How to Close Paytm FASTag: The Reserve Bank of India (RBI) has told Paytm Payments Bank (PPBL) that they can’t add any new customers right now. This decision comes from the RBI’s power given by section 35A of the Banking Regulation Act, 1949. The RBI also said that after February 29, 2024, people won’t be able to make deposits, credit transactions, top-ups, or take money out from their accounts, prepaid cards, Paytm Wallet, FASTags, or NCMC cards.
Paytm FASTag: Close or Port
In August 2023, Paytm Payments Bank was really proud on Twitter, saying they were the biggest when it came to FASTags in India. They talked about handling millions of transactions in over 300 cities. Their message was all about the ease of paying tolls with Paytm FASTag anytime, anywhere.
But after the RBI’s tough decision, it looks like Paytm Payments Bank might have to close down. This is why lots of people are thinking about turning off their Paytm FASTags and moving to a different bank or an official provider.
Things to Know Before Close your Paytm FASTag?
Feeling worried is natural, especially since it’s about the Reserve Bank of India. Plus, Paytm has faced issues before. But, the company has promised to follow the one-month deadline and shift to a different bank so that services keep running smoothly. Before you think about turning off your Paytm FASTag, consider these points:
- Once you deactivate your Paytm FASTag, you can’t reactivate it. You’ll need to get a new one.
- When you close your Paytm FASTag account, you’ll get back your security deposit and any money left in your FASTag account.
- You can’t move your Paytm FASTag balance to another FASTag account.
Paytm mentioned, “OCL (One Communications Limited), as a payment company, works with many banks, not just Paytm Payments Bank, for different payment services. OCL began working with other banks since the start of the ban. We’ll speed up our plans and completely switch to other banking partners.” So, they’ve made it clear that Paytm FASTag services won’t be affected.
Bhavesh Gupta, Paytm’s President and COO, said, “Paytm app offers various products to users. Some products like FASTag are already given out by other banks and will keep going.”
Steps to Close/Deactivate your Paytm FASTag?
Deactivating Paytm FASTag via Paytm App
To turn off your Paytm FASTag using the Paytm app, follow these steps:
- Log in to your Paytm account using the mobile number linked to your FASTag.
- At the top of the app, search for ‘FASTag’.
- Go to ‘Manage FASTag’ found under the ‘Services’ section.
- All FASTags linked to your number will show up as ‘ACTIVE’. You can only turn off one FASTag at a time, so pick the one you want to deactivate.
- You’ll see options for managing your FASTag, but ‘close FASTag’ won’t be one of them. So, hit the back button to return to the previous page.
- Scroll down and click on ‘Help & Support’.
- You’ll see your recent FASTag orders. At the bottom, choose ‘Need help with non-order related queries’ to talk to the chat bot.
- A few solutions will pop up. Choose ‘I want to close my FASTag’.
- Select the FASTag VRN (vehicle registration number) tied to your customer ID.
- Your FASTag details like status, vehicle class, and TSN will appear. Now, the ‘Close FASTag’ button will show up. Click it.
- You’ll be prompted to open a link in a browser. Choose any browser you like.
- You’ll need to pick the FASTag VRN again.
- Choose a reason for closing your FASTag. Your reason here is ‘service related issues with my FASTag’.
- You’ll be asked if you want to speak to a Paytm customer service rep to try and fix the issue. Here, you can also request a small thank-you gift, like a voucher for a free movie, shopping, or recharge.
- Click on ‘Close FASTag’.
- A notification will appear saying your FASTag will be closed in 5-7 working days. Your Security Deposit (₹250) and any Minimum Balance will be refunded to your Paytm Wallet.
- You’re all set! You’ll see a confirmation that your ‘FASTag Closure Request Submitted’ and your VRN will be marked as ‘Closure Initiated’. You’ll also get an SMS about it.
Closing Paytm FASTag account via Paytm Customer Care
To close your Paytm FASTag account, you can contact Paytm’s Customer Care team at 01204456456 or the Toll-free number 18001204210. During this process, you will be required to provide your mobile number (which is linked to the FASTag) and your Vehicle Registration Number (VRN) to the customer care executive. They may also ask you some questions to verify your identity as a Paytm user.
Guide to Port Paytm FASTag to another Bank or NETC?
Currently, there is no system available to port a Paytm FASTag to another bank or NETC (by NPCI). Therefore, the first step is to deactivate your Paytm FASTag by following the steps outlined in the previous section. After deactivation, you can obtain a new FASTag, which is a straightforward and quick process.
Many banks, such as IDFC First, ICICI, HDFC, Axis, Bank of Baroda, Kotak, and others, offer new FASTag applications. You also have the option to choose from providers like Airtel Payments Bank, Park Plus (by Karur Vysya Bank), and various other official FASTag providers.
Select the one that provides detailed transaction statements, better customer support, easy management options, and offers/rewards. Ensure that you complete the KYC process for your new FASTag, as NHAI has set a deadline of February 29th for updating FASTag KYC; otherwise, it will be deactivated. NHAI has also become stricter regarding the “1 Vehicle 1 FASTag” rule, so ensure that multiple FASTags are not linked to your vehicle.
FAQs about Paytm FASTag 2024
Q1: What will happen to Paytm FASTag after February 29th?
- A1: Paytm FASTag will no longer work with Paytm Payments Bank due to a ban by RBI. Paytm assures that its FASTag service will continue through collaboration with other banks.
Q2: How can I check my Paytm FASTag status?
- A2: You can check your Paytm FASTag status on the Paytm app by selecting ‘Manage FASTag,’ where you will see the status of all your FASTags.
Q3: Is Paytm FASTag closed?
- A3: No, Paytm has stated that its FASTag services will continue as usual. However, the situation may change after the deadline on February 29, 2024.
Q4: How can I update Paytm FASTag KYC?
- A4: You can update your Paytm FASTag KYC through the ‘Manage FASTag’ option in the Paytm app or by contacting Paytm’s customer care at 01204456456 or the toll-free number 18001204210.