How To Cancel Your SIP: Systematic Investment Plan i.e. SIP under Mutual Fund is becoming increasingly popular among investors. By investing in it in a disciplined manner, a huge fund can be created in the long term. However, there are times when investors have to close their SIP plans. Investors usually take such decisions due to fear of financial difficulties or market decline. Apart from this, investors can also decide to stop their SIP investment if the investment objective is not achieved or due to poor performance of the fund. Well, whatever be the reason, if you are planning to stop your SIP then this news is for you. You can do this work online only, the process of which is explained here.
Here is the complete process for investors to cancel SIP online on Zerodha and Groww platforms.
Log in to your investment platform
Go to the official website or mobile app from where you initiated the SIP. This could be the mutual fund’s AMC (Asset Management Company) website, an online broker (like Zerodha, Groww or Angle One) or your bank’s investment portal. Use your registered credentials to log in securely.
This is the way to cancel, modify or stop SIP online
On Zerodha’s Coin App
If you want to modify your SIP plan, open the Coin app and select the desired fund. Now tap on Modify, make necessary changes, and tap on Modify SIP. If you want to pause your SIP plan, open the Coin app, select the fund and tap on the menu button (three dots). After this select Pause and confirm by tapping on Yes. If you want to delete your SIP, open the Coin app, select Funds and tap the menu button (three dots). After this choose Delete and confirm by tapping on Yes.
To cancel your ongoing SIP on Groww app, you have to follow the steps mentioned here. First of all, go to the Mutual Fund section on the home screen and then go to the SIP tab at the top. Now select the SIP you want to cancel. Tap Cancel SIP in the top right corner. After this select your reason for cancellation and confirm by clicking on Cancel SIP again.
Keep these things in mind
Keep in mind that you cannot cancel the SIP if the next installment is due within 3 days. It is important to process the upcoming installment before canceling the SIP. Canceling SIP stops future installments, but your invested amount remains intact. After the process is completed, you will receive a message related to the cancellation through email or SMS. After this your SIP will be stopped, but already scheduled or processed transactions will still continue.
Take decision after consulting investment advisor
The decision to cancel SIP should be taken by investors only after careful consideration and consultation with their investment advisor. Even in this case, a mistake can affect your long term goals. For investors, platforms like Zerodha, Groww and mutual fund AMCs have made it easier than ever to manage and make changes to SIPs online. You can easily cancel your SIP and focus on your investment journey.