Finance Desk – If you’re looking to cancel your Systematic Investment Plan (SIP) online, it’s a simple process. Here’s how you can do it on Zerodha and Groww platforms:
Step-by-Step Guide to Cancel Your SIP Online:
Log Into Your Account:
Go to the website or app where you started your SIP, like Zerodha or Groww. Log in with your details.
On Zerodha’s Coin App:
To Modify a SIP: Open the Coin app, choose the fund, tap ‘Modify’, make changes, and confirm.
To Pause a SIP: Open the app, select your fund, tap the three dots for more options, and choose ‘Pause’.
To Delete a SIP: Open the app, select your fund, tap the three dots, choose ‘Delete’, and confirm.
On Groww App:
- Go to ‘Mutual Funds’ on your home screen and click the ‘SIPs’ tab.
- Pick the SIP you want to stop, tap ‘Cancel SIP’ at the top right, state your reason, and confirm the cancellation.
Things to Remember:
- You can’t cancel a SIP if the next payment is due within 3 days.
- Cancellation is usually quick, but some platforms might take a couple of days.
- There’s no fee for canceling a SIP.
What Happens After Cancelling?
- You’ll get an email or SMS confirmation.
- Any scheduled or processed transactions before the cancellation will still occur.
Why Cancel a SIP?
You might want to cancel due to changes in your financial goals or to take advantage of better investment opportunities.
It’s good to review your investments regularly to make sure they still fit your financial plan.
Cancelling a SIP is straightforward. Whether you use Zerodha, Groww, or another platform, these steps can help you manage your investments according to your current financial needs. Always think over your decision or talk to a financial advisor if you’re unsure.
