Systematic Investment Plans popularly called SIPs are an excellent way of investing in mutual funds. You can invest small amounts regularly; say once each day, month or quarter through SIPs in mutual funds. Crude Oil prices are rising. They have hit $80 a Barrel. They are chances that crude would hit $100 a Barrel. The rupee is falling against the Dollar. The Rupee has hit 68 against the Dollar. This is affecting stock markets and they are crashing.
The year 2017 was great for stock markets in India. Citizens invested crores of rupees in mutual funds via SIPs. Citizens invested Rs 7,119 Crores via SIPs for the month of March 2018.
With stock markets falling, many investors want to stop SIPs and exit mutual funds. It’s a very bad idea. True benefits of SIPs are realized when stock markets fall. This is the time you get more units of the mutual funds. Why stop SIPs when this is the best time to make the investment?
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While it’s not advisable to stop SIPs, if you want to stop SIPs, here’s the process.
Stopping SIPs is very easy. All you have to do is download the SIP cancellation form and fill it up. Submit the filled form to the mutual fund distributor or the Registrar of that mutual fund.
Steps To Cancel SIPs:
1. You have to download the SIP Cancellation Form from the website and take a Printout.
2. You have to fill details like your name (investor’s name) and folio number.
3. You then sign the document. If there are other unit holders, they too must sign the SIP Cancellation Form.
4. The SIP Cancellation Form must be submitted to the Mutual Fund Distributor or the Registrar of the Mutual Fund. You can also submit this form to your financial advisor.
5. Keep a copy of the SIP Cancellation Form and the Acknowledgement Slip to track your application.
6. It takes around 30 days after submitting your request to stop the SIP.
SEE ALSO: Mutual Funds Sahi Hai?
There are times in life when you are short of money. Financial Emergencies attack without warning. You might have no option but to pause SIPs when there’s a cash crunch. You can pause SIPs for a month or even 3 months. The actual duration is at the discretion of the fund house.
Steps to pause SIPs:
SEE ALSO: How To Choose The Best Mutual Fund?
While it’s advisable never to stop or skip SIPs, there are times when you might be forced to do so. Follow these steps to cancel SIPs in CAMS. Be Wise, Get Rich.
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