How to Close Paytm FASTag & Get a Refund?
Are you aware of the recent developments if you are a Paytm FASTag holder? The objective of this blog is to cover all the aspects of properly deactivating their Paytm FASTag, refunds for the remaining balance and other things that can help customers shift without any difficulty for seamless toll charges. The National Highway Authority of India (NHAI) has directed certain banks to halt the issuance of FASTags due to regulatory concerns. This development impacts the service, which facilitates electronic toll payments through prepaid wallets. All four-wheeler vehicles must have FASTags, but linking them to some banks may no longer be an option. Users can utilize their existing FASTag balance until a specified date, after which the FASTags will no longer be operational.
If you are unable to exhaust your balance, you can request a refund by contacting customer support through the respective bank's helpline or app. Additionally, you need to deactivate your previous FASTag account as per the 'One Vehicle, One FASTag' rule. This process involves closing the account and requesting a refund, which can be done by following specific steps outlined in the FAQs provided by the bank and the regulatory authorities.
The good news is that you can continue using your existing FASTag balance until it becomes non-operational. This means you can exhaust the remaining funds in your FASTag account by making toll payments until that time. However, once the FASTag service is discontinued, you will need to procure a new FASTag from another authorized issuer.
This development directly affects users with Paytm FASTags linked to Paytm Payments Bank. These FASTags will become inoperable after a specific deadline. To avoid disruptions at toll plazas, it's crucial to take necessary actions before the deadline.
It's important to understand that the RBI directive only affects Paytm Payments Bank and not other Paytm services. Users who have linked their Paytm account to authorized banks can continue to use the wallet and UPI services without any disruption. Additionally, while users can withdraw money from their Paytm FASTag account, depositing funds into the Paytm Payments Bank account is no longer possible due to the RBI directive.
Deactivating a Paytm FASTag account is a permanent process and cannot be reversed. Here are the steps you need to follow:
Log in to your Paytm account.
Search for FASTag and select Manage FASTag.
Choose the 'Help & Support' option.
Select 'Need help with on-order related queries?'
Choose 'Queries related to updating the FASTag profile'.
Select 'I want to close my FASTag' and follow the provided steps.
If you are a Paytm FASTag user looking for a refund, you can call the company's toll-free number at 1800-120-4210. Provide your mobile number registered with the FASTag and your Vehicle Registration Number (VRN) or Tag ID. Alternatively, you can contact Paytm's customer support through the Paytm app. The customer support agent will guide you through the process of closing your FASTag account.
Paytm FASTag users should be aware that the credit balance transfer feature is not available. Therefore, if you switch to a new FASTag from another bank, you cannot transfer the remaining balance from your old Paytm FASTag. Instead, you need to close the old FASTag and request a refund from Paytm Payments Bank. This policy also applies to the National Common Mobility Card (NCMC) issued by Paytm Payments Bank.
Here are some key points to consider as you transition from your Paytm FASTag:
Utilize Remaining Balance: It's crucial to exhaust the remaining balance on your Paytm FASTag by March 15th, 2024. The FASTag recharge by vehicle number is not available for Paytm FASTags anymore, so plan your trips accordingly to use up the remaining balance before the deadline.
Apply for FASTag: Buy a new FASTag from an authorized bank or directly from NHAI to continue using the FASTag system for seamless toll payments. There are 32 listed banks offering FASTags. You can explore their websites or visit their branches for application procedures. NHAI also offers FASTags, and details can be found on their official website.
One Vehicle, One FASTag Policy: Remember, the "one vehicle, one FASTag" policy is still in effect. Deactivating your current FASTag ensures compliance with this policy when you buy FASTag from another source.
After closing your Paytm FASTag account and receiving your refund, you will need to procure a new FASTag from another authorized issuer. This is necessary to ensure a seamless travel experience and avoid any issues at toll plazas. To avoid disruptions in toll payments, acquiring a new FASTag from one of the 32 authorized banks or directly from NHAI is recommended. Ensure you deactivate your existing Paytm FASTag and apply for the refund process promptly. Remember, the "one vehicle, one FASTag" policy remains in effect. Deactivating your Paytm FASTag ensures compliance with this policy when you buy new fastag from another source.
It's important to note that the RBI notice only applies to Paytm Payments Bank Ltd. Other Paytm services, such as the wallet and UPI system, will continue to function normally. Users who have linked their Paytm account to authorized banks like ICICI, HDFC, and others need not worry about their existing money, as it remains secure with the respective banks.
You can also purchase a new FASTag directly from one of the 32 authorized banks listed on the NHAI website, such as ICICI Bank, HDFC Bank, SBI, and others. Visit the nearest branch of the bank or their website to initiate the FASTag purchase and activation process.
The recent developments from NHAI and RBI necessitate action from Paytm FASTag users linked to Paytm Payments Bank. How to close Paytm FASTag, claiming a refund for your remaining balance, and acquiring a new FASTag from an authorized source are crucial steps to ensure uninterrupted FASTag usage for toll payments. Stay informed about any further updates and make the necessary transitions before the deadline to avoid inconveniences during your travels.