Following the Reserve Bank of India’s (RBI) restrictions on Paytm Payments Bank, Paytm Fastag will cease to function after March 15. The Indian Highway Management Company Limited (IHMCL), the toll collection unit of the National Highways Authority of India (NHAI), has removed Paytm Payments Bank from the list of authorized banks to issue Fastags.


What Happens to Existing Paytm Fastag Users?

Users currently possessing a Paytm Fastag are required to surrender their tags and purchase new ones from authorized banks. The security deposit for Paytm Fastag varied, with a minimum of INR 150 and some users having deposited INR 250. The looming question for many is whether they will be able to reclaim this security deposit or if the Fastag balance will become void.


How to Claim Your Security Deposit Back?

If you are a Paytm Fastag user, rest assured that it is possible to reclaim your security deposit. Paytm claims to have over 20 million Fastag users across India, indicating a significant amount of money held as security deposits. To initiate the refund process, users must first surrender their Paytm Fastag. This can be done through the Paytm app or by contacting customer service at 18001204210.


The Refund Process

Once the Fastag is deactivated, Paytm will deposit the security money into your Paytm wallet. Users will be notified via message about the refund, which can then be used within the wallet or transferred to a bank account.


Steps to Obtain a Refund

  1. Open the Paytm app on your mobile device.
  2. Select the ‘Help & Support’ option.
  3. Click on the ‘FASTag’ option and then on ‘Need Help’.
  4. Choose the query related to updating the FASTag profile.
  5. Enter your vehicle’s registration number. Your vehicle details will be displayed.
  6. Confirm by clicking ‘Yes’.
  7. Select the ‘Close FASTag’ option. You will be asked for the reason for deactivation.
  8. After providing a reason, proceed by clicking on ‘Proceed’.
  9. You will receive a message stating that your Fastag will be deactivated within 5 to 7 working days.
  10. Remove the FASTag from your vehicle, take a photo of the torn tag, and upload it.
  11. Your security deposit will be refunded to your Paytm Payments Bank wallet.

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