Paytm Payments Bank was taken off the NHAI’s list of 30 approved banks for the Paytm FASTag service on Friday. The RFID Tag, or FASTag chip, is affixed to the windscreen of the car. Customers can quickly pay for tolls straight from their FASTag account by connecting to it.
Users of Paytm FASTag should be aware that Paytm Payments Bank is not listed on the National Highway Authority of India’s (NHAI) most recent list of 30 approved banks for the FASTag service. The department said that it had chosen to discontinue the Paytm Payments Bank because of regulatory proceedings taken against the firm.
Paytm FASTag Exodus: How to Port Your Account
After the Reserve Bank of India took regulatory action against the company, the National Highway Authority of India (NHAI) did not include Paytm Payments Bank in its list of 32 licenced banks for the service.
The list of authorised banks include Airtel Payments Bank, Allahabad Bank, AU Small Finance Bank, Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Central Bank of India, City Union Bank, Cosmos Bank, Equitas Small Finance Bank, and Federal Bank, among others. This comes as RBI imposed restrictions on Paytm Payments Bank, barring it from accepting deposits or top-ups.
What are the next steps for Paytm FASTag users?
After February 29, Paytm FASTag users with balances in their accounts can still use it, but they won’t be able to add funds or make top-ups.
Paytm said, “Please note that you will not be able to deposit or add money to your Paytm Payments Bank Account/Wallet after Feb 29, 2024. However, there is no restriction on withdrawal of money from your existing balance even after Feb 29, 2024.”
How to delete FASTAG accounts?
Users will have delete their accounts with Paytm Payments Bank in order to create new accounts. Here are the steps to delete the FASTag account:
1. Log in to the FASTag Paytm Portal using user ID, wallet ID and password.
2. Click on ‘Help & Support.’
3. Select ‘Queries Related to Updating FASTag Profile’.
4. Choose ‘I Want to Close My FASTag’.
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How to port to another provider?
To port FASTag from Paytm to another provider, contact the new bank’s customer care. Share details and then initiate the porting process.
How to Deactivate Paytm Fastag step by step guide
Paytm FASTag: In accordance with the frequently asked questions (FAQs) released by the RBI, users will be able to close their previous FASTag and obtain a refund.
Following the Reserve Bank of India’s (RBI) directive to Paytm to cease taking deposits and top-ups from any clients after February 29, drivers are being instructed to purchase FASTags from 32 approved banks rather than Paytm Payments Bank (PPBL). The cutoff date has been moved up to March 15; after that, Paytm FASTags will not function. However, in accordance with the frequently asked questions (FAQs) released by the RBI, users will be able to close their previous FASTag and receive a refund.
“It is suggested that you procure a new FASTag issued by another bank before March 15, 2024, to avoid any inconvenience,” the FAQs noted.
Paytm FASTags: How can I deactivate my Paytm FASTag?
- You can use your mobile number and Tag ID to close existing Paytm FASTag account.
- To do the same, call on 1800-120-4210 and mention your mobile number for which FASTag has been registered.
- Include Vehicle Registration Number (VRN) or Tag ID along with it.
- Following this Paytm’s customer support agent will get in touch.
Is there another way to close Paytm FASTag?
- In the Paytm app, tap on the profile icon and click on “Help & Support”.
- Under “Banking Services & Payments” section, select “FASTag” and click on “Chat with us”.
- Ask the executive to deactivate the account and the process will be completed.
How to buy a new FASTag online?
- Download the “My FASTag” app.
- Click on “Buy FASTag” which will lead you to an e-commerce link to buy the tag.
- Purchase the FASTag which will then be delivered to you.
OR
- In “My FASTag” app, click on “Activate FASTag”.
- Select Amazon or Flipkart
- Enter FASTag ID and enter your vehicle details.
- It will then be activated.
OR
FASTags can also be bought from member banks including Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank.
FAQs:
- Why should I port my Paytm FASTag?
- Due to recent regulatory changes, Paytm Payments Bank can no longer issue new FASTags. You can continue using your existing one, but won’t be able to top it up or add new vehicles.
- Which banks offer FASTag portability?
- Most major banks and authorized issuers offer FASTag portability. Check with your preferred bank for details and fees.
- What documents do I need to port?
- Typically, you’ll need your FASTag ID, vehicle registration certificate (RC), and a valid ID proof. Requirements may vary by bank, so double-check beforehand.
- Is there a fee for porting?
- Yes, some banks charge a processing fee for porting. Check with your chosen bank for their specific fees.
- How long does the porting process take?
- Usually, porting takes 5-7 working days. However, it can vary depending on the bank and any existing balance on your Paytm FASTag.
- What happens to my existing balance on Paytm FASTag?
- You can use the remaining balance before or after porting. Check with Paytm for specific withdrawal options.
- Will my FASTag sticker still work after porting?
- Yes, your physical FASTag sticker remains valid even after porting. No need to replace it.
- Do I need to update my FASTag details on any platforms?
- Yes, update your FASTag details on any websites or apps where you’ve linked it (e.g., FASTag app, toll payment portals).
- Can I transfer my FASTag to another person?
- Currently, Paytm doesn’t allow direct transfer of FASTags to other individuals. You can only port it to another bank account in your name.
- Where can I find more information about FASTag portability?
- Visit the NHAI FASTag website (https://nhai.gov.in/) or contact your chosen bank for detailed information and assistance.
