How do I Stop my SIP

Stopping and starting SIP’s continuously can prove extremely detrimental to your long-term returns. Doing this negates the compound effect and can potentially set you back by a large sum of money in the end. Therefore, it’s always best to start your SIP with a sum of money that is comfortable for you, and does not end up overstraining your finances.

Make sure you don’t let the flexibility of SIP’s work against you by taking them lightly, simply because they do not levy penalties or heavy exit costs. A disciplined approach to your SIP’s will go a long way in ensuring that you create wealth from them in the long term.

The solution to having a long-term SIP is to “invest with purpose”. When you have SIP’s with clearly defined goals, you automatically keep them running for longer through the ups and downs of markets because you are focused on the big picture

If you started your SIP from an investing app or from a platform such as BSE or NSE, it can only be stopped from there. Alternatively, you can write to your bank and ask them to cancel the NACH mandate that is associated with that SIP. If your SIP was started offline through physical paperwork, you could also stop it offline if that suits you better. To do this, you will need to fill out and submit a physical SIP stop form to the concerned authority of the AMC or the registrar (CAMS or Karvy).

One easier solution is to get a Investment Expert and they can help stop your SIP’s and also go paperless in the future!