FASTag holders can switch banks without buying a new tag

FASTag users have some good news. Those who want to change the bank linked to their FASTag will no longer need to buy a new tag or get the old one deactivated. Road Transport and Highways Minister Nitin Gadkari has launched a new feature called OneTag, which allows vehicle owners to switch banks while keeping the same FASTag. Here is what happens to the money in the old FASTag wallet after the switch, and whether KYC has to be done again.

OneTag is available on NHAI's Rajmargyatra mobile app. The entire process of changing the FASTag's bank is completed through this app. Users first log in to the app and enter the vehicle's registration number. The app then shows whether the vehicle is eligible for OneTag. If the bank can be changed, the process continues with steps such as identity verification, giving consent and choosing the new bank.

Fresh KYC does have to be completed with the new bank. On changing banks, a new KYC process must be completed, during which the bank verifies your identity and other details. For this, a six-digit Mobile Verification Code, or MVC, is first obtained from the existing bank to confirm identity. After that, the new bank is chosen, and that bank completes the KYC and wallet activation. Once this is done, the FASTag starts working with the new bank.

As for the money in the old FASTag wallet, the old wallet is closed once the bank is changed. Any balance remaining with the old bank is returned after the necessary accounting and deductions. The same process applies to the balance in the old wallet whenever a bank is changed. The old bank completes the required verification and accounting before refunding the money.

A new FASTag does not need to be purchased. The key feature of OneTag is that the FASTag ID linked to the vehicle remains the same even after the bank is changed, so the tag already fitted on the windscreen continues to work. One point to note is that after changing the bank once, a six-month wait is required before the FASTag can be transferred to another bank. This is called the cooling period.

OneTag is essentially a feature that lets FASTag users change their bank whenever needed without buying a new FASTag. Its aim is to make bank switching easier and give customers more options.

A FASTag is a small tag fitted on a vehicle's windscreen. It uses RFID technology, which helps identify the vehicle at toll plazas. When a vehicle passes through a toll plaza, the toll amount is automatically deducted from the linked account, removing the need to pay cash repeatedly. FASTag reduces waiting time at toll plazas, helps ease traffic congestion, and allows toll payment details to be checked online. In India, FASTag has been mandatory since January 1, 2021 for all four-wheeled and larger vehicles carrying goods or passengers, as well as for M and N category vehicles.