How to Stop SIP in Groww?

SIPs stands for Systematic Investment Plans. They are a popular form of investment today. Though they carry some risk, SIPs are still a better form of investment than Fixed Deposits. 

However, there may come a time when you would want to redeem your money and stop your investments. In this article, find the answer to the question “How to Stop SIP in Groww”

SIP Cancellation on Groww: Things to Understand

Before we know the process of how to stop SIP in Groww, it is important to understand what would happen when you cancel your SIP.

• Future deductions toward the SIP scheme are stopped: When you cancel your SIP, no deductions are made for installments in the future. However, the existing investments in the scheme will continue to grow based on market performance.
• No impact on existing investments: one can even choose to redeem their existing amount in the mutual fund at a future date after the cancellation.
• SIP will not be canceled if you have an installment coming up in the next 3 days. You will need to make the last installment before canceling your SIP.

How to Temporarily Cancel SIP in Groww?

There are times when you feel that your expenses for the month are more than you can handle and will not have enough money left for the SIP. This is where pausing the SIP comes into play to temporarily disable investments for a specific period.

Some mutual fund companies allow this feature on their funds. Every company has its own set of rules regarding this.  So, research your mutual fund and pause your SIP for a period of 3 to 6 months.

Step-by-Step Instructions to Cancel SIP in Groww

Follow the steps below to permanently cancel your SIP in Groww:

• Open your Groww app and click on the “Mutual Funds” tab which is present at the bottom of the screen.

• Here, you will find a series of options available on the top such as “Explore”, “Dashboard”, “SIPs”, and “Watchlist”.

• Click on “SIPs” and find the one you wish to cancel.

• A new page will open up displaying all the information regarding your SIP.

• Click on “Cancel SIP” present in the top right corner.

• Choose your reason for canceling and confirm to complete the process.

It may take a processing time of up to 10 to 12 working days to stop SIP in Groww.

Wrapping Up

This was all on how to stop SIP in Groww. It is a pretty straightforward process that does not require any additional effort. It is important to be sure of this decision. Keep in mind that canceling the SIP only stops you from making future installments. It does not impact your existing investment amount.