Paytm Fastag security deposits to be refunded to your bank account know how step by step guide

RBI has given the deadline to continue the services of Paytm Payments Bank till March 15, 2024. It also has Paytm Fastag service which will stop after March 15. In such a situation, users are worried whether the security deposit in their Fastag will be recovered or not. We are telling you how if you have a security deposit in Paytm Fastag then how can you get it back.

Paytm Fastag is going to be closed from 15th March. In such a situation, various toll collecting units like Indian Highway Management Company Limited (IHMCL), toll collection unit of NHAI have removed the name of Paytm Payments Bank from the list of banks which are allowed to issue Fastag. Recently RBI had also issued FAQs related to this. One of those questions was-

Can Fastag balance issued by Paytm Payments Bank be transferred to Fastag of the new bank?
In response to this, the bank has said that the facility of credit balance transfer is not available in Fastag. The user will first have to close his old i.e. Paytm Fastag. After that a refund application will have to be submitted to the company. In such a situation, the question of security deposit also arises. Security deposit in Paytm Fastag can range from Rs 150 to Rs 250. Now users are worried about not getting it back.

User can get back the Fastag security deposit. For this, the user will first have to return his Fastag to the company. You can do this through Paytm app or by calling its customer care number. After that the company will refund you. When Fastag is disabled from the company, the security deposit will come to your Paytm wallet. The user will also receive a message regarding this. After coming in the wallet, the user can use it or transfer it to the bank account.