Want to Close PayTm FASTag before “Feb 29”? Read This First

In recent news, the Reserve Bank of India (RBI) has issued directives restricting certain operations of Paytm Payments Bank Account/Wallet. However, if you’re a Paytm user who also possesses a Paytm FASTag and is looking to close your account, you might be wondering how to navigate this process amidst the regulatory changes. This article aims to provide you with a comprehensive, step-by-step guide on how to close your Paytm FASTag account.

Understanding The Situation

• Starting February 29, 2024, Paytm Payments Bank will no longer be able to accept new deposits or credit transactions. This includes deposits to wallets, prepaid instruments, FASTags, and National Common Mobility Cards.
• Existing account holders can still withdraw money from their balances even after February 29th. However, they won’t be able to add more funds.
• This restriction is due to non-compliance with regulations and supervisory concerns identified by the RBI. Paytm is working with the regulator to address these issues.

What Will Happen to Paytm FASTag After February 29, 2024?

• Limited functionality: You can continue using your existing Paytm FASTag for toll payments until the balance runs out. However, you won’t be able to top it up after February 29th due to restrictions placed on Paytm Payments Bank.
• Existing balance: You can continue using your Paytm FASTag with the existing balance until it depletes.
• Top-ups: Unfortunately, you cannot recharge your Paytm FASTag with Paytm Payments Bank or its wallet after February 29th. This effectively renders the tag unusable once the existing balance depletes.
• Blacklisting risk: Paytm FASTags issued before March 1st, 2021, might be blacklisted after February 29th if the KYC (Know Your Customer) verification isn’t completed by then. Ensure your KYC is up-to-date to avoid this.
• Alternative solutions: Paytm is working on partnerships with other banks to provide recharge options, but details are yet to be announced.

Should You Close Your Paytm FASTag?

• Paytm FASTags are operational and not affected by the RBI directive: You can continue to use your Paytm FASTag for toll payments without any restrictions. There is no need to close your FASTag right now unless you specifically choose to do so. Know more.
• If you have a sufficient balance: Do not close immediately. If you have a sufficient balance, there’s no need to close your account right away. Use the remaining balance for toll payments before it depletes.
• If you use your FASTag frequently: Yes, consider closing your Paytm FASTag before February 29th and getting a new one from another authorized issuer linked to an active bank account. This ensures hassle-free toll payments without risking blacklisting.
• If you rarely use your FASTag: You can wait until your existing balance runs out before deciding. Remember, a new FASTag from another issuer might require additional charges.

How to Close Your Paytm FASTag (if you decide to)

Currently unavailable: As of today, February 9, 2024, Paytm doesn’t offer an official way to close FASTags. The company is likely to introduce a closure process soon, so stay updated on their website or app.

Alternative method: You can contact Paytm customer care and request them to close your FASTag. This may be a temporary workaround until an official closure process is established.
Here is the Step-by-Step process

1. Call Paytm Customer Care: Dial 1800-120-4210 or 0120-4456456 and tell the representative you want to close your FASTag.
2. Provide Required Information: Be ready to share your registered mobile number, vehicle registration number (VRN), and FASTag ID.
3. Confirmation and Processing: The representative will verify your details and initiate the closure process. You’ll receive confirmation via SMS or email.

Alternative FASTag Issuers

If you need a long-term solution, consider getting a FASTag from another bank or issuer. Several options are available, including ICICI Bank, HDFC Bank, Axis Bank, and Airtel Payments Bank. Other fintech platforms like PhonePe, Mobikwik, etc.

You may read: How to Get FASTag Immediately? A Quick and Easy Guide

Important Points to Remember

• Complete your FASTag KYC before February 29th to avoid blacklisting.
• Act before February 29th if you use your FASTag frequently and want uninterrupted service.
• Research and choose a new FASTag issuer based on your needs and preferences.

Additional information:

• Paytm is exploring partnerships with other banks to enable recharge options for its FASTags beyond February 29th. However, details are still unclear. Stay updated for further developments.
• This article aims to provide information based on current regulations and available details. For specific queries, it’s best to contact Paytm customer support or your chosen FASTag issuer.

Remember, it’s important to stay updated with information directly from Paytm about any potential changes to FASTag services. You can check their official website or social media channels for the latest updates.

Conclusion

While the future of Paytm FASTags remains uncertain, there are steps you can take to ensure smooth toll payments. Monitor the situation, consider alternative options, and close your account when an official process becomes available. Remember, safety and convenience are key when choosing a FASTag provider.