Customers can use FASTag using available balance, says Paytm Payments Bank

Mumbai Paytm Payments Bank allows continued use of FASTag for payments despite RBI deadline, with withdrawal flexibility.

Paytm Payments Bank on Friday said customers can continue using FASTag for making payments at enabled toll and parking merchants up to the available balance in their wallets despite the RBI’s deadline for not accepting deposits taking effect on March 15

“However, no further funding or top-ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15,” the bank said. 

Credit balance transfer feature is not available from the old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another bank, it clarified

It said customers can close the Paytm Payments Bank FASTag via the Paytm App within five to seven working days. 

It said there are no restrictions on withdrawing funds from existing balances. “The RBI directive explicitly states that existing balances in accounts and wallets are secure, alleviating concerns regarding the safety of deposited funds,” it added.