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Cancel SIP Online: For investors, platforms like Zerodha, Groww and mutual fund AMCs have made it easier to manage SIPs online
Cancel SIP Online: Investors can request a pause or delete, of their SIP from their mutual fund company.(Representative/News18)
Cancel SIP Online: Systematic Investment Plans (SIPs) have become a popular investment tool among Indians for disciplined wealth creation. However, there may be situations where an investor decides to stop their SIP due to financial constraints, investment strategy changes, or other reasons. Thankfully, canceling a SIP online is a hassle-free process.
Here’s a comprehensive guide for investors to cancel their SIPs online on Zerodha and Groww platforms.
Steps to Cancel Your SIP Online
Log in to Your Investment Platform
Visit the official website or mobile app where you initiated the SIP. This could be the mutual fund’s AMC (Asset Management Company) website, an online broker (such as Zerodha, Groww, or Angle One), or your bank’s investment portal. Use your registered credentials to log in securely.
How to Cancel, Modify, or Pause SIPs Online?
Managing SIPs on Zerodha’s Coin App
Modify a SIP
- Open the Coin app and select the desired fund.’
- Tap on Modify, make the required changes, and confirm by tapping on Modify SIP followed by Modify again.
Pause a SIP
- Open the Coin app, select the fund, and tap on the context menu button (three dots).
- Choose Pause and confirm by tapping Yes.
Delete a SIP
- Open the Coin app, select the fund, and tap on the context menu button (three dots).
- Choose Delete and confirm by tapping Yes.
Cancel SIP In Groww App
Follow these steps to cancel your ongoing SIP on the Groww app:
- Go to the Mutual Funds section on the home screen.
- Navigate to the SIPs tab at the top.
- Select the SIP you wish to cancel.
- Tap Cancel SIP in the top-right corner.
- Choose your reason for cancellation and confirm by clicking Cancel SIP again.
Important Notes:
You cannot cancel a SIP if the next installment is due within 3 days.
The upcoming installment must be processed before you can cancel the SIP.
Canceling a SIP stops future installments, but your invested amount remains intact.
Check for Acknowledgment
Once the process is complete, you’ll receive an acknowledgment via email or SMS confirming the cancellation. The SIP will be stopped from the next cycle, but transactions already scheduled or processed will still go through.
Key Considerations
- Lock-in Period: SIPs in Equity Linked Savings Schemes (ELSS) or other funds with a lock-in period can be canceled. However, ELSS funds come with a lock-in period of 3 years, meaning the mutual fund units you purchase can only be withdrawn after three years.
- Processing Time: While cancellations are typically immediate, some platforms may take 2-3 business days to process the request.
- No Charges: Most platforms, including mutual fund AMCs and brokers, do not charge a fee for SIP cancellations.
Why Cancel A SIP?
Investors may choose to cancel an SIP due to changing financial goals, better investment opportunities, or a shift in market outlook. While SIPs promote disciplined investing, it’s crucial to reassess your financial plans periodically.
Canceling an SIP should be done only after careful consideration of your long-term financial goals. If unsure, consulting a financial advisor is always recommended.
For investors, platforms like Zerodha, Groww and mutual fund AMCs have made it easier than ever to manage and modify SIPs online. By following the steps above, you can cancel your SIP seamlessly and focus on your evolving investment journey.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Readers are advised to check with certified experts before making any investment decisions.
