Systematic Investment Plans (SIPs) are a popular way to invest in mutual funds through regular installments. They allow you to build wealth gradually and benefit from rupee-cost averaging. However, there may come times when you need to stop your SIP. Groww, a popular investment platform, offers a convenient way to manage your SIPs, including cancellation.
Understanding SIP Cancellation
Before we delve into the steps, it’s important to understand what SIP cancellation entails:
- Stops Future Contributions: Cancelling your SIP only stops future installments from being deducted. The existing investments in the mutual fund scheme will continue to grow as per market performance.
- No Impact on Existing Investments: You can choose to redeem your existing mutual fund units at a later date if needed.
Steps to Cancel Your SIP on Groww
Groww offers a convenient online method for canceling labeled your SIPs. Here’s a step-by-step guide:
- Log in to Groww: Access your Groww account using your login credentials.
- Navigate to SIPs: Locate the section dedicated to your SIPs. This might be labeled “SIPs” or “Systematic Investments.”
- Select the SIP to Cancel: From the list of ongoing SIPs, identify the one you wish to stop.
- Click “Cancel SIP”: Each SIP should have a “Cancel SIP” option. Click on this button for the chosen SIP.
- Confirm Cancellation: A confirmation pop-up will appear. Verify that you want to cancel and click “Cancel SIP” again to finalize.
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Important Considerations
- Upcoming Installment: If you have an upcoming SIP installment due within the next 3 business days, you won’t be able to cancel it immediately. The cancellation will only be effective after that installment is deducted.
- Processing Time: Allow for a processing time of up to 21 days for the cancellation to be complete.
Additional Options for SIP Management
While Groww doesn’t explicitly mention pausing SIPs, some mutual fund houses allow temporary suspension of SIP contributions. It’s recommended to check with the specific mutual fund scheme details within Groww to see if this option is available.
Conclusion
Stopping your SIP on Groww is a straightforward process that can be done entirely online. Remember, cancellation only affects future contributions and doesn’t impact your existing investments. By following these steps, you can easily manage your SIPs on Groww and ensure your investment strategy aligns with your current financial goals.