Many investors assume that once they've committed to a term or a quantity for a SIP investment, they can't modify it or they will be penalized. This isn't correct. A SIP can be continued as long as the investor likes, and it can also be terminated at any time. In addition, if an investor wants to adjust the amount of their SIP, all they have to do is stop it and start a new one.
SBI offers long-term, mid-term, and short-term mutual fund investments. In addition, the bank provides a variety of mutual fund-related services, including mutual fund calculators, mutual fund guides, tax-saving choices, and more.
If you have a SIP in a mutual fund with the SBI bank and want to liquidate it, you must choose cancellation. Let us walk you through the steps to canceling your SBI mutual fund SIP plan.
There are several options for canceling a mutual fund SIP with SBI Bank. The majority of them so you can choose the most convenient option.
How to Cancel SBI Mutual Fund SIP Online?
Step 1: Visit SBI Mutual Fund website.
Step 2: Login using Credentials
Step 3: Go to the 'Manage Account option' from the My Portfolio screen
Step 4: Select SIP you want to cancel and confirm
Step 5: Fill in the details
Step 6: Click Submit
Cancel SIP directly through the link
Visit the link https://www.sbimf.com/en-us/investor-corner/investor-services/non-financial-transactions
Step 1: Options such as Update Details and Check the status of the request are available under the non-financial transaction header.
Step 3: Scroll down from Select Request to get to this section. This area has choices such as updating/changing your email address, updating your PAN, updating your KYC status, adding multiple banks, cancelling your SIP, and more.
Step 4: select 'SIP cancellation request' from the menu
Step 5: Add the Folio Number and then click Proceed.
How to cancel SBI Mutual Fund SIP through an agent?
An agent is the second option to close your SIP with SBI bank via the internet mode.
You can contact your investment agent and discuss your account closure request with him or her.
You can provide the relevant details after submitting the request, and they will log onto their portals to deactivate your SIP mutual fund portal account.
How to cancel SBI Mutual Fund SIP offline?
Visit the branch and fill out a form with information about your connected bank account, folio number, SIP scheme name, SIP amount, and PAN. In addition, the form will ask you for a specified date when you want to stop participating in the plan.
Details required to cancel Mutual Fund SIP, STP, and SWP with the SBI Bank
Details needed for SIP Cancellation Request
SIP Cancellation Request
For the SIP Cancellation Request you have to specify the following details:
- SIP Auto Debit Date
- Frequency (Weekly, Monthly, Quarterly)
- SIP Installment Amount in Rupees
Request for STP Cancellation
With the above-mentioned personal details, you must specify the following details for the STP Cancellation Request:
- Regular, STP, CASTP, and Flex STP are examples of STP types.
- STP Frequency
- Enrolment Period (Daily, Weekly, Monthly, Quarterly, etc.)
- Amount of STP Installment in Rupees.
Request for Cancellation of SWP
With the above-mentioned personal details, you must specify the following details for the SWP Cancellation Request:
- Plan and Option Frequency (Monthly and Quarterly, respectively)
- Amount of SWP Installment in Rupees
- Date of SWP
It's a good idea to check with your asset manager or portfolio manager about the current status of your funds before cancelling your account. Also, if there are any hidden expenses, identify them. Typically, there are no fees. Some businesses, on the other hand, may only charge a processing or transaction fee. Investors are frequently panicked when their portfolios fluctuate frequently.
The market, on the other hand, is a highly volatile environment with frequent ups and downs. However, if you believe your fund is not performing as well as you had hoped, you should consider terminating your SIP. You can use the offline option if you are not too tech-savvy. Contact your bank and request that the NACH mandate is canceled. Obtain written confirmation from your bank that your mandate has been revoked. The SIP will get deactivated when payments are not made for a certain number of times.