Paytm FASTag Deadline Ends Today: Here's How You Can Close And Switch To Another Bank

In compliance with the Reserve Bank of India's guidelines regarding restrictions on Paytm Payments Bank, Paytm FASTag users will be unable to top up or add funds to their balance after March 15

Users will be able to utilise their existing balance for toll payments beyond Friday

Source : Getty

The National Highways Authority of India (NHAI) has advised Paytm FASTag users to procure a new FASTag from a different bank before March 15, 2024, to ensure seamless travel and avoid any inconvenience at toll plazas. This proactive step aims to prevent penalties or dual fee charges when travelling on National Highways. In compliance with the Reserve Bank of India's guidelines regarding restrictions on Paytm Payments Bank, Paytm FASTag users will be unable to top up or add funds to their balance after March 15, 2024. However, they can continue to utilise their existing balance for toll payments beyond this date.

Here are the steps that users can follow to cancel the current Paytm FASTag:

• Log into the FASTag Paytm portal using your User ID or Wallet ID and password.
• Access the Paytm app on your device.
• Navigate to the Wallet section within the app.
• Select the FASTag option from the Wallet section.
• Proceed to Manage FASTag.
• Opt to close your FASTag account.
• After completing the closure process, the security deposit for FASTag, typically Rs 250, will be transferred to your regular Paytm wallet within 7-8 working days.

The transferred amount remains available for payments. Although additional funds cannot be added to the wallet, you can continue to utilise the existing balance for payments until the wallet balance reaches zero. This ensures that users do not lose their money.

Follow these steps to apply the new FASTag:

• After closing your Paytm FASTag, you can apply for a new one, which most banks offer on their websites and mobile applications.
• The new FASTag will be dispatched to your address within 7 working days.
• If you're on the move and unable to apply for FASTag online through your banking app, seek assistance from vendors usually located near toll plazas.
• These vendors can provide you with a FASTag and activate it instantly, helping you avoid paying double charges.