As the deadline of March 15, 2024 approaches, Paytm Payments Bank customers using FASTags are advised to take necessary steps to avoid inconvenience. The Reserve Bank of India (RBI) has issued a directive, instructing Paytm Payments Bank to cease new deposits and credit transactions after this date. Consequently, users will not be able to add balance or recharge their Paytm FASTags beyond this deadline.
Despite these restrictions, existing Paytm FASTag users can continue to utilize their tags at enabled toll booths and parking facilities until the balance in their wallet is exhausted. However, no further funding or top-ups will be permitted after March 15, 2024. To ensure uninterrupted service, it is recommended that users obtain a new FASTag issued by another bank before the deadline.Regarding the safety of existing balances, Paytm Payments Bank assures customers that their money is secure and unaffected by the RBI directive. However, to avoid any potential disruptions, users are encouraged to transition to alternative FASTags issued by different banks.Unfortunately, the option to transfer credit balance from Paytm FASTags to those issued by other banks is not available. Therefore, users must close their Paytm FASTag accounts and request any applicable refunds by contacting customer care.The process to close a Paytm Payments Bank FASTag is straightforward and can be completed through the Paytm App. Users need to navigate to the “Manage FASTag” section within the app, select the option to close their FASTag, choose the vehicle associated with the tag, and confirm the closure. Once initiated, the FASTag will be closed within 5-7 working days, and any applicable security deposit and minimum balance maintained will be refunded to the user’s Paytm Payments Bank Wallet.In light of these developments, Paytm Payments Bank has released a set of Frequently Asked Questions (FAQs) to assist users with the transition process. These FAQs provide clarity on various aspects such as the usability of existing FASTags, the inability to recharge post-March 15, and the procedure for closing FASTag accounts.In conclusion, Paytm FASTag users are advised to take prompt action before the March 15 deadline to avoid disruptions in their toll payment services. By following the guidelines provided and procuring a new FASTag from an alternative bank, users can ensure a seamless transition and continued convenience in their daily commutes.
