Time - How much time from purchase does a user have to request a refund.
Method of refund - to the same form of payment used, store credit, anything else.
Product condition - Must the item be new in box/unopened/like new to return?
Refund contact info - How would a user initiate a return - using a form on the site, by calling a number, anything else.
Charges, if any - Does the user need to pay return shipping, a restocking fee, or any other charges.
I would request you to mention "If you are approved, then your refund will be processed, and a credit will automatically be applied to your credit card or original method of payment in 15 business days" (Number of business days).