You will not be able to recharge your FASTag issued by Paytm Payments Bank after March 15.
Paytm Wallet Stops: According to the Reserve Bank of India (RBI) guidelines, starting from Saturday, i.e. March 16, you will not be able to deposit money in Paytm Wallet. In such a situation, if you have Paytm’s FASTag, then you will have to change your bank. If you do not do this, you may have to pay double the toll.
However, if you already have money in your Paytm Wallet, then you will be able to make toll payments through FASTag and you can use the money already kept in your Paytm wallet.
According to the guidelines, if a user has money lying in his Paytm Wallet, he will be able to make payments through it even after March 15. If he wants, he can also transfer the money from the Paytm Wallet to his bank account.
UPI And Sound Box Facilities Will Continue
Discontinuation of the Paytm Wallet facility will not affect its UPI services. It will continue to work as before. The facility of the sound box will also be available. Apart from this, other facilities like ticket booking, recharge, and bill payment will also be available through Paytm.
FASTag from banks or PhonePe
The National Highway Authority of India (NHAI) advised Paytm FASTag users to buy a new FASTag from any other authorized bank before March 15. NHAI has also released the revised list of banks issuing FASTag.
RBI Orders
The RBI barred Paytm Payments Bank in February after concerns regarding breach of and compliance with regulatory norms and said in its order that “After March 15, 2024, you will not be able to deposit money into your account with Paytm Payments Bank. No credits or deposits other than interest, cashbacks, sweep-in from partner banks or refunds are allowed to be credited.”
What has Changed For Paytm Payments Bank Users
Users will not be able to deposit money into their Paytm Payments Bank accounts, but they can withdraw or transfer funds after March 15.
Options like Salary Credit, Direct Benefit Transfers, or Subsidies will not be available in Paytm Payments Bank accounts from March 15, but refunds, cashbacks, and sweep-ins can be done with help of partner banks.
Wallets – Customers will not be able to transfer money after March 15 or have access to facilities like top-up but they can make payments if they have maintained balance in their accounts.
You cannot recharge or add funds in your NCMC cards issued by Paytm bank
After March 15, you cannot transfer money into Paytm Payments Bank accounts through UPI or IMPS.
You will not be able to recharge your FASTag issued by Paytm Payments Bank after March 15,
To ensure seamless travel experience and avoid inconvenience at toll plazas, NHAI has advised Paytm FASTag users to procure a new FASTag issued by another bank before March 15, 2024.
Options Available For Paytm FASTag user
Till the point you have balance available in your Paytm FASTag you can continue to use it to pay the toll. But you won’t be able to add top-up balance or recharge henceforth. Which means, if the balance in your paytm FASTag is lower than the toll amount, your FASTag will stop working.
If you want to close your Paytm FASTag you can call on a toll free number or do it via Paytm App.
Paytm FASTag toll free number is 1800-120-4210. In case you chose the option to call you need to provide your registered mobile number along with the FASTag and Vehicle Registration Number (VRN) or Tag ID.
Go to the ‘services section’ of the Paytm app and select the ‘Manage FASTag’ option. Under which you will see an option named ‘close FASTag’. Select an appropriate reason for closing your FASTag and click on close FASTag.