Cancellation & Refund Policy
Last updated on Jan 8th 2024
SRIKARA MUTUALLY AIDED MULTIPURPOSE CO-OPERATIVE SOCIETY LIMITED believes in helping its customers as far as possible, and has therefore a liberal cancellation policy. Under this policy:
At Srikara Cooperative, we strive to provide transparent and reliable financial services to our members and customers. This Cancellation & Refund Policy explains the terms applicable to the cancellation, closure, withdrawal, and refund of services offered by the Society.
Deposit Schemes
Fixed Deposits (FD), Recurring Deposits (RD), Daily Deposits, Savings Deposits, and other deposit schemes are governed by the specific terms and conditions applicable to each scheme.
- Premature closure of deposits may be permitted subject to the Society’s rules and applicable regulations.
- Interest payable on prematurely closed deposits may be reduced as per the applicable scheme guidelines.
- Any applicable penalties or charges will be deducted before settlement.
Loan Services
Members may choose to prepay or close their loan accounts subject to the terms of the respective loan agreement.
- All outstanding principal, interest, penalties, and charges must be paid before loan closure.
- Loan processing fees, documentation charges, legal fees, valuation charges, and administrative charges are non-refundable.
- Any foreclosure charges, if applicable, shall be paid before account closure.
Locker Services
Locker facilities may be discontinued by submitting a written request to the Society.
- All outstanding locker rent and related dues must be cleared before closure.
- Security deposits, where applicable, will be refunded after verification and settlement of all dues.
- Locker rent already paid for the utilized period is non-refundable.
Non-Refundable Charges
The following charges are generally non-refundable:
- Loan processing fees
- Documentation charges
- Legal and valuation charges
- Administrative and service charges
- Inspection fees
- Application fees
- Locker rental charges already utilized
- Any other charges specifically designated as non-refundable
Refund Processing
Where a refund is applicable under the terms of a particular service:
- Refunds will be processed after verification of records and approval by the Society.
- Any outstanding liabilities may be adjusted against the refundable amount.
- Refund processing timelines may vary depending on the nature of the service and internal approval procedures.
Changes to this Policy
Srikara Cooperative reserves the right to modify, amend, or update this Cancellation & Refund Policy at any time. Any changes will be posted on this page and shall become effective immediately upon publication.
- Cancellations will be considered only if the request is made within 7 days of placing the order. However, the cancellation request may not be entertained if the orders have been communicated to the vendors/merchants and they have initiated the process of shipping them.
- SRIKARA MUTUALLY AIDED MULTIPURPOSE CO-OPERATIVE SOCIETY LIMITED does not accept cancellation requests for perishable items like flowers, eatables etc. However, refund/replacement can be made if the customer establishes that the quality of product delivered is not good.
- In case of receipt of damaged or defective items please report the same to our Customer Service team. The request will, however, be entertained once the merchant has checked and determined the same at his own end. This should be reported within 7 days of receipt of the products.
- In case you feel that the product received is not as shown on the site or as per your expectations, you must bring it to the notice of our customer service within 7 days of receiving the product. The Customer Service Team after looking into your complaint will take an appropriate decision.
- In case of complaints regarding products that come with a warranty from manufacturers, please refer the issue to them.
- In case of any Refunds approved by the SRIKARA MUTUALLY AIDED MULTIPURPOSE CO-OPERATIVE SOCIETY LIMITED, it’ll take 6-8 days for the refund to be processed to the end customer.
