How to Cancel Your SIP Online: A Step-by-Step Guide

If you’re looking to cancel your SIP, the process is straightforward whether you’ve set it up through an investment platform, AMC, or your bank.
However, missing a small step, like not cancelling your NACH mandate or submitting incorrect folio details, can delay or fail your cancellation request.
Here’s a complete, step-by-step guide on how to cancel your SIP online the right way.

1. Cancel Your SIP Through Your Investment Platform

If you started your SIP through an online broker or app (like Groww, Zerodha, or Paytm Money), the cancellation can be done directly through your account.

Steps:

1. Log in to your investment platform.
   
   

2. Go to the SIP Instructions or Active SIPs section.
   
   

3. Choose the SIP you want to cancel.
   
   

4. Click Cancel SIP or Stop SIP.
   
   

5. Confirm your cancellation request.
   
   

Most platforms process the cancellation immediately. However, the linked NACH auto-debit may remain active if you don’t cancel it separately through your bank.

2. Cancel SIP Through the AMC Website

If your SIP was registered directly with the AMC (Asset Management Company), you can stop it by submitting a cancellation form.

Steps:

1. Visit the AMC’s official website or CAMS/KFintech service portal.
   
   

2. Download the SIP Cancellation Form.
   
   

3. Fill in your PAN, folio number, SIP details, and bank mandate details.
   
   

4. Submit the form online or at the nearest branch.
   
   

5. Processing usually takes up to 3 weeks.
   
   

Tip: Ensure you provide the exact folio and SIP registration number to avoid rejections.

3. Cancel SIP Using MF Central (for Multiple AMCs)

MF Central allows you to manage SIPs across different AMCs in one place.

Steps:

1. Visit MF Central and log in with your PAN or email.
   
   

2. Select your mutual fund folio from the dashboard.
   
   

3. Click on Cancel SIP.
   
   

4. Verify using OTP sent to your registered mobile or email.
   
   

You’ll receive a confirmation once the SIP has been successfully cancelled.

4. Cancel SIP Through Your Bank (NACH Mandate)

If you’ve set up a NACH auto-debit with your bank for SIP payments, you’ll need to stop this separately.

Steps:

1. Log in to your net banking portal or visit your bank branch.
   
   

2. Look for Auto Debit Mandates or Standing Instructions.
   
   

3. Identify your SIP’s NACH mandate.
   
   

4. Select Cancel or Deactivate Mandate.
   
   

5. Confirm the cancellation request.
   
   

Note: If no debit occurs for 2–3 months, the mandate usually expires automatically, but it’s best to manually cancel it to avoid future charges.

5. Confirming Your SIP Cancellation

Once you’ve submitted the request, ensure:

• You receive a confirmation email or SMS from your platform, AMC, or bank.
  
  

• No future auto-debits occur for the cancelled SIP.
  
  

• The SIP entry no longer appears in your account dashboard.
  
  

If a deduction still happens after cancellation, contact the AMC or your bank immediately with proof of your cancellation request.