After March 15 Deadline, here’s how you can get FASTag refunds

Paytm FASTag: Listed fintech Paytm has released an advisory for users to get a refund for their FASTag wallets, which will become dysfunctional after the March 15 deadline. 

In an advisory for customers on obtaining security refund and minimum balance of FASTag accounts, Paytm Payments Bank asked customers to make alternate FASTag arrangements.

This comes after the March 15 deadline set by the Reserve Bank of India, which disables Paytm FASTag wallet top-ups for users.

As per the guidelines, customers can continue to use Paytm-issued FASTags to pay at toll and parking merchants using the existing balance in their wallet, but no further funding or top-ups will be allowed.

Since customers cannot transfer credit from Paytm FASTags to new ones obtained from a new bank, here’s how you can seek your money back:

The way Paytm has mandated for the refund is by closing the Paytm Payments Bank FASTag via its app.

For this, users can: 

1. Open the Paytm App and search for "Manage FASTag" in Search Menu. 

2. 'Manage FASTag' section will list all the vehicles linked to Paytm Payments Bank Fastag.

3. Choose "Close FASTag option" on the top right section of the page 

4. Select the vehicle for which FASTag is to be closed 

5. Proceed and confirmation message will be seen on screen 

6. FASTag will be closed within 5-7 working days.

As per the RBI directive, existing balances will remain secure in accounts and wallets, but users must make alternative arrangements with another bank before the deadline. 

Other services that will be affected after the March 15 clampdown include the account for Paytm Payments Bank, the Wallet linked to it for payments, Fixed Deposits and the Transit Card.