Learn the simple steps to stop SIP payments online or offline without losing your existing investments.
Systematic investment plans are designed for long-term investments. However, at times due to medical emergencies or job change or shifting priorities, one may require to pause or cancel the SIP. In such cases, knowing the process to cancel the SIP is helpful so you don’t face penalties or confusion.
In case you decide to cancel your SIP, remember the amount that is already invested remains invested. Only the future installments are stored. Let us see now what is the process of canceling the SIP.
Steps to Cancel a Mutual Fund SIP Online
Most fund houses and investment platforms such as Groww, Paytm Money, Zerodha, or the fund’s own website allow you to stop an SIP in a few clicks.
- Log in to Your Groww, Paytm Money, Zerodha, or the fund’s own website Account
- Go to ‘Investments’ or ‘SIP’ Section
- Look for “Active SIPs” or “Current Orders.”
- Select the SIP to Cancel
- Choose ‘Cancel’ or ‘Stop SIP’
- You’ll usually receive an email or SMS confirmation within 24–48 hours.
Tip: Check if there is an exit load or if you are redeeming units. Cancelling the SIP stops future installments; it does not redeem your existing investment.
Steps to Cancel a Mutual Fund SIP Offline
Some investors prefer traditional methods or need to cancel through a bank mandate.
- Download or Collect the ‘SIP Cancellation Form’
You can get this from the mutual fund’s website, or the registrar (CAMS/KFintech), or AMC office. - Fill in Details
You will be required to fill the folio number, your scheme name and the amount of your SIP. - Submit to the Registrar or AMC Branch
Do not forget to carry a photocopy of your PAN and also take with you a cancelled cheque. - Processing Time
Expect about 15 to 30 days to get your auto debits stopped.
Points to Consider
- Revisit Your Goals: While cancelling or pausing your SIPs, it is recommended to revisit your goals and not act in panic. Remember, a consistent investment will make your money grow. But if you are quite sure that you must pause or cancel your SIPs, consider pausing or canceling the selected one and not all your mutual funds. Make sure you are stopping only what you must. You can even reduce the amount or switch funds instead.
- Keep Proof: When you cancel or pause your SIP, you will receive acknowledgement receipts or email confirmations. Save acknowledgement receipts or email confirmations.
- Avoid Last-Minute Requests: Remember, it might take about two to four weeks to get the process done. So be proactive and plan it in advance so that you have your money when you need it.
Canceling a mutual fund SIP is an easy process. In both online and offline processes, your invested amount remains invested and the future installments are paused. By reviewing your goals and following the right steps in advance, you can pause or stop your SIP smoothly and restart when your finances are ready.
This was a step-by-step instructions to cancel or pause your mutual fund SIP online or offline without penalties
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