Paytm Fastag users facing a crucial transition as they will need to acquire a new Fastag. The National Highway Authority of India’s Road Tolling Authority has issued a directive affecting Paytm Fastag users. IHMCL has published a list of 32 banks where users can obtain Fastags. Notably, Paytm Payments Bank has been excluded from the list of banks offering Fastags. Consequently, individuals possessing Paytm Fastags must surrender them and procure new tags from authorized banks. This change will impact approximately 2 crore Paytm users.
Many Paytm Fastag users are anxious about the fate of their security deposits. How can they retrieve their security deposits after obtaining a new Fastag? What is the process for removing Paytm’s Fastag and acquiring a new one? Here, we provide a comprehensive step-by-step guide on how users can reclaim their security deposits by replacing Paytm’s Fastag.
How to Remove Paytm Fastag?
Prior to removing Paytm’s Fastag, users must obtain a new Fastag from an authorized bank listed by IHMCL. After acquiring the new Fastag, users should dismantle and retain the Paytm Fastag. Paytm’s Fastag requires a minimum balance of Rs 150, with some users having a security deposit of Rs 250. To deactivate Paytm’s Fastag, users must call 18001204210 and select the Fastag option. Subsequently, users will be prompted to deactivate Paytm Fastag, facilitating the retrieval of their security deposits through the Paytm app.
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How to Turn Off Fastag from the App
- Open the Paytm App
- Navigate to Help and Support
- Click on Fastag
- Select Need Help
- Choose the query related to updating Fastag profile
- Provide vehicle details
- Confirm closure of Fastag
- Specify the reason for closing Fastag and proceed
- Receive confirmation message from Paytm
- Remove Fastag from the vehicle and upload a torn photo
- Await refund in Paytm Payments Bank wallet
Transfer to Bank Account
Upon deactivation of Paytm Fastag, the security deposit will be credited to the user’s Paytm Payments Bank wallet, confirmed via message from Paytm. Users can utilize this refund or transfer it to their bank account.
Banks Offering New Fastag
Paytm’s Fastag will cease to be rechargeable after February 29, potentially inconveniencing its users. To address this, users can deactivate Paytm Fastag and obtain a new one from any of the 32 listed banks by IHMCL.