How can I move my existing SIPs to Groww?
Are you an investor who thinks it is impossible to track all your investments on one platform?
Groww has come up with a new feature wherein you can see your existing as well as your external investments under one umbrella.
We have broken up the blog into three parts for your convenience.
Tracking
Step 1
- Go to your Groww profile and tap on ‘You’, after which, tap on ‘Track Existing Investments’.
- You will be directed to a page where various steps regarding ‘Switch’ will be explained. Read the instruction carefully and tap on ‘Next’
- You have to insert the email id that is linked to your investments and then tap on ‘Request Report’
Step 2
- Next, you will receive an OTP from MFCentral, enter the OTP, and funds will be imported in 10-15 mins.
Step 3
- Return to your Groww profile and tap on ‘Track Existing Investing’ and tap on I have mailed.
- Once you tap on ‘I have mailed’, it will direct you to a page with all your investments, the ones you want to move will have an ‘external’ tag on them. Tap on ‘External’.
Switching
Before we talk about switching, we need to understand that only regular funds can be switched.
Step 1
Once you have tapped on ‘external’, you will get a ‘switch’ option, which you will have to tap on.
Step 2
Once you have tapped on ‘switch’, it will show ‘switch in progress’. After which, the fund will show that it is ‘Internal’.
Switching a SIP
In practice, you cannot switch a SIP from another platform.
However, you can stop your SIP from the platform you have invested in and then start a SIP on Groww.
For this, you must go to the site of the respective AMC/Broker company and cancel the SIP.
Here, you will have 2 options.
- You can either redeem the money and start a completely new SIP on Groww
- You can simply stop the SIP, which will effectively make it a lumpsum investment. After which, you can switch the fund and restart the SIP through Groww. Also, Starting a SIP on Groww is absolutely free of cost, so you need not worry about the extra charges!
Happy Switching!