Refund Policy

Insurance:

For transactions which have not been sent to the Insurance company, the refund is done as per the payment gateway refund policy. Usually it takes 3-7 business days for a refund. The refund duration also depends on payment mode used to make the transaction. No charges are deducted from the refund amount and it is refunded back to the payment source used during the transaction unless in case of an exception.

For payment done directly via the insurance company’s payment gateway, the refund will be done as per the payment gateway policy of the insurance company.

For policy rejection cases, the insurance company can refund the payment directly to the user bank account, through payment gateway used by insurance company or through refund dashboard provided by BW payment gateway provider. Please note that the policy rejection can happen as later as 20 days from the issuance of the policy.

Mutual Funds:

For transactions which have not been reported to the AMCs, the refund is done as per the payment gateway refund policy. Usually it takes 3-7 business days for refund. The refund duration also depends on the payment mode used to make the transaction. No charges are deducted from the refund amount and the refund amount is refunded in the payment source used during transaction unless in exceptional cases.

For transaction sent to AMC , the AMC refunds directly to the bank account submitted by user on the BW platform. In case of issue of NEFT/RTGS, AMC issues a cheque in the name of the user and it is sent to user’s address as per the KYC records.

Private Shares, Debentures and Bonds:

For transactions where the merchant/seller doesn’t receive the payment, the refund is done as per the payment gateway refund policy. For transactions where the destination demat account is incorrect or inactive or doesn’t match the payer name or where the settlement of securities can not be done due to technical reasons, the money will be refunded to the source account. Usually it takes 3-7 business days for a refund. The refund duration also depends on the payment mode used to make the transaction. No charges are deducted from the refund amount and the refund amount is refunded in the payment source used during the transaction.

No refund or cancellation will be possible once securities have been settled to the beneficiary demat account.

Partner’s Refund Policy

Client Refunds

For all transactions done through BW platform for partner’s client, the Client Refund policy will apply.

Partner Empanelment Fees / Feature Charges

The partner is required to pay a non-refundable, one-time empanelment fee. In case of additional charges for special services, refund policy as per the product will apply. Charges are deducted from the refund amount as per the duration of the time feature was used. The refund will be done directly to the bank account of the partners or can be withdrawn using cash link where the refund can be done in UPI handle provided by partner.