Personal Finance

Paytm Payments Bank releases FAQs on steps to close Paytm FASTag, refund of FASTag balance & more



March 15, 2024 is the last date one can add balance to their Paytm Payments Bank FASTag, as per a Reserve Bank of India (RBI) directive. And after you finish this balance, you will not be to use your Paytm FASTag post March 15. To help users of Paytm FASTag, Paytm Payments Bank has issued a fresh set of FAQs. Here is what it states.

Also read: Is your Paytm FASTag account closed? How to check Paytm FASTag status

FASTag issued by Paytm Payments Bank
I have a FASTag issued by Paytm Payments Bank. Can I continue to use it to pay toll after March 15, 2024?

The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank from accepting new deposits or allowing credit transactions after March 15, 2024. However, you can continue to use your FASTag to pay at enabled toll and parking merchants’ up to the available balance in your wallet. Additionally, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience.

The directive does not impact your existing balances and your money is safe with our Bank.

I have a FASTag issued by Paytm Payments Bank. Can I recharge the balance after March 15, 2024?

The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank from accepting new deposits or allowing credit transactions after March 15, 2024. Hence, you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank.Also read: Many Paytm FASTag users facing issues closing account, complain on social media; are you able to close your Paytm FASTag?
You can procure a new FASTag issued by another bank before March 15, 2024, to ensure a smooth transition and avoid any inconvenience.

Can I transfer the balance from my old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another Bank?

Credit balance transfer feature is not available in the FASTag product. Therefore, you will have to close your old FASTag issued by Paytm Payments Bank and request for any applicable refund by contacting our customer care.

What are the steps to close the Paytm Payments Bank FASTag?

You can close the Paytm Payments Bank FASTag via the Paytm App by following the below mentioned steps:

  • Open Paytm App and search for “Manage FASTag” in Search Menu.
  • “Manage FASTag” section will list all the vehicles linked to Paytm Payments Bank Fastag.
  • Please choose “Close FASTag option” on the top right section of the page
  • Select the vehicle for which you want to close the FASTag
  • Click Proceed and you will see confirmation message on your screen

Your FASTag will be closed within 5-7 working days. Applicable Security deposit and minimum balance maintained for PPBL FASTag will be refunded to your Paytm Payments Bank Wallet post closure.



READ SOURCE