How To Cancel Your SIP Online: Many times there are situations when investors have to stop their SIP plan. Investors usually take such a decision due to financial difficulties or fear of market decline.
Apart from this, investors can also decide to stop their SIP investment due to the completion of the investment objective or poor performance of the fund.
Systematic Investment Plan i.e. SIP under mutual funds 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, sometimes such situations arise when investors have to stop their SIP plan. Investors usually take such a decision due to financial difficulties or fear of market decline.
Apart from this, investors can also decide to stop their SIP investment due to the completion of the investment objective or poor performance of the fund. Well, whatever the reason, if you are planning to stop your SIP then this news is for you. You can do this work online, 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
Visit the official website or mobile app from where you started 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.
This is the way to cancel, modify or pause 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 Modify, make the required changes, and tap Modify SIP. If you want to pause your SIP plan, open the Coin app, select a fund and tap the menu button (three dots). Then select Pause and confirm by tapping Yes. If you want to delete your SIP, open the Coin app, select a fund and tap the menu button (three dots). Then select Delete and confirm by tapping Yes.
On Groww App
To cancel your ongoing SIP on the Groww app, follow the steps mentioned here. First, 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 on 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 a SIP if the next installment is due within 3 days. The upcoming installment must be processed before cancelling the SIP. Cancelling a SIP stops future installments, but your invested amount remains intact. After the process is complete, you will receive a cancellation message via email or SMS. Your SIP will then be stopped, but transactions already scheduled or processed will still continue.
Take the decision after consulting an investment advisor
The decision to cancel a SIP should be taken by investors after careful consideration and consultation with their investment advisor. In this case too, 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 change SIPs online. You can easily cancel your SIP and focus on your investment journey.
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