Paytm FASTags: Check Alternatives, Fees And Comparison Of Security Deposits

The National Highway Authority of India (NHAI) has delisted Paytm Payments Bank Ltd (PPBL) from its authorised banks for FASTag service, following RBI's directive to the bank to halt deposits and top-ups by March 15, 2023. As per Indian Highways Management Company Ltd (IHMCL) regulations, the latest FASTag issued on your vehicle is considered your active FASTag, even if it's from Paytm. After the ban, concerns arise about the remaining balances in Paytm Payment Bank Limited-issued FASTag accounts. RBI has clarified that users can continue to utilise their Paytm Payments Bank Ltd FASTags even after March 15, 2023, until their balance is depleted. Users who have registered their mobile number with NHAI Prepaid Wallet can know the balance by giving a missed call at +91-8884333331. But after March 15, 2024, you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank. RBI said the credit balance transfer feature is not available in the FASTag product, so one will not be able to transfer the balance from the old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another Bank. Hence obtaining a new FASTag issued by another bank is advised.

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Transition to New FASTags: Comparison of Some FASTags

First, close your old FASTag issued by Paytm Payments Bank and request the bank for a refund. To close a FASTag account via the Paytm App, users should first navigate to the Help & Support section within the app and then select the FASTag option. Then provide your vehicle registration number. After confirming the vehicle details, proceed to close your account by uploading a photo of the removed FASTag. The refund will be done within 7 days. After cancelling the Paytm FASTag, buy new ones from any of the banks (listed by IHMCL), which include many scheduled commercial banks and cooperative banks.

NHAI FASTag Directly From NHAI

NHAI FASTag is a bank-neutral variant of FASTag, i.e. no bank is linked to the FASTag at the time of purchase by a customer. This can be purchased from a designated Point-of-Sale such as toll plaza, petrol pump, Online etc or via the My FASTag app and then via Amazon or Flipkart. It is linkable to any existing bank account through the My FASTag App and also rechargeable via various methods like UPI, net banking, and debit/credit cards. If you are linking the tag with an existing bank account, a customer needs to keep a threshold limit/lien marking for processing debit adjustment from the bank account (threshold amount may vary from bank to bank).

SBI Bank Fastag

Issued by the largest public sector bank in India, you can apply for a SBI Fast Tag online or offline. It comes with a one-time fee of Rs 100 and a refundable security deposit of Rs 200. With rechargeable options available online through the SBI website and other online payment modes, the minimum recharge amount is Rs 100, and the maximum is Rs 1 lakh.

HDFC Bank Fastag

The biggest private sector bank in India HDFC also provides Fastag which can be obtained online or offline via the HDFC Bank website, or any of its branches, or PoS locations. The one-time fee is Rs 100, whereas the refundable security deposit is Rs 100.

Rechargeable through multiple channels including the HDFC Bank website, mobile app, credit card, debit card, UPI, or NEFT/RTGS or net banking the recharge amount ranges from Rs 100 to Rs 1 lakh.

Canara Bank Fastag

Obtainable online or offline via the Canara Bank website, banks, Amazon or Flipkart they can be linked to your Canara Bank accounts. The joining fee is Rs 100 and the refundable security deposit is Rs 200. The minimum recharge amount is Rs 100, and the maximum is Rs.1,00,000. You can recharge your Fast Tag using the Canara Bank website, mobile app, net banking, credit card, debit card, UPI, or NEFT/RTGS.

IDFC First Bank Fastag

Like other cards, IDFC First Bank Fastag is also linked to an IDFC First Bank account or credit card, with a one-time joining fee of Rs 100 and a minimum balance requirement of Rs 200. However, there is zero security deposit. It can be recharged through above mentioned multiple payment methods.