Refund & Cancellation Policy

MALAKAR URBAN NIDHI LIMITED

Effective Date:

At MALAKAR URBAN NIDHI LIMITED (“Company”, “We”, “Us”, “Our”), we value transparency and aim to provide clarity regarding refund and cancellation requests related to our financial products and services. As a Nidhi Company regulated under the Companies Act, 2013, all refunds and cancellations are processed strictly according to statutory rules and internal policies.

1. General Policy

Nidhi Companies operate as mutual benefit societies, and members’ deposits or financial transactions are governed by MCA guidelines. Therefore, refunds and cancellations are permitted only in specific cases, as mentioned below. No refund or cancellation will be processed without proper verification and documentation.

2. Membership Fee

  • Once the membership fee is paid and the account is activated, it is non-refundable.
  • If a membership application is rejected due to incomplete KYC or regulatory reasons, the fee may be refunded after deducting administrative charges, if applicable.

3. Fixed Deposit (FD) & Recurring Deposit (RD)

3.1 Cancellation / Premature Withdrawal
  • Members may prematurely withdraw FD or RD deposits as per Nidhi Company rules.
  • Premature withdrawal is allowed only after:
    • Completion of the minimum lock-in period (if any)
    • Mandatory deductions of penal interest as per company policy
3.2 Refund Timeline
  • Refunds for premature withdrawal will be credited to the member’s registered bank account within 7–15 working days after verification.

4. Loan Payments

  • Loan EMIs, processing fees, documentation charges, or interest paid cannot be cancelled or refunded.
  • Excess payments, if any, will be adjusted in the next EMI or refunded to the registered bank account after internal approval.

5. Digital Payments

For payments made toward:

  • Deposits
  • Membership
  • Loan EMI
  • Service charges

Refunds (where applicable) will be processed only to the same payment method used during the transaction.

6. Service Charges / Administrative Fees

  • Any service fee, transaction fee, or administrative fee once paid is non-refundable, except in cases of duplicate or failed transactions.

7. Duplicate or Failed Transactions

If a payment is:

  • Deducted from your bank account
  • Not credited to your MALAKAR URBAN NIDHI LIMITED account

You can raise a refund request by providing:

  • Transaction ID
  • Payment screenshot
  • Registered mobile number

Refund for failed transactions will be processed within 5–10 working days, depending on the payment gateway/bank.

8. How to Request Refund / Cancellation

Members must contact our support team through one of the following:

Email: krishnamalakar34@gmail.com

Phone: 8597230571

Office Address: S/O ASHOK MALAKAR,C/O KRISHNA MALAKAR,SAHID COLONY,BHAKTINAGAR,NEAR N J 14.20 JALPAIHURI WESTBENGAL 734007

All requests must include:

  • Member ID
  • Full Name
  • Transaction details
  • Valid reason for refund/cancellation
  • Supporting documents (if required)

9. Approval Process

Refund or cancellation requests are processed only after:

  • Verification of the member’s identity
  • Verification of transaction or deposit source
  • Compliance with legal and policy requirements

The company reserves the right to reject any request that does not meet regulatory guidelines.

10. Policy Updates

MALAKAR URBAN NIDHI LIMITED may modify this Refund & Cancellation Policy at any time. Changes will be updated on our website with the effective date.