Withdrawal Policy

1. Overview

This Withdrawal Policy outlines how payouts and withdrawals work within Kamety savings circles. Since Kamety facilitates peer-to-peer community savings, the withdrawal process differs from traditional financial institutions.

2. How Payouts Work in Kamety

2.1 Rotating Savings Model

In a traditional Kamety/Committee savings circle:

• Members contribute a fixed amount at regular intervals
• Each cycle, one member receives the total collected amount (the "pot")
• The rotation continues until every member has received a payout
• Payout order can be determined by lottery, bidding, or mutual agreement

2.2 Payout Process on Kamety

When it's your turn to receive the payout:

• The group administrator or automated system will notify all members
• Members are expected to send their contributions directly to the payout recipient
• Kamety tracks and confirms all contributions through member declarations
• Once all members confirm payment, the cycle is marked as complete

3. Requesting a Payout

The process for receiving your payout depends on your group's rules:

3.1 Scheduled Rotation

If your group uses a fixed rotation schedule, payouts are automatically triggered on your scheduled date. You don't need to request anything — members will be notified to send contributions to you.

3.2 Lottery-Based

For groups using random selection, the Kamety system will conduct a transparent, verifiable lottery to determine the payout recipient for each cycle. Winners are notified immediately.

3.3 Bid-Based (Auction)

Some groups allow members to bid for early payout positions. The member offering the highest discount receives the payout. Bidding is conducted through the platform, and winners are selected automatically.

4. Early Withdrawal (Before Your Turn)

If you need funds before your scheduled payout date, you have limited options:

4.1 Find a Replacement

You may transfer your membership position to another person who agrees to take over your remaining contributions. The new member would then receive the payout on your original scheduled date.

4.2 Group Approval for Early Exit

With unanimous group consent, you may withdraw early. In this case:

• You forfeit any contributions made to date (unless the group agrees otherwise)
• The group must adjust the rotation schedule
• A replacement member may be needed to maintain contribution levels

4.3 Emergency Withdrawal Request

Some groups have emergency provisions allowing members to request early payout in case of financial hardship. This requires group approval and may involve penalties or interest.

5. Default and Late Payments

If a member fails to contribute on time:

• The group administrator will be notified
• Kamety sends automated reminders to the defaulting member
• Group rules determine consequences (late fees, suspension, or removal)
• If you are the scheduled payout recipient and a member defaults, you may receive a partial payment
• Groups are responsible for collecting defaulted amounts — Kamety does not guarantee full payouts

6. Refund Policy for Subscription Fees

6.1 Monthly Subscriptions

Monthly subscription fees are non-refundable. If you cancel mid-month, you will retain access until the end of your billing period, but no prorated refund will be issued.

6.2 Annual Subscriptions

For annual plans, you may request a refund within 14 days of purchase if you have not created any committees. After 14 days or if you have active committees, no refunds are available.

6.3 Free Trial

If you signed up for a free trial and convert to a paid plan, no refund is available for the trial period.

6.4 How to Request a Refund

To request a refund for subscription fees, contact support@kamety.com with your account email and reason for refund. Refunds, if approved, will be processed within 10-15 business days.

7. Withdrawal Limits and Restrictions

To ensure platform integrity and prevent abuse:

• You cannot receive more than one payout per active committee until all members have received their turn
• Groups may set minimum contribution periods before members become eligible for payout
• New members may have a waiting period before being included in payout rotations
• Accounts with unresolved disputes or ongoing investigations may have payouts temporarily suspended

8. Dispute Resolution for Payout Issues

If you believe you did not receive a payout you were entitled to:

8.1 Internal Resolution

First, communicate with your group administrator and members. Kamety provides a dispute resolution feature within groups to track and resolve payment issues.

8.2 Escalation to Kamety Support

If the group cannot resolve the issue, contact Kamety support at disputes@kamety.com. We will review platform records and mediate if possible. However, Kamety is not responsible for enforcing payments between members.

8.3 Legal Recourse

For unresolved disputes involving significant amounts, you may pursue legal action against defaulting members. Kamety can provide transaction records and communication logs as evidence upon legal request.

9. Taxes and Reporting

Depending on your jurisdiction, payouts from savings circles may have tax implications:

• You are responsible for reporting any income or gains from Kamety activities to your tax authorities
• Kamety provides transaction history and reports to help with tax compliance
• We may be required to report certain transactions to tax authorities under applicable laws
• Consult a tax professional for advice specific to your situation

10. Account Closure and Final Withdrawal

If you close your Kamety account:

• You must resolve all pending contributions and payouts with your active committees first
• You cannot close an account with outstanding obligations to other members
• Any unpaid subscription fees must be settled
• Your data will be retained as described in our Privacy Policy

11. International Withdrawals

For groups with international members:

• Currency conversion fees may apply when sending payments across borders
• Bank transfer times vary by country (typically 1-5 business days)
• Some countries have restrictions on peer-to-peer payments — know your local laws
• Kamety does not facilitate currency conversion or international transfers directly

12. Processing Times

Since payments are made directly between members, processing times depend on:

• How quickly members send their contributions
• Bank transfer processing times (usually 1-3 business days for same-country transfers)
• Payment method used (UPI/IMPS are instant, NEFT/RTGS may take hours)

Kamety's tracking system updates in real-time as members confirm payments. You can monitor payout status in your dashboard.

13. Fees and Charges

Kamety does not charge fees for payouts or withdrawals. However:

• Your bank or payment provider may charge fees for receiving funds
• International transfers may incur currency conversion fees
• Some groups may have internal fees for late payments or early withdrawals

14. Fraud Prevention and Security

To prevent fraudulent payout claims:

• We verify member identities through email and phone confirmation
• Suspicious payout patterns trigger security reviews
• Multiple failed payment reports from a member may result in account suspension
• We cooperate with law enforcement for suspected financial crimes

15. Modifications to This Policy

We may update this Withdrawal Policy from time to time. Changes will be posted on this page with an updated "Last Updated" date. For material changes affecting existing payouts, we will notify you directly via email or platform notification.

16. Contact Information

For questions about withdrawals, payouts, or this policy:

Withdrawal Support: withdrawals@kamety.com
Dispute Resolution: disputes@kamety.com
Billing Questions: billing@kamety.com
Phone: +91-XXXXXXXXXX
Support Hours: Monday-Friday, 9 AM - 6 PM IST

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