Can you do all the services online?

Part 2 - How to stop a SIP online?

Some may be surprised at the heading of this article. Often this type of articles is not available. The only good thing that Covid-19 brought is the increasing number of services online. SIP can be easily started from the comfort of home. Can we stop the SIP online that we started earlier offline? The answer is yes, you can. The reality is that it is not easy. We might have started the SIP under pressure because of marketing skills of an intermediary. If you are not happy with those SIPs or if it does not seem to be beneficial for you, you can either close the SIP online or make a temporary pause. This article will guide you through this journey.

Temporarily pausing a SIP

Once the SIP is stopped, most people will not start the sip later, and it is left unattended. Many fund houses introduced the temporary pause in SIP instead of complete stop. In this new method of suspending a SIP, you can pause it for three or six months. It is better than to stop completely.

Procedure for closing/pausing a SIP.

Method 1 Access through intermediary

The most important aspect of the sip is how we have started the SIP in the first place. If we have started through individual distributors or online third-party sites, it is better to make changes in SIP through the same channels wherever possible.

If you are starting with individual agents, you can approach them and make changes through them. They will complete the process of filling online forms and send them electronically to you. Then you can approve it online via mobile or computer. Else you can make changes in SIP through RTA sites as given below in the next part of this article.

If you have started SIP through third party sites like MFU, Kuvera, etc., you can visit their respective sites and make the change by filling out the relevant online forms. In this case, you will not be able to close or pause SIP through any other method and you can close/pause only through the third-party site where the original sip was created.

Method 2 Making Changes in SIP through RTA – Registrar and Transfer Agents

Currently all mutual funds are serviced through three RTAs - CAMS, KFintech and Franklin. Depending upon the scheme’s RTA, we can close/pause a sip on their online site. For that we need to register on their site and create credentials like username and password. In the case of CAMS and KFintech, we can also download their app in mobile and operate through mobile also. Once you login to your RTA portals, follow the steps given here to stop or pause the SIP. For better navigation, some screen shots are enclosed for your guidance.

CAMS

Site Address: https://mycams.camsonline.com/

App for Mobile: MyCams app

Steps to do: Please login to myCAMS --> Go to myTransactions --> Systematic Transaction --> Choose mutual fund name --> Select "SIP" under Systematic Transaction type --> Choose the SIP transaction which you wish to cancel from the Pending/Active tab --> Click on "Cancel SIP" and submit.

KFintech

Site Address: https://mfs.kfintech.com/investor/

App for Mobile: KFinkart app

Steps to do: Check the dashboard where there is an option called Pause/Cancel Systematic Transactions. Please click on the same and select the folio and the scheme and submit for cancellation.