alexa
Indianmoney.com Missed Call Number
Home Articles How To Stop SIPs?

How To Stop SIPs?

Mr. C.S. Sudheer | Updated On Tuesday, June 05,2018, 04:46 PM

5.0 / 5 based on 1 User Reviews

How To Stop SIPs?

 

 

 

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?

Want to know more on SIPs and Mutual Funds? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.

 

You May Also Watch: 

 

 

How To Stop SIPs?

 

While it’s not advisable to stop SIPs, if you want to stop SIPs, here’s the process.

 

1. How to stop SIPs?

 

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.

  • Your name (applicant’s name)
  • PAN Number
  • Mutual Fund Scheme Name
  • Folio Number
  • Start Date and End Date of SIP
  • SIP Amount
  • Bank details of ECS.

 

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?

 

2. How to pause SIPs?

 

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:

 

  1. Submit the pause form to the AMC and mention the period when you want to pause SIPs.
  2. The Mutual Fund House will pause monthly or quarterly SIPs. SIPs will be resumed from the agreed date.
  3. If you have given a bank mandate to the Mutual Fund House where money is automatically debited from your bank account through ECS, you will have to make sure that the mandate to pause is given to the bank by the AMC.
  4. It would be great if you can submit the pause form to the mutual fund house, at least a month before the SIP date. The fund house can make the changes easily, and the instruction is activated.

 

SEE ALSO: How To Choose The Best Mutual Fund?

 

3. Stop SIPs in CAMS

 

 

  • Login to MyCAMS by entering User ID and Password.
  • You then click on the My Transactions Icon in the top menu bar.
  • You then click on Systematic Transactions in the text menu bar.
  • After clicking on the text menu bar you will get to see all your online systematic transactions.
  • There will be a cancel link for each row of the SIP. Click on this link and confirm SIP cancellation.
  • If the cancel link has been disabled, this means that the AMC does not allow online cancellation of SIPs.

 

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.

 

Did you find this article useful? You can Rate us
5.0 / 5 based on 1 User Reviews
Article Author

Mr. C.S. Sudheer

Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.

Get It now!