Systematic Investment Plans (SIPs) are a popular way to invest in mutual funds, offering a disciplined and hassle-free approach to wealth creation. However, you may wish to stop or close your SIP for various reasons—financial planning changes, better investment opportunities, or the need to free up funds for any other purposes. If you have invested in HDFC Mutual Fund and are looking to close your SIP then here are a few steps to follow.
How to Close Your SIP in HDFC Mutual Fund?
There are two main ways to close your SIP with HDFC Mutual Fund: Online and Offline. Both methods are simple and allow you to stop your SIP at any time.
Step 1: Closing SIP Online
If you are comfortable using digital platforms, Here’s how you can close your sip in HDFC mutual fund.
Log in to your HDFC Mutual Fund Account :
- Visit HDFC Mutual Fund’s official website.
- Enter your credentials (user ID and password) to log in. If you do not have an account, you can create one by registering with your PAN and email address or Folio Number.
Navigate to SIP Section :
- Once logged in, click on the ‘Systematic Corner’ tab.
- Where you can find diffrent acitve sip with folion number.
Select the SIP You Wish to Close:
- A list of your active SIPs will be displayed. Select the SIP you want to cancel.
- Now Confirm the mutual fund scheme and amount before proceeding Go to Transact menu Right Side.
Submit the Request
- Click on ‘Stop SIP’ and confirm your action. Once the request is processed, your SIP will be canceled, and no further auto-debits will take place from your account.
Confirmation
- You will receive a confirmation email or SMS from HDFC Mutual Fund once your request is processed. The SIP closure generally takes 3-4 working days.
Method 2: Closing SIP Offline
If you prefer the standard route, you can also stop your SIP offline by following these steps:
- Visit the Nearest HDFC Branch
- Locate the nearest HDFC Mutual Fund office or service center. You can find the address on the HDFC Mutual Fund website.
- Fill out the SIP Cancellation Form
- Ask for the SIP Cancellation/Discontinuation Form at the branch.
- Fill out the required details, including your folio number, SIP scheme name, and other relevant information.
- Visit Here to Download SIP Cancellation Form https://www.hdfcfund.com/investor-services/form-disclosures/forms
- Submit the Form
- Submit the completed form and a copy of your PAN and other identification documents if required. Ensure that all details are accurate to avoid delays.
- Receive Confirmation
- After submitting the form, you will receive an acknowledgment receipt. The SIP cancellation process may take a few days, and once it’s completed, HDFC will notify you via email or SMS.
Points to Keep in Mind
No Exit Load for Stopping SIP: Cancelling your SIP won’t incur any exit load. However, if you choose to redeem your mutual fund units, exit loads and taxes on capital gains may apply.
Units Remain Invested: When you stop your SIP, the units you’ve accumulated in the fund will remain invested. To withdraw these units, you’ll need to submit a separate redemption request.
Estimate Before Closing: Consider if closing your SIP aligns with your financial goals. If you’re facing a short-term cash issue, you may want to pause the SIP instead of canceling it.
Also Read : How to stop sip in axis mutual fund?
https://thebullbook.in/how-to-stop-sip-in-axis-mutual-fund/
FAQ
How can I deactivate my HDFC Mutual Fund account?
Log in to your HDFC securities account. Go to the Investments section. Go to the Edit SIP window. Click on the End SIP.
Can I exit SIP anytime?
Yes, you can cancel your SIP at any time there is no maturity period.
When will I receive my money after canceling my mutual fund?
SIP redemptions are processed within 3 to 7 business days.
