[rajat_dehli]

For the timelines: I initiated the closure on 7th Feb, got the 150 refund on 15th Feb.
Wondering how to get the remaining 250 back. Tried calling but there is a 20 min hold everytime I called.

[Ananthponraj]

Originally Posted by rajat_dehli

For the timelines: I initiated the closure on 7th Feb, got the 150 refund on 15th Feb.
Wondering how to get the remaining 250 back. Tried calling but there is a 20 min hold everytime I called.

If there was a security deposit of Rs.250, then it should have also been refunded. I got both of them today morning.

[rajat_dehli]

As far as i know, here is the breakup of Paytm fastag
100 issuance fee
250 security deposit
150 usable balance.

I am still not sure why only 150 was refunded.
When I closed my previous fastag, I got 400 as refund.

[Oppanna]

Originally Posted by rajat_dehli

As far as i know, here is the breakup of Paytm fastag
100 issuance fee
250 security deposit
150 usable balance.

I am still not sure why only 150 was refunded.
When I closed my previous fastag, I got 400 as refund.

Same here, Got only Rs 150 as refund and unable to reach out to their customer care on the call. However on the chat I got a response stating that there is no Security deposit collected!

When I had closed my earlier Fastag of my Premier Padmini I had received total of Rs 400 as mentioned by many others.

For some reasons I am unable to fetch the invoice of this fasatag as well. Only one invoice of Premier Padmini is seen.

For sure something is wrong and how do I get it right?

[Ananthponraj]

Originally Posted by rajat_dehli

I am still not sure why only 150 was refunded.
When I closed my previous fastag, I got 400 as refund.

Check the FASTag Details --> Wallet>Fastag>vehicle number>view FASTag Details
If it shows the Security Deposit Rs.250, call Paytm payments Bank 1800 120 4210, once it says 'For English Press 1' - select IVR option 1 1 8 9 (give a couple of seconds for each selection). After 10 mins, you may be able to speak to CC Executive and raise ticket for refund. I was speaking to them everyday since last Saturday !

[BoneCollector]

I initiated closure of both Fastags from PayTM and purchased new ones from ICICI Bank on 31st January. New Fastags were delivered on 3rd February. The closure from PayTM was delayed. Yesterday I called up their customer care but was on hold for about half an hour. Sent a couple of DMs on X and asked them to expedite. Today, they closed the Fastags and refunded the money, Rs. 250/- + Rs. 150 per tag. It was a pain dealing with them.

[Comrade]

Paytm stopped collecting Rs 250.00 security deposit for fastags around Feb-2021. They just used to add the 250 rupees to main wallet for immediate usage. I had 3 tags pre-2021 and 3 tags post-2021. Got the security deposit refunded for pre-2021 tags.

Had initiated closure on 3-Feb and they were closed on 15-Feb. There were no updates in between with no easy method to contact them. Tried calling their number but had waited for 15 mins on the line and gave up!

[TallBoy]

Going by the latest update from the Indian Highways Management Company (NHAI subsidary which manages tolling), looks like switching away from PayTM fastag is the only option.

https://m.economictimes.com/industry.../107732475.cms

[Toni]

Closed my Paytm Fastag two days ago yet to receive refund. Lot of controversies around Paytm since last few years so it is better to switch. Will decide from whom and acquire the new Fastag therefore, will vote once I acquire the Fastag.

Indian Highways Management Company Ltd (IHMCL), toll collecting arm of state-owned NHAI, has advised highway users to buy FASTags from 32 authorised banks sans Paytm Payments Bank for hassle-free travel.

In a post on X, IHMCL said for hassle-free travel, buy your FASTag from 32 authorised banks.

[gadadhar]

Originally Posted by cryptarchy

Would you mind telling how to initiate closure of PayTM fastag, I could not find any such option on app.

I could not find the option on the website, then figured it out after some googling. Not sure if this is explained somewhere on this thread

1. Trick is to open the Help section from Paytm home or from Manage Fasttag page. This will open a help page with predefined options. You cannot key in text on the help page, but can only chose from the available opions

2. If you have come Manage Fasttag page to Help page, you will directly hit the specific help section for Fasttag, else you should pick the Fastag option on the Help page

3. On the next page, click "Queries Related to Updating FASTag Profile" Doesn't sound right? , but that is where the option to Close is hideden

4. There is option to chose Close on the next page. It is self intuitive from here and it takes few confirmations and you are done

I just completed the process and got a text message that refund will be done in 7 days. Fasttag homepage shows status as "Closure Initiated".

Hope this is helpful

[getgoing]

I have been using a Paytm fasttag in my car for the past six months. It has a balance of approximately 2.5K. I am particularly confused as the RBI took a major action against the Paytm Payments Bank directing the company to stop accepting deposits or top-ups further from customer which include wallets and FASTags after February 29

But Paytm management has confirmed that all Paytm users can continue using the existing balances on their Paytm FASTag. They are working on effective solutions to ensure a seamless customer experience and will keep updated.

Looking over this sceraio, I simply wanted to know what the best choice was for Paytm fasttag users. Do we wait until we have exhausted the entire balance before closing the account? Or better still, close the account and transfer the balance to a new fasttag.

[concorde24]

Please check the FAQ released by RBI today https://rbidocs.rbi.org.in/rdocs/con...AQ16022024.pdf

I guess closing Paytm and moving to new provider is only way out and no Porting is planned. Date is extended to March 15,2024.

[saket77]

Alright, PayTM was non-compliant so, you placed curbs. No problem. They could have overturned the management & the board and gave it a fresh lease of life. Shutting down a Fintech pioneer does affect the economy on whatever level. And the users too.

Second, the authority which gave it the license to sell and maintain Fastags should come forward and give a migration option to existing users. Asking them to close current Fastag (which along with refund seems to be a mess right now) and to get a new one from a fresh list of providers is just like asking the customers to find their own way and leaving them in a lurch.

[SideView]

Update from overlord RBI has come: (seems better to move to other FASTag options is recommended)



Source:RBI

Thank you everyone who responded.

Mods: I guess this poll can be closed! No point waiting any further.

[DustyWanderer]

Final nail in the coffin

https://www.moneycontrol.com/news/bu...85721.html/amp