fees associated with the refund process.