Refund & Cancellation Policy
Any Capitalized terms used but not defined herein shall have the meaning assigned to them under the Terms and conditions which govern your use of our website www.Indmoney.com (the “Website”) and our ‘Indmoney” application for mobile and handheld devices (the “App”). The Website and the App are jointly referred to as the “Platform”.
Objective:
This policy has been created to outline a procedure and define a time frame by when refunds shall be initiated on basis of transactions entered by the user with specific providers.
Scope:
This policy is applicable to all, or any transactions done by the user through our platform for any of the below mentioned products:
1. Funding to Federal A/c
2. Fixed Deposit (“FD”)
3. Mutual Funds (“MF”)
4. Insurance
5. CC Bill payments
6. National Pension scheme
7. Bill Payments & Recharges
Cancellation Policy:
Please note that once the payment gets deducted, it will be treated as successful transactions and there is no way User can cancel such transactions except in case of Insurance policies where user will get time period of 30 days as free look period to cancel their policy.
Refund Policy:
There may be instances where Company is either unable to accept your specific request or the transactions entered by you gets unsuccessful due to reasons including without limitations, technical/server errors, incomplete KYC, or any other reason attributable to Company, Partnered Banks; Partnered Asset Management Company; Partnered Insurance Companies, etc. In such scenarios, refund of the amount gets initiated then and there in line with the applicable regulations and as per the refund & cancellation policy of specific service providers and shall reach to customer basis below mentioned timelines.
The term Service Provider is referred to:
• Insurance: Partnered Insurance Companies
• Mutual Funds: Partnered Asset Management Company
• Fixed Deposits: Partnered Bank
Refund Timelines:
Refunds initiated by specific service provider will reflect into the customer’s account based on the original mode of payment. Please refer below to find out when the amount is credited to the customer and through which channel:
| Original Mode of Payment | Refunded to | Timeline |
|---|---|---|
| Credit Card (For transactions except related to Mutual Funds) | Source | 10-12 working days post initiation of refund by respective service provider |
| Debit Card (For transactions except related to Mutual Funds) | Source | 10-12 working days post initiation of refund by respective service provider |
| UPI | Source Primary Account in case of Mutual Funds | 10-12 working days post initiation of refund by respective service provider |
| Net banking | Source Primary Account in case of Mutual Funds | 10-12 working days post initiation of refund by respective service provider |
| eNACH | Source | 10-12 working days post initiation of refund by respective service provider |