How to Close Paytm FASTag account 2024?

RBI has banned Paytm Payments Bank (PPBL) from onboarding new customers in accordance with its authority under section 35A of the Banking Regulation Act, 1949. Also, it said that no deposits, credit transactions, top-ups, or withdrawals will be permitted in any customer accounts, prepaid cards, Paytm Wallet, FASTags, NCMC cards, etc. after 29 February, 2024.

Paytm Payments Bank’s August 2023 Twitter post read, “We are the largest issuers of FASTag in India processing millions of transactions across 300+ cities. Pay karo tolls, #PaytmFASTag ke saath, kahin bhi, kabhi bhi.” However, with RBI’s latest strict action, Paytm Payments Bank will shut down soon after RBI extended the deadline to 15th March, 2024. This is the reason why many are looking to Deactivate their Paytm FASTags and port to another bank or official provider.

Panicking is obvious because it’s the Reserve Bank of India. Moreover, Paytm has defaulted many times in the past. Also, NHAI has now removed Paytm Payments Bank from its FASTag official providers list. However, the company has assured to comply by the 1 month deadline and switch to another bank for uninterrupted services. Therefore, have a look at the below points before deciding to Deactivate your Paytm FASTag account.

• After Deactivating your Paytm FASTag you won’t be able to Reactivate again so you will need to get a new one.

• Security Deposit and FASTag Balance will be completely refunded after closing your Paytm FASTag account, but new FASTag will incur charges (thanks Dimer @kingkhan9).

• Paytm FASTag Balance cannot be transferred to other FASTag accounts.

• Paytm said, “OCL (One Communications Limited), as a payments company, works with various banks (not just Paytm Payments Bank), on various payment products. OCL started to work with other banks since the start of the embargo. We will now accelerate the plans and completely move to other bank partners.” Thus, it assured that the Paytm FASTag service will not be hampered.

• Paytm’s President and COO Bhavesh Gupta said, "There are a set of products that the Paytm app offers to users, some products like FASTag are already distributed by other banks and will continue."

1. Login to your Paytm account with the mobile number registered with FASTag

2. Search (it is on the top) for ‘FASTag’

3. Select ‘Manage FASTag’ (it is in the ‘Services’ section)

4. All the Paytm FASTags associated with your number will be displayed along with the ‘ACTIVE’ mark. You will be able to deactivate 1 FASTag at a time so select any 1.

5. Management options will be displayed, but you won’t find the ‘close FASTag’ option so press the back button (go back to the page as in the above step).

6. Now, scroll to the bottom and select ‘Help & Support’.

7. Your recent FASTag orders will be shown. At the bottom, select ‘Need help with non-order related queries’ (chat bot).

8. 5-6 solutions will be displayed. Select ‘I want to close my FASTag’.

9. Now, select your FASTag VRN (vehicle registration number) associated with your customer ID.

11. A link will ask permission to open so select any browser (Chrome, Safari, etc.)

12. Again it will ask to select the FASTag VRN so select it.

13. Now, you need to select a reason for closing your Paytm FASTag from selling/sold vehicle, lost/stolen/damaged, transferring the vehicle to a friend/relative, service related issues, not in use, and others.

14. Your genuine reason here will be ‘service related issues with my FASTag’

15. It will ask to communicate with a Paytm customer service representative to solve the issue. You can ask for a compensation / token of apology (might get a free movie/shopping/recharge voucher).

16. Now the final step, ‘Close FASTag’.

17. A message will appear saying, “Your FASTag will be closed in 5-7 working days. Security Deposit (₹250) and Minimum Balance maintained will be refunded to your Paytm Wallet.”

18. That’s it! You will get the ‘FASTag Closure Request Submitted’ confirmation at the top. Also, your VRN will be tagged as ‘Closure Initiated’. You will also receive an SMS notification.

You can also close your Paytm FASTag account by calling Paytm’s Customer Care team on 01204456456 or Toll-free number 18001204210. You need to provide your mobile number (linked to the FASTag) and your Vehicle Registration Number (VRN) to the customer care executive. They might also ask some questions to verify your identity as a Paytm user.

Currently, there is no system to port Paytm FASTag to another Bank or NETC (by NPCI). Thus, firstly deactivate your Paytm FASTags by following the steps given in the above section, and then get a new FASTag (it is as easy & quick as porting).

There are many banks like IDFC First, ICICI, HDFC, Axis, Bank of Baroda, Kotak, etc. for a new FASTag application. You can also pick Airtel Payments Bank, Park Plus (by Karur Vysya Bank), and many other official FASTag providers. To help you choose better, here are the Best Paytm FASTags for Users in India. Latest news by Dimer @sujith8786 is that Paytm has got FASTag services from HDFC Bank so can stick to Paytm!

FASTag by HDFC Bank in Paytm App

Go for the one which gets you detailed statements on transactions, better customer support, easy management options, and offers/rewards. Make sure to get your new FASTag KYC done as NHAI has given 29 Feb as the Deadline to Update FASTag KYC else it will be Deactivated. Also, NHAI has become stricter on its 1 Vehicle 1 FASTag rule so make sure that multiple FASTags are not linked to your vehicle. 

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