1. Membership Fees
The annual membership fee of ₹ 100 is non-refundable once paid, as it covers the administrative cost of maintaining your membership records for the financial year.
2. Share Capital
Share capital (₹ 1,000 per share) is refundable on exit:
- You must give 3 months' written notice of your intent to withdraw from the Society.
- All outstanding loans, EMIs, and dues must be cleared.
- Refund is processed within 90 days of formal membership closure.
- Refund is made to your registered bank account via NEFT.
3. Fixed Deposits (FD)
FD amounts are refunded at maturity as per the deposit schedule. For premature withdrawal:
- Principal is fully refundable.
- Interest is paid at a reduced rate (1% less than the applicable slab rate for the period held).
- Processing time: 2-3 working days.
4. Recurring Deposits (RD)
Premature closure is allowed. Refund includes:
- All deposited principal.
- Interest at the applicable reduced rate for the actual period.
5. Loan Processing Fee
If your loan is sanctioned but you choose not to avail it within 15 days, the processing fee is refunded in full.
If your loan is rejected by the Secretary or MD, any processing fee paid is refunded within 7 working days.
Once the loan is disbursed, the processing fee is non-refundable.
6. Online Payments (Wrong/Duplicate)
If you accidentally pay an incorrect amount, make a duplicate EMI payment, or experience a failed transaction where the amount is debited but not credited:
- Contact us within 7 days with transaction reference.
- We verify with the payment gateway (typical response: 3-5 working days).
- Confirmed excess/duplicate payments are refunded within 7-10 working days to your original payment source.
7. Processing Times
| Refund Type | Typical Processing Time |
|---|---|
| FD premature | 2-3 working days |
| RD premature | 2-3 working days |
| Loan processing fee | 7 working days |
| Duplicate payment | 7-10 working days |
| Share capital on exit | Within 90 days |
8. How to Request a Refund
Email ecsbstp@gmail.com with subject "Refund Request" or visit our office. Please include:
- Your Member ID and full name.
- Transaction reference number or receipt number.
- Reason for refund.
- Bank account details (for verification).
9. Contact
For any refund-related queries: ecsbstp@gmail.com · +91-9648213061