Close Paytm Fastag Account
The Reserve Bank of India, which controls the rules for banks, has made some big decisions about Paytm Payments Bank (PPBL). This has made many people worried about the money they have in their Paytm FASTag wallets.
Paytm Payments Bank can’t operate in India anymore. This is because of a law called section 35A of the Banking Regulation Act, which stops it from taking on new customers or offering services like Paytm Wallet and FASTag after 29th February 2024.
The central bank has told PPBL to stop letting people add more money to their accounts starting from 29th February 2024. This includes not only the wallets but also things like FASTags, which are used for toll payments. The RBI made this decision after checking how well PPBL’s systems work.
This mainly affects Paytm’s banking services. However, people can still use Paytm for digital payments as long as they connect it to another bank account. It means you can make UPI payments through Paytm if your account is linked with any Bank in India except Paytm payment bank.
The value of Paytm’s shares dropped by 42% in just three days, causing investors to lose about Rs 20,500 crore.
Despite all this, the RBI has said that people who use Paytm FASTags can still use the money they have in their wallets. But they won’t be able to add more money to their wallets after 29th February 2024.
Paytm said that if you have a FASTag with them, you can use the money in it until February 29. They’re trying to find ways to keep offering FASTag services by working with the authorities. They also said you might be able to switch your FASTag to another bank, but they haven’t confirmed this yet.
If you want to close your Paytm FASTag account, it’s easy. You can call 01204456456 or 18001204210 and give your mobile number linked to FASTag and vehicle registration number. They’ll ask some questions to make sure it’s you before closing the account.
If you don’t want to call, you can do it through the Paytm app. Here’s how: [steps to follow]
If you are stuck anywhere in the process refer to this video:-https://youtu.be/1tsy-lsTKpk
- Open the Paytm app on your phone.
- Tap on the search icon (it looks like a magnifying lens) at the top.
- Type “FASTag” in the search bar.
- Click on “Manage Fastag” under the Paytm Payments Bank section.
- You’ll see all your FASTag accounts linked to your Paytm account.
- Select the FASTag accounts you want to deactivate.
- Scroll down to the bottom of the page.
- Click on “Help & Support”.
- Scroll down again and choose “Need help with non-order-related queries“.
- Select Queries related to updating FASTag profile.
- Select “I want to close my FASTag” and choose the FASTag VRN(your car registration no.)
- Click on “YES”
- Choose the reason for closing (I’m switching to some other bank’s FASTag) and click on
- Click on the “Close FASTag”
- It will show the refundable amount click on Close FASTag.
- It will ask you to upload the destroyed Fastag Image if you have access to your vehicle upload it otherwise click on will do it later.
Refer to the below image for better clarity.
FAQ’s
Q-1)What will happen to Paytm FASTag after Feb 29?
A-1)The FASTag connects straight to the Paytm wallet. But RBI stopped it after February 29, you are not allowed to recharge your Paytm wallet. That means Paytm FASTag won’t work. But if you’ve got some money left in the wallet, you can still use it for the FASTag till 29th Feb.
Q-2)Will I get a refund if I close FASTag?
A-2)Yes, you will get your amount refunded and your security amount as well. just simply follow the above steps.
Q-3)Can I apply for a new FASTag if I already have one?
A-3)You can’t get two FASTags for the same vehicle number, only one FASTag is issued per vehicle.
Q-4)Can we use one FASTag for two cars?
A-4)Only one FASTag can be issued against a vehicle at any given point of time. So, you can’t use one FASTag for multiple vehicles.
Q-5) What is the Paytm customer care Number?
A-5)01204456456 or 18001204210
If you want to change or Reset your UPI PIN of any payment app refer to this article How To Reset UPI Pin
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