The time taken for refund depends on the instrument used for making the payment. In case you have paid using your FreeCharge Balance, the amount will show in your FreeCharge Balance almost immediately after refund is initiated. Even in multi tender transactions, the amount paid using the wallet balance is refunded immediately.
For transactions paid using Credit Card, Debit Card or Net Banking, the refund should reflect in your account in approximately 3-4 days. The time period would be the same in case of transactions made partly or completely using a Credit Card, Debit Card or Net Banking.