I started SIP last year but it is not performing well. Can I stop and start another one?Asked
If the SIP is not performing good then it basically means that the Mutual Fund in which the investment is made via SIP is not performing good. SIP can be definitely be stopped if it's not paying returns that an investor is expecting.
Thing is, at Groww, these clumsy steps are negated. Its much simpler. "You can stop an SIP simply by going to 'My SIP' and clicking in 'Cancel'. After that, if you want to withdraw your money, go to 'My investments' and click on 'Redeem'.
Stopping the SIP has an an alternative called STP( Systematic Transfer Plan) where the amount that has already been invested in that particular fund via SIP can be transferred to some other fund via STP where a fixed amount will be transferred to the other fund on a weekly or monthly basis. These things need to be kept in mind while stopping the SIP.