The FASTag system has revolutionised toll payments in India, enabling road travellers to pay their tolls faster, facilitating seamless travel, and saving time. While setting up a FASTag account is easy and can be done entirely online, users often face confusion when it comes to reclaiming their security deposit upon account closure.
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Each time you create a new FASTag account, issuers, including banks and other authorised entities, charge a one-time security deposit alongside the issuance fee. This deposit serves as a guarantee against any outstanding dues, such as low balances during toll transactions. However, it is fully refundable upon closure of your FASTag account, provided there are no outstanding payments. The amount varies depending on the vehicle category, typically ranging from Rs. 100 to Rs. 250.
Here is a quick guide on how to deactivate your FASTag account and obtain a refund of the security deposit.
Deactivate Your FASTag Account
Contact your FASTag issuer’s customer care service. Numbers are usually readily available on the issuer’s website, mobile app, or physical statements.
Inform the customer care representative of your intent to deactivate your FASTag account. They will guide you through the specific process.
Depending on the issuer, deactivation might involve online portals, mobile apps, or a physical visit to a designated branch.
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Clear Any Outstanding Dues
Before receiving your security deposit, ensure your FASTag account has no outstanding balance. This includes any unpaid tolls, administrative charges, or penalties. You can clear the outstanding balance through the issuer’s online portal, mobile app, or by contacting customer care.
Request the Security Deposit Refund
Once your account has been deactivated and cleared of any dues, make sure to explicitly request a refund of the security deposit. The procedure may vary depending on the issuer. Some issuers may automatically initiate the refund upon account closure, while others may require a separate request.
If you have an account with the issuing bank, the refund may be electronically credited directly to your linked account. However, for non-bank FASTag issuers or individuals without an account with the issuing bank, a demand draft may be issued and sent to the registered address. Banks may take some time to process the refund or dispatch the demand draft, typically ranging from 3 to 10 working days, depending on the issuer.
Meanwhile, if your FASTag is lost or damaged, inform the issuer immediately. They may have specific procedures for handling such cases, which could potentially affect the security deposit refund process.
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In conclusion, obtaining a refund of your FASTag security deposit is a straightforward process. However, remember to have your account details readily available and ensure there are no outstanding dues.
