How to Cancel an HDFC Mutual Fund SIP: A Comprehensive Guide

Managing your investments can sometimes require changes, and one such change is canceling a Systematic Investment Plan (SIP) with HDFC Mutual Fund. This guide will provide you with detailed steps on how to cancel your HDFC SIP and ensure a smooth process.

Steps to Cancel an HDFC SIP

The cancellation of an HDFC SIP is a relatively straightforward process, but it is crucial to follow the steps accurately to avoid any issues. Here are the steps you can take:

Step 1: Log in to Your Online HDFC Mutual Fund Account

The first step is to log in to your HDFC Mutual Fund account on the official website. If you haven’t already registered, you can do so by providing your PAN number and other necessary details.

Step 2: Navigate to Transactions or My Portfolio Section

Once you are logged in, navigate to the 'Transactions' or 'My Portfolio' section. Here, you will find a tab specifically dedicated to your SIPs. This section will display a list of all the SIPs you have invested in.

Step 3: Select the SIP You Want to Cancel

From the list, select the SIP you wish to cancel. Highlight the one you want to terminate and proceed to the next step.

Step 4: Cancel the SIP

After selecting the SIP, click on the 'Cancel' option provided. The process may take a couple of days to complete. Once the cancellation is processed, your monthly deductions will cease.

Alternative Process if Set Up through Third-Party Platform

If you set up your SIP through a third-party platform such as Zerodha or Groww, the cancellation process is almost similar. Navigate to the mutual fund section within the platform, select your SIP, and proceed to cancel it.

Fun Fact: A common misconception is that canceling an SIP means losing all previously invested money. In reality, your existing investments remain unaffected; you only stop new investments from being made.

Off-Online SIP: Additional Steps

If your SIP is an offline SIP, you may need to follow an additional process. Here are the steps:

Step 1: Cancel the SIP on the HDFC Mutual Fund Website

Go to the HDFC Mutual Fund official website and log in. Navigate to the transactions or my portfolio section and select the offline SIP you want to cancel. Click on the 'Cancel' option to initiate the cancellation process.

Step 2: Delete the Biller from Your Net Banking

If you set up the SIP through online net banking, go to your net banking portal. Select the biller and delete it. This step ensures that no future deductions are made.

Additional Considerations

For offline SIPs, it is wise to consider the following:

The cancellation process takes 21 days to complete. If the next SIP date is within the 21-day period, the deduction will still occur. Some private banks may charge a fee for presenting a SIP for cancellation. The biller, if deleted from your net banking, will continue to request payment for the next three months before being stopped.

Therefore, it is advisable to process the stop SIP through HDFC Mutual Fund’s official website and confirm the deletion from your net banking portal if applicable.

Conclusion

Cancelling an HDFC mutual fund SIP is a process that can be handled efficiently with the right steps. Whether you manage your SIPs through HDFC’s official portal or third-party platforms, the process is straightforward. By following the steps outlined above, you can ensure that your cancellation is processed smoothly, and you avoid any unintended deductions.

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