It is possible to terminate an SIP by sending a written request to the AMC...
23-May-2013 •Research Desk
I initiated SIP investment for three years. However, now after 15 months, I don’t want to continue the monthly instalments. I also don’t want to withdraw the amount accumulated till now. I would like to stay in that fund for some more months at least. Can this be done and how to go about it?
Manish Kar Ray
It is possible to terminate an SIP by sending a written request to the AMC. Notice of discontinuance should be given at least 15 days prior to the due date of next installment.
You need to fill a SIP cancellation form, which can be downloaded from the AMC website or it’s available at AMC’s Official Points of Acceptance or registrar and transfer agents. You need to fill in the folio number, bank account details, scheme name, SIP amount and the date from which the plan has to be stopped.
Submit the form to the AMC. If post-dated cheques have been provided to the AMC, you will be returned the unused post-dated cheques. Since SIP is a voluntary investment, the AMC cannot levy any charges or penalty for discontinuing the SIP midway. Exit load will be levied when you redeem your investments.