Have you been looking for ways to cancel your SIP but are not able to find the solution? This article covers in detail the different ways you can go about canceling your SIPs so that you can choose the route most suitable to you.
In this article
Canceling SIPs Online
- Visit the mutual fund website (AMC) website. You would require your folio number, bank account number associated with the folio and your PAN as login credentials.
- Select the mutual fund you want to cancel SIP for and click on “ Cancel SIP”. The SIP will be discontinued 30 days from placement of request. Post the waiting period, the SIP deductions will stop. However, the investments you have made till now will remain in the fund until the time you raise a redemption or a switch request
- In case you have invested through an agent or a distributor platform, you can place a request with them and cancel SIP via their mutual fund portal account.
Request To Cancel The NACH Mandate
Firstly, you need to ask your bank to cancel the NACH mandate. Make sure to get a written confirmation from the bank that your mandate has been canceled. The SIP will get deactivated when payments are not made for a certain number of times.
Canceling SIPs Offline
- You can request your mutual fund agent to initiate the process on your behalf.
- To do it by yourself, you would have to inform the asset management company as well as the bank through which the monthly investment is made, of your decision to cancel the scheme
- Based on this, you will be required to obtain an appointment form from the AMC or Registrar and Transfer agents of mutual funds like Karvy and Cams
- In the appointment form, you have to furnish details of your bank account linked to the folio, name of SIP scheme, folio number, PAN and the SIP Amount. You also have to specify the date from when you want the scheme discontinued.
- Submit the duly filled form at the AMC branch office or RTA office.
- It will take 21 days for your cancellation request to be processed. Although it varies from fund house to fund house. You would also need to visit the local bank branch to cancel the standing instruction for SIP Payment. If the AMC has received standing instructions along with post-dated cheques for the ongoing SIP, then the unused post-dated cheques will be sent back to you by the AMC.
How To Obtain The SIP Cancellation Request Form Online?
You can obtain the SIP Cancellation form online either by visiting the AMC website. Usually, you will find form in the downloads section, as part of various investor services provided.
1.How To Obtain SIP Cancellation Form From Camsonline
- Visit camsonline.com and go to the ” Investor Services ” Tab.
- On the left-hand side click on ” Service Request Forms”
- Under “ Non Financial Transaction Request” select SIP/SWP/STP Cancellation request
- Tick the SIP box to place cancellation request. You can select the mutual fund from the drop-down list. Enter the relevant details and press next.
- Fill in the other details and print the form. You need to take the filled form to CAMS RTA local office or AMC office and submit the application. Upon submission of application, you will be given the acknowledgment receipt.
2. How To Obtain SIP Cancellation Form From Karvy
- Go to https://www.karvymfs.com/karvy/
- Click on Mutual Fund Investor Services
- Under the ” Downloads” section, click on ” Services”
- Scroll down to reach the ” services ” section and click on SIP/STP/SWP cancellation request
- You will be able to download the SIP Cancellation Form (https://www.karvymfs.com/karvy/InvestorServices/Request%20For%20Cancellation%20Of%20%20SIP-STP-SWP.pdf )
- Take the duly filled form to Karvy RTA local office or AMC office and submit. Do not forget to collect the acknowledgment receipt
Be it the decision to switch from a regular mutual fund scheme to a direct scheme or switching to a different fund, you can easily cancel your SIP for a particular scheme via the methods mentioned above. Remember, canceling your SIP does not come with a penalty and you need not be at the mercy of your mutual fund agent to discontinue your SIP.