I’ve invested in a mutual fund through the SIP route. I made this investment online, and after the initial investment, I did not make any further investment via the SIP route. Is it possible for me to withdraw the money which is already invested, or do I need to make some more payments to be able to redeem the units?
-Leela Kalamkar
Your SIP investment is just another lump sum investment and you can redeem the invested money any time you want. But before you do, there are two things you need to be aware of if your investment is less than a year old: firstly, most equity funds have a 1 per cent exit load which you might face, and secondly, if there's any gain on your investments, you’ll have to pay 15 per cent short-term capital gains tax, which is levied on equity mutual funds.
This article was originally published on May 14, 2012.
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