Financial Guardrails: Security Deposits and Refund Policies in 2024

Introduction

Participating in the national seat allotment process involves a significant financial commitment designed to ensure that only serious candidates apply for seats. The NMC NEET PG 2024 counseling session enforced a strict refundable security deposit system that varied based on the type of seat being sought. For government medical colleges, the deposit was relatively modest, while deemed universities required a substantial sum to prevent frivolous applications. 

Tiered Security Deposit Structure

• Candidates opting for government seats paid a refundable deposit of ₹25,000, while those applying for Deemed University seats had to deposit ₹2,00,000.


• This tiered system in NMC NEET PG 2024 ensured that students were financially invested in their choices and wouldn't block high-value private seats without intent.

Conditions for a Successful Deposit Refund

• The security deposit is fully refunded if a candidate joins the seat they were allotted or if they are not allotted any seat after the final round.


• For the 2024 cycle, the MCC initiated the refund process to the original source account only after the entire counseling and stray rounds were concluded.

Rules Governing Forfeiture of the Deposit

• A candidate's deposit is forfeited if they are allotted a seat in Round 2 or later but fail to report to the college for admission.


• This "Exit with Forfeiture" rule in NMC NEET PG 2024 was a deterrent against candidates who might change their mind after blocking a vital residency slot.

Forfeiture in the Stray Vacancy Rounds

• The most severe financial penalties were applied in the final stray rounds, where non-joining after allotment resulted in the loss of the entire deposit.


• Additionally, such candidates were barred from appearing in the next year's entrance exam, making the financial and professional cost of non-compliance very high.

Timelines for the 2024 Refund Process

• Many students faced anxiety regarding the timing of the refund, which typically takes 30-60 days after the final seat is filled nationwide.


• The MCC released a public notice in early 2025 containing the list of eligible candidates whose NMC NEET PG 2024 security deposits were successfully processed.

Conclusion

The security deposit system is a necessary administrative tool that ensures the medical counseling process remains fair and efficient for all participants. The NMC NEET PG 2024 experience showed that being aware of the "Exit with Forfeiture" rules can save you from significant financial loss. By carefully selecting only those colleges you are willing to join, you protect your security deposit and maintain your eligibility for future rounds.