diff --git a/tests/local_testing/test_parallel_reject_refunds_rpm.py b/tests/local_testing/test_parallel_reject_refunds_rpm.py
new file mode 100644
index 00000000000..8d3b897c25f
--- /dev/null
+++ b/tests/local_testing/test_parallel_reject_refunds_rpm.py
@@ -0,0 +1,47 @@
+"""Regression for #39309: parallel rejects must not burn RPM quota."""
+
+from pathlib import Path
+
+import pytest
+
+
+def test_should_rate_limit_refunds_on_parallel_over_limit():
+    source = Path("litellm/proxy/hooks/parallel_request_limiter_v3.py").read_text()
+    assert "_refund_windowed_increments" in source
+    assert 'gauge_response["overall_code"] == "OVER_LIMIT"' in source
+    gauge_idx = source.index("await self._check_parallel_request_gauges")
+    refund_idx = source.index("await self._refund_windowed_increments", gauge_idx)
+    return_idx = source.index(
+        "return RateLimitResponse(\n            overall_code=gauge_response",
+        gauge_idx,
+    )
+    assert gauge_idx < refund_idx < return_idx
+
+
+@pytest.mark.asyncio
+async def test_refund_windowed_increments_decrements_counter():
+    from unittest.mock import AsyncMock, MagicMock
+
+    from litellm.proxy.hooks import parallel_request_limiter_v3 as mod
+
+    stub = MagicMock()
+    stub.window_size = 60
+    stub.internal_usage_cache = MagicMock()
+    stub.internal_usage_cache.dual_cache.redis_cache = None
+    store = {"{api_key:k}:requests": 2}
+
+    async def get_cache(key, litellm_parent_otel_span=None, local_only=False):
+        return store.get(key)
+
+    async def set_cache(key, value, ttl=None, litellm_parent_otel_span=None, local_only=False):
+        store[key] = value
+
+    stub.internal_usage_cache.async_get_cache = AsyncMock(side_effect=get_cache)
+    stub.internal_usage_cache.async_set_cache = AsyncMock(side_effect=set_cache)
+
+    await mod._PROXY_MaxParallelRequestsHandler_v3._refund_windowed_increments(
+        stub,
+        keys_to_fetch=["{api_key:k}:window", "{api_key:k}:requests"],
+        parent_otel_span=None,
+    )
+    assert store["{api_key:k}:requests"] == 1