This Refund Policy outlines the terms and conditions related to refunds, withdrawals, and cancellations for members of chit fund schemes operated by Jainam Chit Funds Pvt. Ltd. (“Jainam Chit”, “we”, “our”, “us”). All members are advised to read this policy carefully before enrolling in any of our chit fund schemes.

Chit fund schemes offered by Jainam Chit are governed by the Chit Funds Act, 1982 and applicable state regulations. All refunds and related processes are conducted in accordance with the chit agreement signed at the time of joining the scheme. Members are entitled to refunds only as per the agreed terms, and subject to the conditions mentioned below.

Members who wish to withdraw from or cancel their participation in a chit scheme before completion must submit a formal request in writing. Any such withdrawal or cancellation will be processed in accordance with the terms of the chit agreement, and may be subject to a deduction of applicable fees, penalties, or foregone commissions. Refunds, if approved, will be issued only after the auction or draw cycle in progress is completed and after the Company has recovered dues or costs associated with the member's participation.

In case of default or failure to make timely payments, the Company reserves the right to suspend or terminate the member’s participation. No refund shall be processed until the outstanding amount, including penalties, has been cleared. Persistent default may lead to forfeiture of amounts already paid, and the Company may initiate recovery proceedings as per legal provisions.

Members who have successfully bid and received the chit amount are required to continue paying the monthly installments as agreed. Any premature termination of membership after receiving the chit amount will not entitle the member to any refund, and non-payment of installments will be treated as a default.

The Company does not offer refunds for completed transactions or for installments already paid, except in cases of cancellation before allocation or as required by law. Any excess amount paid by the member due to system errors or duplicate transactions will be refunded after due verification and approval by the Company’s accounts team.

All refund requests must be submitted with supporting documents and bank account details. Approved refunds will be processed within 15 working days from the date of approval, and the amount will be transferred to the registered bank account of the member through NEFT/RTGS or any other approved method.

In case of disputes, the provisions of the Chit Funds Act, 1982 shall apply. Members may also approach the concerned Registrar of Chits or appropriate legal forum for redressal. Jainam Chit remains committed to resolving refund-related concerns in a transparent and timely manner.

This Refund Policy is subject to change without prior notice. Members are encouraged to review the policy periodically for updates. Continued participation in chit fund schemes shall imply acceptance of the latest terms.

For more information or clarification regarding refunds, please contact our support team or visit the nearest branch.