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Paytm Payments Bank: FAQs on closing FASTag accounts

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Paytm Payments Bank

has released a detailed FAQ on their website in light of the new directive that comes into force on March 15, concerning the acceptance of new deposits. The bank has provided clarity especially on the usage and management of FASTags issued by them, in compliance with the

Reserve Bank of India

‘s (RBI) latest guidelines.
Here’s everything you need to know based on the information provided:
How can I close my Paytm Payments Bank FASTag?
To close your FASTag, follow these steps:

Open the Paytm App and search for “Manage FASTag” in the search menu.

Navigate to the ‘Manage FASTag’ section to see all vehicles linked to your FASTag.
Select ‘Close FASTag option’ located in the top right section of the page.
Choose the vehicle for which the FASTag needs to be closed.
Click ‘Proceed’ and wait for the confirmation message on your screen.
The FASTag will be closed within 5-7 working days.
How can I receive the refund for the security and minimum balance of my PPBL FASTag?

Once your PPBL FASTag is closed, the security deposit along with any remaining minimum balance will automatically be credited back to your Paytm Payments Bank Wallet.
Can I continue to use my Paytm Payments Bank FASTag after March 15?
Yes, you can continue to use the FASTag for paying at tolls and parking facilities up to the available balance in your wallet. However, after March 15, you will not be able to add funds or top up your FASTag.
How can I top up my FASTag after the deadline?
You cannot top up FASTags issued by Paytm Payments Bank after March 15. Customers are advised to obtain a new FASTag from a different bank before this date to ensure uninterrupted service.
Is it possible to transfer the credit balance from my old Paytm FASTag to a new one?
No, the credit balance transfer from an old FASTag issued by Paytm Payments Bank to a new FASTag from another bank is not available.
What should I do to ensure a smooth transition after March 15?
Customers should make timely arrangements by acquiring a new FASTag from a different bank before the specified deadline to avoid any inconvenience.
How will the security deposit and minimum balance be managed post-closure of the FASTag?
The applicable security deposit and any remaining balance maintained for the Paytm Payments Bank FASTag will be refunded to your Paytm Payments Bank Wallet after the closure.
What is the significance of the March 15 deadline for Paytm Payments Bank customers?
The deadline marks the enforcement of the RBI directive, limiting new deposits and certain operations for Paytm Payments Bank. Customers are encouraged to make alternative arrangements for their FASTags to ensure uninterrupted service.
By adhering to these guidelines and taking the necessary steps before the deadline, customers can ensure a seamless transition and continue to enjoy the convenience of FASTag services without interruption.
(With inputs from agencies)

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