You can configure the speed at which all the refunds should be processed for your customers.

Set Default Speed of Refunds🔗

Depending on your business needs, you can select from the following:

Normal Refund
In this mode, the speed attribute is set to normal. The customers will receive their refunds within 5-7 business days.
Instant Refund
In this mode, the speed attribute is set to optimum. Razorpay attempts to initiate fund transfer using IMPS, NEFT or UPI. The customer will receive the refunds instantly. If unsuccessful, Razorpay processes the refund via the normal speed.

The selected speed is set as the default speed and all the refunds, thereafter, will be processed at the chosen speed.

Watch this video to see how to set the default refund speed.

To set the default speed for all the refunds:

Log into the Razorpay Dashboard.
Navigate to Settings and click the Configuration tab in the right pane.
In the Default Refund Speed section, choose between Normal Refund and Instant Refund.

Default Speed attribute for Refund API:
The chosen value is also applied as the default speed in the Refund API request.

Override Default Refund Speed🔗

You can override the default refund speed while refunding a payment from the Transactions → Payments tab of the Razorpay Dashboard.

Watch this video to see how to override the default refund speed while issuing a refund.

The possible ways in which you can switch between Normal and Instant Refunds are listed below:

Default Speed setting	All Refunds	Refund Payment option	Processed speed of the Refund
Normal Refund	All the refunds are processed at the `normal` speed.	Refund Instantly option is selected.	The refund is processed at the `optimum` speed. If an instant refund is not possible, Razorpay initiates a normal refund.
Instant Refund	All the refunds are processed at an `optimum` speed. If an instant refund is not possible, Razorpay initiates a normal refund.	Refund Instantly option is unselected.	The refund is processed at the `normal` speed.