If you have a sip in SBI mutual fund and you want to stop sip than you have come to the right place. in this guide, we will walk you through the steps on how to stop sip in SBI mutual funds, one of the India’s leading mutual fund providers. Whether it’s a short term pause or a decision to reallocate your investments, understanding the process is vital to managing your mutual fund portfolio effectively. So, let’s dive into the detail on how to stop sip in SBI mutual fund.
so, there are basically two ways to cancel or stop your sip. so, you can choose the most convenient option to stop SIP in SBI mutual fund.
Table of Contents
2 ways to stop sip in SBI mutual fund are:
- you can cancel or stop it through online or offline mode.
- Cancel it through an agent.
Before delving into the process of stopping your SIP, it’s crucial to understand what a SIP is and why it’s considered a flexible investment option.
Understanding SIP and its flexibility:
“SIP” stands for “systematic investment plan”. It is a way for investors to regularly invest a fixed amount of into mutual fund at predetermined intervals, typically monthly. SIP allows to take advantage of the benefits of rupee cost averaging and compounding over time.
How to cancel/stop sip through online:
Now, let’s walk through the steps-by-step process to stop SIP in SBI mutual fund:
Step 1: visit the SBI mutual fund website. Open your web browser and go the official SBI mutual fund website. here is the link.
Step 2: Log In to your account. Use your credentials to log in to your SBI mutual fund account.
Step 3: Locate your SIP. Find the SIP you wish to stop in your portfolio.
Step 4: Click on the plus icon (+) after that you can see the Modify SIP option. click on it and you will see cancel SIP option select it.
Step 5: confirm the stopping. Follow the on-screen instructions to confirm the stopping of your SIP.
Step 6: verification. you might be requested to verify request through an OTP sent to your registered mobile number.
After verifying your request. your request to stop SIP in SBI mutual fund will be processed within 21 to 20 days.
Second way to stop SIP in SBI mutual fund is through an agent:
To stop (SIP) in an SBI Mutual Fund through an agent, you can follow these steps:
1. Contact your agent:
Reach out to your mutual fund agent or distributor who helped who helped you set up the SIP. You can typically find their contact information on your mutual fund account statements or by searching online.
2. Provide your details:
When you get in touch with your agent, you’ll need to provide them with your mutual fund account number and other relevant details like PAN (permanent Account Number) for verification purposes.
3. Request SIP cancellation:
Inform agent that you want to cancel your SIP in the SBI mutual fund scheme. Be clear and specific about the scheme and the SIP you want to stop.
4. Fill out necessary forms:
Your agent may provide you with SIP cancellation form or guide you through the process of filling out the required paperwork. Ensure you complete all the necessary fields accurately.
5. Sign the cancellation request:
you will likely need to physically sign the SIP cancellation request form. If the agent provides an Electonic option, you may need to provide an e-signature.
6. Submit the request:
Hand over the completed and signed SIP cancellation form to your agent. They will forward it to the relevant authorities at SBI mutual fund for processing.
After your request is processed, you should receive a confirmation from SBI mutual fund stating that your SIP has been successfully canceled.
so, here are the simple steps to stop SIP in SBI mutual fund.
Please note that the exact process and forms may vary depending on the specific procedures followed by your mutual fund agent and SBI Mutual Fund. Make sure to clarify any doubts with your agent and double-check the requirements with them to ensure a smooth SIP cancellation process.
Stopping your SIP doesn’t mean you have to withdraw your entire investment. Consider these alternatives:
1. Pause and Resume
- Many mutual fund companies allow you to pause your SIP for a certain period and then resume it.
2. Modify SIP Amount
- If your financial situation has changed, you can decrease the SIP amount instead of stopping it altogether.
Stopping a SIP in SBI Mutual Fund is a straightforward process, but it should be done with careful consideration of your financial circumstances and goals. Remember that SIPs are a long-term investment, and any decision to stop should align with your financial plan. so, you can follow these steps to stop SIP in SBI mutual fund.
FAQ (Frequently Asked Questions)
Can I stop SIP anytime for mutual fund?
Yes, you can stop your SIP (Systematic Investment Plan) in a mutual fund at any time.
Does SIP stop automatically?
No, SIP (Systematic Investment Plan) does not stop automatically. You need to initiate the process to stop or pause your SIP if you wish to do so.
Can I stop SIP and not withdraw?
Yes, you can stop your SIP (Systematic Investment Plan) without withdrawing the existing investments in your mutual fund account. Stopping the SIP means you won’t make additional contributions, but your existing investments will remain in the fund and continue to grow based on market performance.