Refund & Cancellation Policy

This policy outlines the terms and conditions for refunds and cancellations of our financial products and services.

1. General Policy

As a Nidhi Company operating under the Nidhi Rules, our refund and cancellation policies are governed by the terms and conditions of individual financial products and applicable regulations. This policy applies to all members who have availed or intend to avail of our services.

2. Deposit Products

2.1 Fixed Deposit (FD)

  • Premature withdrawal of Fixed Deposits is allowed subject to terms and conditions specified in the deposit agreement.
  • Interest rates for premature withdrawals may differ from the contracted rate and will be as per the prevailing policy.
  • Processing fees or penalties may apply for premature withdrawals, as specified in the deposit agreement.
  • Refund of principal amount will be processed as per the terms agreed upon at the time of deposit creation.

2.2 Recurring Deposit (RD)

  • Premature closure of Recurring Deposits is permitted subject to completion of minimum deposit period as per terms.
  • Interest calculation for premature closure will be as per the terms and conditions of the RD agreement.
  • Any penalties or charges for premature closure will be deducted from the maturity amount.
  • Refund will be processed after deducting applicable charges and penalties, if any.

2.3 Savings Account

  • Savings accounts can be closed at any time by the account holder.
  • Account closure requires submission of a written request and necessary documentation.
  • Outstanding balance, if any, will be refunded after deducting applicable charges.
  • Interest accrued until the date of closure will be credited to the account before closure.

3. Loan Products

3.1 Loan Cancellation

  • Loan applications can be cancelled before disbursement without any charges, subject to written request.
  • Once a loan is disbursed, cancellation is not possible. The loan must be repaid as per the agreed terms.
  • Processing fees paid at the time of loan application may not be refundable if the loan has been processed.
  • Prepayment of loans is allowed subject to terms and conditions specified in the loan agreement.

3.2 Prepayment Charges

  • Prepayment charges, if any, will be as per the terms specified in the loan agreement.
  • Members are advised to review prepayment terms before availing loans.
  • Partial prepayments may be allowed subject to terms and conditions.

4. Membership Cancellation

Membership in the Nidhi Company can be terminated as per the terms and conditions of membership. The following applies:

  • Members can request membership cancellation in writing, subject to clearance of all dues and obligations.
  • All outstanding deposits must be closed or transferred before membership cancellation.
  • All outstanding loans must be repaid in full before membership cancellation.
  • Membership fees, if any, are non-refundable.
  • The company reserves the right to terminate membership in case of violation of terms and conditions.

5. Processing Time

Refund processing times vary depending on the type of transaction and product:

  • Deposit closures: Typically processed within 5-7 working days after receipt of complete documentation.
  • Account closures: Processed within 3-5 working days after verification of all requirements.
  • Loan prepayments: Processed immediately upon receipt of payment and necessary documentation.
  • Membership cancellations: Processed within 10-15 working days after clearance of all dues.

6. Refund Method

Refunds will be processed through the same method used for the original transaction, or as mutually agreed upon. Bank transfer is the preferred method for all refunds. Processing fees or charges, if applicable, will be deducted from the refund amount.

7. Dispute Resolution

In case of any disputes regarding refunds or cancellations, members are advised to contact our customer support team. We will endeavor to resolve all disputes amicably. If a resolution cannot be reached, the matter will be subject to the dispute resolution mechanism as per the terms and conditions of the specific product or service.

8. Contact for Refunds

For any queries or requests related to refunds and cancellations, please contact us through the contact information provided on our website. All refund and cancellation requests must be submitted in writing along with necessary documentation.

Last Updated: January 15, 2026

This policy is subject to change without prior notice. Members are advised to review this policy periodically and refer to the specific terms and conditions of individual products for detailed information.