How to Stop SIP in Groww?

If you're investing through SIPs in Groww and wondering how to stop SIP in Groww, you're not alone. Maybe you're short on cash, not happy with your fund’s performance, or just made a mistake starting it. Whatever the reason, this guide will help you “How to Stop SIP in Groww”.

What Is SIP and Why Would You Want to Stop It?

SIP (Systematic Investment Plan) is like a monthly chai subscription, but instead of tea, your money goes into mutual funds. Every month, a fixed amount (like ₹500, ₹1000, etc.) gets auto-deducted from your bank.

For example, you start a ₹1000 SIP in Nippon India Small Cap Fund. Every month, ₹1000 is invested in that fund. But sometimes, you might want to stop:

Your fund isn’t performing well
You need money for urgent expenses
You clicked ‘Start SIP’ by mistake
You want to switch to another fund

What Happens When You Cancel SIP in Groww?

Before you cancel your SIP in Groww, it’s important to understand a few basic things so you don’t get confused later.

No More Future Deductions: Once you cancel the SIP, money will stop getting deducted from your bank account. Your SIP stops from the next cycle (unless the next installment is too close, explained below). But your existing investments stay safe and will continue to grow based on how the market performs.
Existing Investments Are Not Affected: Just because you cancelled your SIP doesn't mean your old money is gone. It’s still invested in the mutual fund. You can redeem (withdraw) it anytime you want in the future.
SIP Can’t Be Cancelled Last-Minute: If your next SIP date is within 3 days, Groww won't let you cancel it immediately. In that case, you’ll have to wait for one more installment to go through, then cancel.

How to Temporarily Cancel (Pause) SIP in Groww?

Sometimes, money is tight. Maybe you had to pay for an emergency, a family function, or your bike repair. In such cases, you might not want your SIP to continue for a few months.

This is where the pause option helps. It’s like putting your SIP on a short break instead of cancelling it forever.

But Here’s the Catch:

Not all SIPs on Groww can be paused directly from the app. That option depends on the mutual fund company (AMC), not Groww. Each company has different rules. Some allow you to pause for 3 to 6 months, others may not allow it at all.

What You Can Do:

First, check if your mutual fund company allows a SIP pause.
Visit the official website of the AMC (like HDFC, SBI, Axis MF, etc.).
Look for the ‘Pause SIP’ option or call their customer care.
Submit the pause request online or by email.

Step-by-Step Instructions to Cancel SIP in Groww

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

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

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

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

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

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

6. 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

In conclusion, stopping a SIP in Groww is super simple. Just open the app or website, go to your SIP list, and hit Cancel SIP. Whether it’s a fund not performing well, a cash crunch, or just a decision to pause, now you know how to do it. But remember, SIP is meant for long-term gains. Don’t quit just because the market is down today.

About the Author

Khushi Singla

As a writer, my task is not only writing but making tough topics easy to understand. I have the ability to connect with the readers and deliver them the best piece of writing.

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