Paytm Payments Bank has been banned by RBI from offering services and onboarding new customers. The bank has been asked to halt all operations starting February 29, 2024. It means after February 29, the Paytm Wallet and FASTags associated with the Paytm account will stop working.
Paytm has agreed to comply with the deadline and assured to collaborate with another bank to offer uninterrupted Wallet and FASTag services to its users. However, nothing is set in stone yet, and if you are wondering how to close your Paytm FASTag account and port to another provider, here are the details.
How to Close Paytm FASTag?
You can continue using the existing balances on your Paytm FASTag. We started our journey of working with other banks over the last two years, which we will now accelerate pic.twitter.com/clsDLVUD1N
— Paytm (@Paytm) February 1, 2024
Paytm has announced that current FASTag users on its platform can continue to use their balance till February 29. The company has assured that it’s working with the authorities to figure out effective solutions to keep offering FASTAg.
Notably, Paytm has assured an option to switch to another bank for uninterrupted FAStag services but as of now, none of this is confirmed. So if you are considering closing Paytm FASTag and making a switch to another provider, the process is pretty simple.
You can simply call on 01204456456 or 18001204210 to close the Paytm FASTag account.
You will need to provide your mobile number linked with FASTag and VRN to the customer care executive. Further questions will be asked to verify your identity before initiating the Paytm FASTag closure process.
In case you don’t want the hassle of dealing with customer care executives on call, you can initiate the closure process from the Paytm app itself. Below are the steps to close your Paytm FASTag account.
- Open the Paytm app on your phone and click on the search icon (magnifying lens) on top.
- Type FASTag in the search bar and click on the Manage Fastag option under the Paytm Payments Bank header.
- You will see all FASTag accounts associated with the Paytm account. Tap on the ones you want to deactivate on the next page where Management Options are displayed.
- To close a FASTag account, scroll to the bottom of the page showing all FASTag accounts and click on Help & Support.
- Scroll to the bottom again and select Need help with non-order-related queries.
- On the next page, select I want to close my FASTag and select the FASTag VRN.
- You will see the Close FASTag button on the next page at the bottom, click on it.
- Permit to open a web browser and select the VRN on the page that opens in the browser.
- Select the appropriate reason for closing from the list (It will be service-related issues with my FASTag in this case.)
- Click on Close FASTag.
Once you have finished the above steps, Paytm will inform you that the account will be closed in 5-7 business days and the security deposit of Rs 250 along with the FASTag balance will be refunded to the Paytm Wallet.
Do remember that once you deactivate your Paytm FASTag account, you cannot reactivate it and will have to open a new account.
How to Port From Paytm FASTag
There is currently no system in place to port from one FASTag provider to another. However, Paytm FASTag users can deactivate their accounts using the steps above and open a new FASTag account with their bank. Below is the complete list of the NETC FASTag providers in India.
- AU Small Finance Bank
- Axis Bank Ltd
- Bandhan Bank
- Bank of Baroda
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- City Union Bank Ltd
- Cosmos Bank
- Dombivli Nagari Sahakari Bank
- Equitas Small Finance Bank
- Federal Bank
- FINO Payments Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IDFC First Bank
- Indian Bank
- Indian Overseas Bank
- IndusInd Bank Ltd.
- Jammu and Kashmir Bank
- Karnataka Bank
- Karur Vysya Bank
- Kotak Mahindra Bank
- Nagpur Nagarik Sahakari Bank
- Punjab National Bank
- Saraswat Bank
- South Indian Bank
- State Bank of India
- The Jalgaon People Co-op Bank
- Thrissur District Cooperative Bank (Kerala Bank)
- UCO Bank
- Union Bank of India
- Yes Bank Ltd
- LivQuik/QuikWallet
It would be best to sign up for a FASTag account with your bank to ensure a better customer care experience and ease of topping up your FASTag account. Do remember to complete your new FASTag account KYC before the NHAI deadline of February 29. Also, do remember that NHAI has a rule of one FASTag for each vehicle, so ensure to close or deactivate your Paytm FASTag account before opening a new account.
