Bankonia Refund Policy

One-Time Activation Fee (Non-Refundable): The one-time registration/activation fee charged at sign-up is strictly non-refundable under any circumstances. This aligns with industry and BBPS norms that membership or initiation fees are final. Once paid, the activation fee will not be returned, even if the user does not subsequently use the service.

Refunds for Failed Transactions (BBPS Bill Payments & Mobile Recharges): Refunds are issued only for transactions that are officially marked “Failed” by the biller or network. Pending or stuck transactions (e.g. “processing” or “pending”) are not eligible for refund unless they later become marked as failed by the biller. In practice, if a transaction fails (due to network issues, technical error, insufficient balance at biller end, etc.) and Bankonia is notified of this failure, we will initiate a refund. We will not refund completed transactions even if the biller later complains, nor will we refund failures caused by incorrect user data (for example, wrong account or mobile number).

Refund Processing and Timeline: When a transaction failure is confirmed, Bankonia will initiate the refund within 48 hours of that confirmation. The refund will be for the full amount paid (100%) and no processing fee will be charged. This is consistent with RBI guidelines that banks and payment providers should resolve failed payments promptly. Once initiated, refunds are completed (credited to your account or wallet) within 15 business days. By comparison, typical industry practice (e.g. payment gateways and billpay services) processes refunds within a few business days. Our “15 business days” timeline is the upper limit (outer turn-around time) in line with RBI’s mandate that failed transactions be resolved within prescribed timeframes.

Mode of Refund: By default, refunds are credited to the original payment source used (bank account, credit/debit card, UPI, etc.), unless you expressly request (and it is technically feasible) for the amount to be credited to your Bankonia Wallet. In other words, you may choose to receive the refund back to the source of payment or into your Bankonia wallet. (For example, if you paid by credit card, we will attempt to return the funds to that card; if that is not possible, we will credit your Bankonia wallet.) This dual option follows common practice: many services explicitly credit refunds to the original payment method or offer a wallet credit alternative.

How to Request a Refund: If your transaction has failed, you must raise a complaint/ticket within the Bankonia app or web portal to initiate the refund. Go to your Transactions or Orders list, select the relevant transaction, and use the “Complaint” or “Ticket” option to file a dispute/request. Provide any requested details (transaction ID, mobile number, bill details, etc.). This procedure complies with RBI’s directives that payment platforms offer easy digital channels (mobile app or web) for lodging disputes and grievances. Once your request is submitted, Bankonia will follow up with the biller or network and process the refund as outlined above.

Exceptions and Disclaimers:

  • Incorrect Details: Refunds cannot be processed if a transaction fails due to user-entered incorrect information (e.g. wrong biller code, wrong account number, wrong mobile number). For instance, if a recharge goes to a wrong number, that transaction is treated as successful on the wrong account and no refund is possible. Bankonia assumes customers enter correct details; errors by users are not refundable events.
  • Stuck/Pending Transactions: If a transaction is pending (not yet failed or successful), Bankonia will monitor it. Only when it is officially marked “Failed” will the above refund policy apply. Sometimes a pending transaction may ultimately succeed; if it remains pending for an unusually long time, we will investigate but may await the biller’s final status. Refunds are not automatic for pending transactions unless/until they are declared failed.
  • External Delays: Once Bankonia initiates a refund, external factors (bank processing times, intermediate settlement networks, biller systems) may affect the actual credit timing. We strive to complete refunds within 15 business days, but delays outside our control (e.g. bank holidays, intermediary settlement lags, technical issues at the biller’s end) may occasionally extend this period. In such cases, we will still complete the refund as soon as possible.
  • Technical or Force Majeure: If RBI or BBPS networks delay acknowledgment of failure, we may need additional time. Bankonia is not responsible for failures in third-party systems. If your dispute remains unresolved beyond our control, you may escalate it via RBI’s grievance redressal channels (e.g. the Reserve Bank’s Ombudsman Scheme) as per RBI guidelines.

Regulatory Compliance and Industry Standards: This Refund Policy is aligned with RBI and BBPS regulations. RBI has mandated that payment providers implement an Online Dispute Resolution (ODR) system for failed transactions and resolve them within specified turn-around times. In keeping with that, Bankonia provides in-app dispute lodging (per RBI ODR guidelines) and aims to refund failed payments promptly (well within the RBI’s T+15 business day framework for auto-reversals and compensation). NPCI’s BBPS procedural guidelines note that billers ultimately handle refunds outside the BBPS switch; Bankonia coordinates with billers on your behalf but ensures compliance with the overall timelines and procedures. In short, Bankonia’s refund practices follow industry norms: prompt full refunds for genuine failures, credited back to the customer’s source of payment (or wallet), with no hidden fees, and with clear recourse through our dispute channels and RBI mechanisms.

If you have any questions about this policy or your refund request, please contact Bankonia customer support via the app or website. We are committed to fair, clear, and timely handling of all refunds, in accordance with RBI/BBPS rules and best practices.