Refund Policy

1. General Policy

Jakanoor India Nidhi Limited ("Company") has a clear and transparent refund policy for various services and transactions. This policy outlines the circumstances under which refunds may be processed and the procedures to be followed.

2. Deposit Refunds

2.1 Fixed Deposits

• Premature withdrawal allowed with penalty
• Interest rate reduced by 1% for premature withdrawal
• Minimum lock-in period of 3 months
• Processing time: 1-2 working days

2.2 Recurring Deposits

• Premature closure allowed after 6 months
• Interest calculated on actual amount deposited
• Penalty for early closure as per policy
• Processing time: 1-2 working days

2.3 Savings Accounts

• Account closure allowed anytime
• Interest paid up to closure date
• No penalty for account closure
• Processing time: Same day

3. Loan Refunds

3.1 Processing Fee Refunds

• Processing fee refunded if loan is not sanctioned
• No refund if loan is sanctioned but not availed
• Refund processed within 7 working days
• Refund credited to member's account

3.2 Excess Payment Refunds

• Excess EMI payments refunded immediately
• Excess interest payments adjusted in next EMI
• Processing time: 1-2 working days

4. Membership Fee Refunds

4.1 Application Fee

• Refunded if membership application is rejected
• No refund if member withdraws application voluntarily
• Refund processed within 15 working days

4.2 Annual Membership Fee

• Pro-rata refund on resignation
• Refund calculated from resignation date
• Processing time: 7-10 working days

5. Service Charge Refunds

5.1 Transaction Charges

• Refunded for failed transactions
• Refunded for duplicate charges
• Processing time: 3-5 working days

5.2 Other Service Charges

• Refunded for services not provided
• Refunded for overcharging
• Processing time: 5-7 working days

6. Refund Process

6.1 Application Process

1. Submit refund application in writing
2. Provide supporting documents
3. Verification by concerned department
4. Approval by authorized personnel
5. Processing and crediting of refund

6.2 Required Documents

• Refund application form
• Original receipts/invoices
• Bank account details for credit
• Identity proof
• Any other relevant documents

7. Refund Timeline

8. Non-Refundable Items

• Interest already paid on loans
• Penal charges and late fees
• Legal and valuation charges
• Processing fees for approved loans
• Charges for services already provided

9. Dispute Resolution

In case of any dispute regarding refunds:

1. Contact our customer service
2. Submit written complaint with details
3. Escalate to management if required
4. Appeal to Board of Directors if necessary

10. Contact Information