Groww is a popular investment platform that has made investing in mutual funds and Systematic Investment Plans (SIPs) incredibly accessible to users. However, circumstances change, and you may find the need to cancel or stop SIP in Groww.
Key Highlights:
Cancelling SIPs:
- You can cancel SIPs online through your broker’s platform, including Groww.
- Cancelling a SIP in Groww incurs no fees or charges.
Stop SIP in Groww Process:
- Login to Groww app/website.
- Go to “Investments” and find the SIP you want to stop.
- Click “Stop SIP” in the top right corner.
- Confirm cancellation in the pop-up.
Cancellation Effects:
- Future SIP installments stop immediately.
- Existing units aren’t automatically redeemed.
- You can manually redeem units for immediate liquidity, potentially incurring exit loads or tax implications.
In this comprehensive guide, we’ll walk you through the process of stopping your SIP on the Groww app. We’ll also address common questions that users face related to the cancellation of SIP on the Groww app.
Can I Cancel My SIP online?
Yes, you can cancel or stop your SIP online. Every broker allows you to cancel SIP through their platforms. You can also cancel SIP in Groww.
Are there any Fees or Charges for Canceling a SIP in the Groww App?
No, there are no fees or charges for canceling a SIP in the Groww app. Groww does not charge any fees for stopping or canceling an existing SIP investment.
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Stop SIP in Groww Process
How Do I Cancel SIP and Withdraw Money From Groww App?
Please note that cancelling an SIP just means stopping further SIPs. It means you do need not to pay further installments. Follow to stop SIP in Groww. However, already deducted SIPs will remain invested.
So, if you want to stop SIP in Groww or cancel SIP in Groww, then follow these simple and quick steps:
Step 1. Login to the Groww app or website.
Step 2. Go to the “Investments” options. Here you can see all investments you have made on Groww.
Step 3. Select the SIP you want to cancel to stop SIP in Groww. You can search it with the fund name or look for it under the “Active SIPs” option.
Step 4. Click on the “Stop SIP” button showing in the top right corner.
Step 5. A pop-up will open to get confirmation. Click on “CANCEL SIP” and your SIP is stopped.
Note:
- You can’t cancel SIP if you have an upcoming installment due in the next 3 days. In such a case, you can cancel the SIP only after paying this installment.
- You can withdraw already invested SIP amounts via your mutual fund’s dashboard.
Other Groww Related FAQs
What Will Happen If I Cancel My SIP on Groww App?
If you cancel your SIP on the Groww app, the following will typically occur:
Termination of Future Investments: Once you click on stop SIP in groww or cancel SIP in groww, your future SIP installments will be stopped immediately. This means that you won’t be making any further contributions to the mutual fund through that particular SIP.
No Redemption of Existing Units: Cancelling your SIP does not automatically redeem or sell the units you’ve already invested through the SIP. However, you can sell/redeem those holdings through a mutual funds platform.
Immediate Liquidity: If you want to access the money you’ve invested in the mutual fund, you will need to redeem the units manually. Keep in mind that there may be exit load charges or tax implications, depending on your investment duration and the mutual fund scheme.
Conclusion
Stopping your SIP in Groww is a straightforward process through its user-friendly interface. Remember that cancelling your SIP doesn’t automatically liquidate your investments; you’ll need to redeem your units separately if you wish to withdraw your money. Stop Sip in Groww.
Disclaimer: The information provided on this website is for general informational purposes only and should not be construed as financial advice, investment recommendations, or guarantees of any kind. This information is not intended as a substitute for professional financial advice. You should always seek the advice of a qualified financial advisor before making any investment or financial decisions.
