You can stop the SIP in one of the following manner. This depends on how you started the SIP.
- Login to your SBI Mutual Fund site, got to Mange Account and initiate a STOP request.
- If you started the SIP through with a demat account, place a STOP request from the demat operator’s website.
Sometimes the above may not really help and some distributors AMCs make it tougher to stop SIPs. In such a case try the following:
- Go to your Bank’s Net Banking and delete the Biller registration Once no payments are made for 2–3 times, the SIP will get cancelled automatically.
- Let the SIPs ‘bounce’ a couple of times by not keeping balance in your account. Never try this with your loan EMI or credit card payment as penalties might be charged.
- Check with the bank if there is any other way to cancel the auto debt mandate.
Stopping SIP might be a good choice if you wish to switch to direct plan mutual funds. You can place fresh SIPs in direct plans on a platform like Jamawealth.com and make upto 40% more by avoiding broker commissions.
If you wish to switch your past investments to direct, then that is really easy. Click here to start your switch.
