How to Edit An SIP On Groww?
SIPs or systematic investment plans allow us to invest small amounts on a regular basis in mutual funds. Investments for as low as Rs 500 per month are also possible.
Groww has introduced a new feature wherein you can edit your SIP amount and date during the investment period. This feature will also let you skip an installment when you wish to.
Read on to know how to edit an SIP on Groww.
How To Edit SIP On Groww
Step 1: Open your Groww app, head to your mutual fund dashboard and select ‘SIPs’.
Step 2: Here you will be able to see all the SIPs you have on Groww. Pick the SIP you want to make changes to.
Step 3: On the next screen, choose the ‘Edit SIP’ option on the bottom left corner.
Step 4: Choose ‘Edit amount & date’. (Steps explaining how to skip an installment are explained further).
Step 5: On the next screen edit the amount and/or date according to your choice.
Step 6: Confirm the new date and amount and click on ‘save changes’ over the next few steps.
Step 7: The final screen will show a confirmation and an approximate date by when your request will be processed.
How To Skip An SIP Instalment On Groww
Step 1: Open your Groww app, head to your mutual fund dashboard and select ‘SIPs’.
Step 2: Here you will be able to see all the SIPs you have on Groww. Pick the SIP for which you want to skip an installment.
Step 3: On the next screen, choose the ‘Edit SIP’ option.
Step 4: Select ‘Skip Instalment’.
Step 5: Confirm the ‘skip installment’ details on the next screen.
Step 6: The final screen will show a confirmation and an approximate date by when your request will be processed.
Step 7: You can go back to the SIP and check the timeline of upcoming payments.
Step 8: Once your said installment is skipped, your investments will continue as is.
FAQs on Edit SIP
1. Can I edit my SIP?
Edit SIP feature is available only for SIPs linked to Groww Autopay (via OTP or form). The feature is NOT available for SIPs linked to BSE mandates.
Learn More: How To Upgrade To Groww AutoPay
2. When can I edit my SIP?
You can edit or skip your SIP anytime you want. However, if you place your Edit SIP request less than 2 working days before your next installment, then your request will be processed only after the upcoming installment. It can take up to 2 days to process an edit request for an SIP you started today.
3. How long does it take for Groww to edit my SIP?
If you place your request more than 2 working days before your next installment, then your request will be processed within 1 working day. If you place your request less than 2 working days before your next installment, then your request will be processed after the upcoming installment.
4. For how long can I skip my SIP installment?
Currently, you can skip only 1 installment at a time. You can, however, place another skip request for the same SIP after the first installment is skipped (i.e. after the date of your skipped installment).
We’re working on enabling skipping multiple installments at a time. We’ll keep you updated about the same.
5. Where can I see the details of my edit request?
You can see the details of your edit request (date, amount, and skip) on your SIP details screen, as shown below. Click on EDIT SIP in the ‘Payment and other events’ section to view your edit requests.
6. How many days before my SIP installment can I place a SKIP SIP request?
If you place your skip request more than 2 working days before your next installment, then the upcoming installment will be skipped. If you place your skip request less than 2 working days before your next installment, then your request will be processed after the upcoming installment.
For example: Assume your next SIP installment date is July 16.
If you place an SKIP SIP request before July 14 (since there are 2 holidays in between for the weekend), your installment scheduled on July 16 will be skipped and your next payable installment would be on August 16.
If you place your SKIP SIP request on or after July 14, you still have to pay for your installment on July 16. The installment scheduled on August 16 will be skipped.
Note:
When placing a SKIP SIP request, you will see a message specifying which installment will be skipped.
7. Can I undo an Edit SIP request?
You can undo (cancel) your Edit SIP request while it is still “in progress”, but you cannot do this after your request is processed.
8. How many times can I edit/skip an SIP?
You can edit/skip an SIP as many times as you want to.
Editing date and/or amount
You can either undo your current edit request and place a new one, or place a new edit request after your current request is processed.
Skipping an installment:
If you have requested to skip an installment, you can undo this request and place another one only while your current request is still “in progress”. However, if your skip request has already been processed, then you can place another request only after your chosen installment is skipped (i.e. after the date of your skipped installment).
9. Will my SIP restart automatically after the skipped installment?
Yes, your SIP will restart automatically after your chosen installment is skipped (i.e. after the date of your skipped installment).
10. My skip request is already processed. Can I still edit my SIP?
No, you cannot edit your SIP after your skip request is processed. You can only edit your SIP again after the chosen installment is skipped (i.e. after the date of your skipped installment).
11. My Edit SIP request (date/amount) is already processed. Can I now skip my next installment?
If your Edit SIP request is already processed, then you can only skip your next installment if it is more than 2 days before you place your skip request.
12. Can I edit my external SIP?
No, you cannot edit your external SIPs on Groww. This feature is only available for SIPs linked to Groww Autopay.
13. Is the Edit SIP option available for ELSS funds also?
Yes, our Edit SIP feature is available for all types of funds.
14. Will I be charged ECS bounce charges/other penalties for skipping my SIP installment?
No, you will not be charged any penalties for skipping your SIP installment.
