REFUND AND CANCELLATION POLICY
Table of Contents
- INTRODUCTION AND SCOPE
- GENERAL POLICY STATEMENT
- BUY TRANSACTIONS
- SELL TRANSACTIONS
- SYSTEMATIC INVESTMENT PLAN (SIP)
- GIFT TRANSFERS (PERSONAL GIFTING)
- CORPORATE GIFTING VOUCHERS
- LEASING TRANSACTIONS
- PHYSICAL DELIVERY
- PROMO CODES, DISCOUNTS, AND OFFERS
- PAYMENT FAILURES AND REFUNDS
- ORDER REJECTION BY GROWGOLD
- ACCOUNT TERMINATION AND CLOSURE
- EXCEPTIONS AND SPECIAL CIRCUMSTANCES
- DISPUTE RESOLUTION
- SUMMARY TABLE
- CONTACT INFORMATION
- ACKNOWLEDGMENT
Effective Date: [Date of Implementation] Last Updated: November 2025
1. INTRODUCTION AND SCOPE
This Refund and Cancellation Policy ("Policy") governs all transactions conducted on the GrowGold mobile application and platform ("Platform"), including but not limited to:
Buy/Sell transactions (gold and silver)
Systematic Investment Plan (SIP) transactions
Gift transfers (personal and corporate)
Leasing transactions
Physical delivery of gold/silver
Promotional vouchers and promo codes
By using the GrowGold Platform and confirming any transaction, you expressly agree to be bound by this Policy. This Policy should be read in conjunction with our Terms and Conditions and Privacy Policy.
Note: GrowGold reserves the right to modify this Policy at any time. Changes will be notified via email, SMS, and in-app notifications, and will be effective immediately upon posting.
2. GENERAL POLICY STATEMENT
2.1 No Cancellation or Refund After Confirmation
Once a transaction has been confirmed by you (the customer), it is final and binding.
No cancellations are permitted after confirmation.
No refunds are permitted after confirmation.
All orders, whether for buy, sell, SIP, gifting, leasing, or physical delivery, are final upon customer confirmation.
This policy ensures operational efficiency, regulatory compliance, and fair pricing based on live gold/silver market rates locked at the time of your transaction.
2.2 Rationale
Digital gold and silver transactions are linked to real-time market prices that fluctuate continuously. Once you confirm a transaction at a locked rate:
Physical gold/silver is allocated or reserved in the custodian vault.
Trustee and custodian records are updated.
Payment settlement processes are initiated.
Regulatory and compliance records are generated.
Allowing cancellations or refunds post-confirmation would expose both GrowGold and customers to market volatility risks and operational inefficiencies.
3. BUY TRANSACTIONS
3.1 Order Confirmation
When you place a buy order (gold/silver), the rate is locked for 5 minutes.
You must complete payment within this 5-minute window.
Upon successful payment and order confirmation, the transaction is final and binding.
Gold/silver quantity is credited to your account within T+0 (same day) after payment verification.
3.2 No Cancellation After Payment Confirmation
Once payment is successfully processed and the order is confirmed:
No cancellation is permitted.
No refund will be issued.
Gold/silver units purchased are credited to your vault account and are subject to a 3-day holding period before they can be
sold.
3.3 Payment Failures
If Payment Fails Before Order Confirmation:
The order will automatically be cancelled.
No charges will be deducted from your account.
You may place a new order at the prevailing rate.
If Payment is Deducted but Order Not Confirmed (Technical Error):
The deducted amount will be automatically refunded to your source payment method within 5-7 business days.
Refund timeline depends on your bank's processing time.
You will receive email and SMS notifications regarding refund status.
3.4 GST and Final Amount
All buy transactions include 3% GST (embedded in the buy price).
GST invoices are generated and available in your transaction history.
GST charges are non-refundable as they are remitted to government authorities.
4. SELL TRANSACTIONS
4.1 Order Confirmation
When you place a sell order, the rate is locked for 5 minutes.
Upon confirmation, the transaction is final and binding.
Gold/silver quantity is deducted from your account.
Settlement proceeds are credited to your registered bank account within T+1 (1 business day).
4.2 No Cancellation After Confirmation Once a sell order is confirmed:
No cancellation is permitted.
No reversal of the transaction is possible.
The gold/silver quantity sold cannot be credited back to your account.
4.3 Settlement Delays
If there is a delay in crediting your bank account beyond T+1:
This is typically due to bank processing delays or public holidays.
GrowGold will notify you of the delay.
If the delay exceeds 3 business days, you may raise a grievance through the app or contact support@growgold.com.
GrowGold will investigate and expedite the settlement with the bank.
4.4 Incorrect Bank Account Details
If you provide incorrect bank account details:
The payment may fail or be reversed by the bank.
GrowGold is not responsible for delays or losses caused by incorrect information.
The returned funds will be held in your GrowGold wallet/account.
You must update your bank details and request a fresh payout.
5. SYSTEMATIC INVESTMENT PLAN (SIP)
5.1 SIP Auto-Debit
SIP debits are automated based on your selected frequency (daily/monthly).
Each debit is a separate buy transaction governed by Section 3 of this Policy.
Once a SIP debit is processed and gold is allocated, no refund or cancellation is permitted for that specific debit. 5.2 Failed
SIP Debits
First and Second Failure:
Automatic retry on the next day.
No charges for failed debits.
User notified via email and SMS.
Third Consecutive Failure:
SIP cycle is skipped for that period.
User notified of the skip.
SIP continues for the next cycle unless paused or cancelled.
After Three Skipped Cycles:
Verification notification sent to the user.
User must confirm whether to continue or cancel the SIP.
No action taken automatically without user confirmation.
5.3 SIP Modification and Pause
You may modify SIP amount or frequency at any time.
You may pause SIP for a defined period (1-3 months).
Modifications and pauses take effect from the next debit cycle.
No refunds issued for past SIP debits.
5.4 SIP Cancellation
You may cancel your SIP at any time through the app.
Cancellation takes effect immediately; no further debits will be processed.
Gold accumulated till the date of cancellation remains in your account.
You may sell or redeem accumulated gold anytime after the 3-day holding period.
No refunds are issued for gold already purchased via SIP.
5.5 SIP Redemption
SIP gold can be redeemed (sold for cash) at any time after the 3-day holding period.
Redemption settlement: T+1 (1 business day).
SIP gold can also be converted to physical gold (coins, bars, ornaments) subject to delivery terms.
6. GIFT TRANSFERS (PERSONAL GIFTING)
6.1 Order Confirmation
When you gift gold/silver to another user, you pay at the current market rate.
Upon payment confirmation, the gift is final and binding.
No cancellation or refund is permitted after confirmation.
6.2 Recipient Non-Claim
If the recipient does not claim the gift:
The gift remains in escrow for 90 days.
After 90 days, if unclaimed, the gift is automatically credited to the recipient's account (if KYC is completed).
If the recipient has not completed KYC or does not open an account within 180 days, the gift will be refunded to the sender's GrowGold account (not bank account).
The sender may then sell or use the refunded gold.
6.3 Incorrect Recipient Details
If you provide incorrect recipient mobile number or name:
The gift may not be delivered successfully.
GrowGold will attempt to notify you of the error.
If the gift cannot be delivered within 30 days, it will be refunded to your GrowGold account (not bank account).
No cash refund will be issued; the refunded gold can be sold or used for another gift transfer.
6.4 Sender Mistake / Accidental Transfer
Once a gift transfer is confirmed, no cancellation is permitted.
If you believe the gift was sent in error, you must contact the recipient directly to request a return gift.
GrowGold cannot reverse or cancel confirmed gift transfers.
7. CORPORATE GIFTING VOUCHERS
7.1 Voucher Issuance
Corporate gifting vouchers are issued based on company requests.
Once vouchers are generated and distributed, no refunds are issued to the corporate client.
Voucher validity: 180 days from issuance.
7.2 Employee Voucher Redemption
Employees must redeem vouchers within the 180-day validity period.
Once an employee redeems a voucher and gold is credited, no cancellation or refund is permitted.
Unredeemed vouchers expire after 180 days and become void.
7.3 Expired Vouchers
Expired vouchers cannot be reactivated or refunded.
Corporate clients must request fresh vouchers if needed.
GrowGold reserves the right to charge for new voucher generation.
7.4 Voided or Cancelled Vouchers
If the corporate client requests cancellation of vouchers before distribution:
Refund will be processed within 10-15 business days.
Refund mode: Bank transfer to corporate client's account.
Refund amount: Full voucher value minus administrative fee (2%).
If vouchers have already been distributed to employees:
No refund will be issued to the corporate client.
The company must manage redemptions internally.
8. LEASING TRANSACTIONS
8.1 Lease Commitment
Once you accept a leasing offer and confirm the lease, the transaction is final and binding.
Your gold is physically transferred to the borrower under trustee supervision.
No cancellation is permitted after lease confirmation.
8.2 Early Exit from Lease
You may exit a lease at any time without penalties.
Upon early exit request:
Leased gold is returned to your account within T+3 (3 business days).
Accrued yield (up to exit date) is credited to your account.
You will receive email and SMS notifications regarding exit status.
No refund is issued; the gold and yield are returned to your digital vault account.
8.3 Borrower Early Closure
If the borrower closes the lease early:
Your leased gold and accrued yield (up to closure date) are returned to your account within T+3 (3 business days).
No penalties or charges apply to you.
8.4 Yield Payments
Yield is paid monthly in gold grams.
Once yield is credited to your account, it is final.
No reversal or refund of yield payments.
You may sell yield gold anytime at the prevailing market rate.
8.5 Lease Default by Borrower
If a borrower defaults (rare, given 110% collateral requirement):
Trustee liquidates the borrower's collateral.
You are compensated with the full value of leased gold plus accrued yield.
Compensation is credited to your account within 15 business days of default declaration.
GrowGold and the trustee manage the recovery process; no action required from you.
9. PHYSICAL DELIVERY
9.1 Delivery Request Confirmation
When you request physical delivery (coins, bars, ornaments), you confirm:
Quantity of gold/silver to be delivered.
Delivery address (registered KYC address or verified alternate address).
Delivery charges and making charges (if applicable).
Once you confirm the delivery request, it is final and binding.
No cancellation is permitted after confirmation.
9.2 Delivery Charges
Free delivery: For orders ≥3 grams.
Delivery charges apply: For orders <3 grams (displayed before confirmation).
Making charges apply if gold is converted to ornaments (quoted separately).
All charges are non-refundable after confirmation. 9.3 Delivery Attempts and Failed Delivery
First Delivery Attempt:
Courier partner attempts delivery at your registered address.
You or your authorized representative must provide:
Government-issued ID proof for verification.
Signature on delivery receipt.
If No One Available:
Courier partner will attempt delivery up to 2 more times (total 3 attempts).
You will be notified via SMS and email of each attempt.
After 3 Failed Attempts:
The package will be returned to the custodian vault.
Your account will be credited back with the corresponding grams of gold/silver.
Re-delivery charges will apply if you request delivery again.
Re-delivery charges: As per current delivery fee schedule (displayed in the app).
9.4 Damaged or Tampered Package
Do NOT accept delivery if the package appears tampered or damaged.
Notify the courier partner and GrowGold support immediately.
GrowGold will investigate and arrange for re-delivery at no additional cost.
9.5 Quality Issues After Delivery
Customers must verify the delivered product before signing the delivery receipt.
You have the option to open and inspect the package before accepting.
Once you sign the delivery receipt, the delivery is considered complete and final.
No returns, exchanges, or refunds are permitted after delivery acceptance.
Exception: Genuine Quality Defects
If you discover a genuine quality defect (e.g., purity mismatch, weight discrepancy) within 24 hours of delivery:
Contact support@growgold.com immediately with:
Photos/videos of the product.
Delivery receipt copy.
Description of the issue.
GrowGold will investigate with the custodian and assayer.
If the defect is confirmed:
You may return the product (shipping prepaid by GrowGold).
Replacement product will be shipped, OR
Equivalent gold/silver value will be credited to your account.
Investigation and resolution timeline: 10-15 business days.
Note: This exception applies only to verifiable quality defects, not to subjective preferences or design changes.
9.6 Incorrect Delivery Address
If you provide an incorrect or incomplete delivery address:
The courier may not be able to deliver the package.
The package will be returned to the custodian vault after failed delivery attempts.
Your account will be credited back with the gold/silver.
Re-delivery charges will apply for fresh delivery.
GrowGold is not responsible for delays or issues caused by incorrect address information.
10. PROMO CODES, DISCOUNTS, AND OFFERS
10.1 Promo Code Application
Promo codes provide additional gold grams (not price discounts).
Example: Buy 5 grams, get 0.05 grams free via promo code (GST included in promo).
Once a promo code is applied and the transaction is confirmed, it is final and binding.
No reversal or refund of promo benefits.
10.2 Promo Code Verification
Promo codes are verified and adjusted within 7 days of use.
If a promo code is found to be invalid or expired:
GrowGold reserves the right to deduct the equivalent promo gold from your account.
You will be notified via email and SMS.
10.3 Misuse of Promo Codes
Promo codes are for single use per user unless otherwise stated.
Misuse, duplication, or fraudulent use of promo codes may result in:
Promo benefits being reversed.
Account suspension or termination.
Legal action as per Terms and Conditions.
10.4 Expired or Invalid Promo Codes
Promo codes have validity periods.
Expired codes cannot be applied retroactively.
No refunds or compensation for expired or unused promo codes.
11. PAYMENT FAILURES AND REFUNDS
11.1 Payment Gateway Failures
If payment fails due to technical issues (gateway downtime, bank issues, network errors):
The order will be automatically cancelled.
No charges will be deducted.
You may retry the transaction.
11.2 Duplicate Payments
If you are charged multiple times for the same transaction due to a technical error:
GrowGold will investigate and verify the issue.
Duplicate charges will be automatically refunded within 5-7 business days.
Refund mode: Same payment method used for the original transaction.
11.3 Refund Processing Timeline
| Payment Method | Refund Timeline | Notes |
| UPI | 2-3 business days | Instant in some cases |
| Net Banking | 5-7 business days | Bank processing dependent |
| Credit Card | 5-10 business days | Card issuer processing dependent |
| Debit Card | 5-7 business days | Bank processing dependent |
Refunds are processed to the original payment source only.
No cash refunds are issued under any circumstances.
No refunds to third-party accounts.
11.4 Bank/Payment Gateway Delays
If refunds are delayed beyond the stated timeline:
This is typically due to bank or payment gateway processing delays.
GrowGold will provide you with a refund reference number.
You may contact your bank with this reference number to track the refund.
GrowGold is not liable for delays caused by banks or payment gateways.
12. ORDER REJECTION BY GROWGOLD
12.1 Circumstances for Order Rejection
GrowGold reserves the right to reject or cancel any order at its sole discretion, including but not limited to:
Technical errors: System downtime, pricing errors, data corruption.
Market volatility: Extreme fluctuations in gold/silver prices.
KYC/AML issues: Incomplete or suspicious KYC information, suspicious transaction patterns.
Fraudulent activity: Evidence of fraud, money laundering, or unauthorized access.
Regulatory compliance: Orders that violate applicable laws or regulations.
Insufficient collateral: For leasing transactions, if borrower collateral is insufficient.
12.2 Notification and Refund
If your order is rejected by GrowGold:
You will be notified via email and SMS within 24 hours.
The reason for rejection will be communicated (where permissible).
If payment has been received, it will be automatically refunded within 5-7 business days.
Refund mode: Same payment method used for the original transaction.
12.3 No Compensation for Market Fluctuations
If your order is rejected due to market volatility or pricing errors:
No compensation will be provided for any price difference.
You may place a new order at the prevailing market rate.
GrowGold is not liable for any opportunity loss or market movements.
13. ACCOUNT TERMINATION AND CLOSURE
13.1 Voluntary Account Closure by User
You may close your GrowGold account at any time through the app or by contacting support@growgold.com.
Before account closure:
All active SIPs must be cancelled or paused.
All leased gold must be exited or matured.
All pending transactions must be settled.
All physical delivery requests must be completed or cancelled.
13.2 Gold Holdings at Account Closure
If you have gold/silver holdings at the time of account closure:
Option 1: Sell all holdings and receive cash payout to your bank account.
Option 2: Request physical delivery of all holdings (subject to delivery terms).
Option 3: Transfer holdings to another user (if feature available).
No refunds are issued for gold holdings; you must sell or redeem them before account closure.
13.3 Account Termination by GrowGold
GrowGold may terminate your account for:
Breach of Terms and Conditions.
Fraudulent or suspicious activity.
Repeated KYC/AML violations.
Court order or regulatory mandate.
If your account is terminated by GrowGold:
You will be notified in writing with the reason for termination.
Your gold holdings will be liquidated at the prevailing market rate.
Proceeds will be credited to your registered bank account within 30 days.
No compensation for any price fluctuations during the liquidation period.
14. EXCEPTIONS AND SPECIAL CIRCUMSTANCES
14.1 Force Majeure Events
GrowGold will not be liable for delays or failures in processing transactions, deliveries, or refunds due to Force Majeure events, including but not limited to:
Natural disasters (earthquakes, floods, cyclones).
War, terrorism, or civil unrest.
Pandemics or public health emergencies.
Government actions (lockdowns, policy changes, regulatory restrictions).
Power outages, internet failures, or network disruptions.
Strikes, labor disputes, or supply chain disruptions.
In the event of a Force Majeure:
GrowGold will notify users of the situation via email, SMS, and in-app notifications.
Alternative arrangements for delivery or service resumption will be communicated where feasible.
No refunds or compensation will be provided for delays caused by Force Majeure events.
Transactions may be suspended temporarily until normal operations resume.
14.2 Regulatory Changes
If regulatory changes (RBI, SEBI, government policies) restrict or prohibit digital gold/silver transactions:
GrowGold will notify users immediately.
Affected transactions will be suspended or cancelled.
Refunds will be processed in accordance with regulatory guidelines.
GrowGold will assist users in liquidating or transferring holdings as permitted by law.
14.3 Custodian or Trustee Insolvency
In the unlikely event of custodian or trustee insolvency:
Your gold/silver holdings are segregated and ring-fenced.
An independent administrator will manage the recovery process.
You will be contacted to claim your holdings (cash or physical delivery).
GrowGold will facilitate the recovery process as per legal obligations.
Timeline: 30-90 days (may vary based on legal proceedings).
15. DISPUTE RESOLUTION
15.1 Grievance Submission
If you have a dispute regarding refunds or cancellations:
Step 1: Submit a grievance through the app (Support → Lodge Grievance).
Step 2: Provide:
Transaction ID or order reference number.
Detailed description of the issue.
Supporting documents (screenshots, receipts, emails).
Step 3: GrowGold will investigate and respond within 7-15 business days.
15.2 Escalation
If you are dissatisfied with the resolution:
Escalate to the Grievance Redressal Officer:
Email: grievance@growgold.com
Phone: +91-XXXX-XXXXXX
Expected response: 15 business days.
15.3 External Complaints
If your grievance remains unresolved:
RBI Ombudsman: For banking and payment-related issues.
Consumer Court: File under Consumer Protection Act, 2019.
Data Protection Board of India: For privacy or data-related complaints.
15.4 Arbitration
Disputes may be resolved through arbitration as per the Arbitration and Conciliation Act, 1996.
Arbitration will be conducted in [Mumbai/Bangalore/specified location].
The decision of the arbitrator will be final and binding.
17. CONTACT INFORMATION
For refund or cancellation inquiries:
Customer Support
Email: support@growgold.com Phone:
+91-XXXX-XXXXXX
In-App Chat: Available 24/7
Support Hours: 10 AM - 6 PM (Mon-Sat, IST)
Grievance Redressal Officer
Email: grievance@growgold.com
Phone: +91-XXXX-XXXXXX
Response Timeline: Within 7 business days
18. ACKNOWLEDGMENT
By using the GrowGold Platform and confirming any transaction, you acknowledge that:
You have read, understood, and agree to this Refund and Cancellation Policy.
You understand that transactions are final upon confirmation.
You accept the no cancellation/no refund policy for confirmed transactions.
You agree to the exceptions and special circumstances outlined in this Policy.
You will follow the grievance resolution process for any disputes.
This Refund and Cancellation Policy is effective from [Date] and was last updated in November 2025.
For questions or clarifications regarding this Policy, please contact support@growgold.org or call [phone number].