Paytm Payments Bank Issues FAQs For Customers With FASTags
The detailed set of questions and answers have been uploaded on the bank's website and its X handle.
Paytm Payments Bank Ltd. has issued a frequently asked questions for the benefit of customers with FASTags issued by the bank.
It explains customers on how to get a refund of security and minimum balance of FASTag accounts.
The electronic toll collection system FASTag, operated by the National Highways Authority of India, uses radio frequency identification (RFID) technology for making toll payments directly from the prepaid or savings account linked to it to the toll owner.
The detailed set of questions and answers have been uploaded on the bank's website and its X handle.
This comes amid the Reserve Bank of India's March 15 deadline for curbs on Paytm Payments Bank. Here's what you need to know.
Can you continue to use your Paytm Payments Bank FASTag to pay the toll after March 15th, 2024?
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank from accepting new deposits or allowing credit transactions after March 15, 2024. However, you can continue to use your FASTag to pay at enabled toll and parking merchants' up to the available balance in your wallet. Additionally, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience.
The directive does not impact your existing balances and your money is safe with our Bank.
Can you recharge your Paytm Payments Bank FASTag after March 15th, 2024?
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank from accepting new deposits or allowing credit transactions after March 15, 2024. Hence, you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank.
You can procure a new FASTag issued by another bank before March 15, 2024, to ensure a smooth transition and avoid any inconvenience.
Can you transfer the balance from your old Paytm Payments Bank FASTag to a new FASTag from another bank?
Credit balance transfer feature is not available in the FASTag product. Therefore, you will have to close your old FASTag issued by Paytm Payments Bank and request for any applicable refund by contacting our customer care.
What are the steps to close the Paytm Payments Bank FASTag?
You can close the Paytm Payments Bank FASTag via the Paytm App by following the below mentioned steps:
Open Paytm App and search for "Manage FASTag" in Search Menu.
"Manage FASTag" section will list all the vehicles linked to Paytm Payments Bank Fastag.
Please choose "Close FASTag option" on the top right section of the page
Select the vehicle for which you want to close the FASTag
Click Proceed and you will see confirmation message on your screen
Your FASTag will be closed within 5-7 working days. Applicable Security deposit and minimum balance maintained for PPBL FAS Tag will be refunded to your Paytm Payments Bank Wallet post closure.
How can you get the refund of my security balance and minimum balance maintained for your Paytm Payments Bank FASTag?
Applicable security deposit and minimum balance maintained for PPBL FASTag will be refunded to your Paytm Payments Bank Wallet post closure.
