I want to cancel an online SIP. What will happen if I don't intimate the AMC and remove URN from my online bank account? Does this will affect my investment anyhow?
- Bharat Kumar
You can log into your mutual fund account online and choose 'cancel SIP'. Your SIP will cancel within 30 days of the cancellation request. If you have invested through any online agent, you can cancel SIP through their portal.
If you remove asset management company as a biller from your bank account, there would be no further investment into your folio. AMCs have set a specific number of unsuccessful ECS hits, after which the SIP will be cancelled automatically.
Talk to your mutual fund for more information.