If I sell my vehicle, what happens to my FASTag wallet balance?

What is the difference between tag, wallet, and vehicle link?

FASTag is a system that consists of three interconnected components: the tag, the wallet, and the vehicle link. Here is a breakdown of their roles:

• Tag: The physical RFID-enabled sticker affixed to your vehicle’s windshield. It enables automatic toll deduction when you pass through toll plazas.
• Wallet: A prepaid account linked to your FASTag where funds are stored for toll payments.
• Vehicle Link: The FASTag is registered to a specific vehicle, ensuring toll charges are deducted for the correct vehicle.

What happens to your wallet balance, security deposit, and refund process?

When you sell your vehicle, the FASTag wallet balance and security deposit must be addressed to avoid misuse. Here is a detailed table to explain what happens to these components:

How to request a refund of remaining wallet balance and deposit

To ensure that your wallet balance and security deposit are refunded, follow these steps:

1. Contact Your FASTag Issuer: Reach out to the bank or service provider that issued your FASTag.
2. Submit a Refund Request: Provide the necessary details, including your FASTag ID, vehicle registration number, and wallet details.
3. De-Link the Vehicle: Request the issuer to de-link the FASTag from your sold vehicle.
4. Provide Necessary Documents: Submit identity proof, vehicle sale documents, and account details for the refund.
5. Track Your Refund: Regularly check your account or contact customer support to ensure the refund is processed.

If there are pending tolls or a negative balance in your FASTag wallet at the time of sale, the situation can become complicated. The toll charges will continue to be deducted from your wallet until the FASTag is de-linked from the vehicle. Additionally, if your wallet has insufficient funds, the issuer may charge you a penalty or block the account.

To avoid such issues:

• Clear All Dues: Ensure your FASTag account has no pending tolls or negative balance before selling the vehicle.
• Verify Transactions: Check your transaction history through your FASTag issuer’s mobile app or website.
• Notify the Buyer: Inform the buyer not to use the FASTag until it is de-linked or transferred.

Step-by-step checklist before you sell your vehicle

Here is a checklist to ensure a smooth transfer or closure of your FASTag wallet when selling your vehicle:

1. Check Wallet Balance: Log in to your FASTag account and review your wallet balance and transaction history.
2. Clear Pending Dues: Settle any outstanding toll charges or negative balances.
3. Contact Your FASTag Issuer: Notify the issuer about your intention to sell the vehicle and request de-linking of the FASTag.
4. Submit Sale Documents: Provide proof of vehicle sale, such as the sale agreement or RC transfer receipt.
5. Request Refund: Apply for a refund of the remaining wallet balance and security deposit.
6. Verify De-Linking: Confirm with your issuer that the FASTag has been de-linked from the vehicle.
7. Inform the Buyer: Advise the new owner to obtain a new FASTag for the vehicle.

Documents required for closure/transfer with Bajaj Finserv

Typical timelines/what to expect after submission

After-sale monitoring: what to check to make sure your wallet is closed/transferred

1. Confirm De-Linking: Verify with your FASTag issuer that the tag is no longer linked to your sold vehicle.
2. Check Wallet Status: Log in to your FASTag account to ensure the wallet is closed or transferred.
3. Monitor Transactions: Review your transaction history to confirm no unauthorised toll deductions occur.
4. Follow Up with Issuer: Contact customer support if any issues arise during the closure or transfer process.

Key scenarios when selling your vehicle and their impact on your FASTag wallet

Selling vehicle and closing tag and wallet

If you plan to close your FASTag wallet entirely, you must:

• Request a refund for the wallet balance and security deposit.
• De-link the FASTag from your sold vehicle.
• Provide all necessary documents to your FASTag issuer.

Selling vehicle but transferring tag/wallet to new owner

If the buyer wishes to take over your FASTag:

• Inform your issuer and request a transfer of ownership.
• Ensure the buyer provides their details to the issuer for the transfer.
• Verify that the wallet is transferred to the new owner’s account.

Selling vehicle but tag/wallet remains active — risks and issues

Leaving the FASTag active after selling your vehicle can lead to:

• Unauthorised toll deductions from your wallet.
• Potential misuse by the new owner.
• Difficulties in claiming refunds or closing the account later.

To avoid these risks, always de-link or transfer the FASTag before completing the sale.