How to Withdraw from SIPs
A Systematic Investment Plan (SIP) is a way of investing in mutual funds. It allows you to build wealth over time by contributing small and regular amounts. SIPs are an excellent choice for long-term financial growth as they help manage risks associated with market fluctuations.
They offer flexibility and compounding advantages, making them a preferred choice for investors. Withdrawing from an SIP in the UAE is a hassle-free process and you can redeem your investments. Let’s understand how to withdraw from SIP.
How to Withdraw from SIP- Steps Explained
Withdrawing from an SIP is a simple process and there are several ways to withdraw SIP. Let’s see how:
Method 1:
- Get in touch with your broker or distributor.
- Provide the required details, such as investment amount, scheme name, and folio number.
- Complete the withdrawal form.
Method 2:
- Connect with the asset management company and provide all the necessary documents/ information.
Method 3:
- Sign in to your DEMAT or trading account.
- Complete scanning of your mutual fund holdings to choose the SIP you wish to withdraw.
- Enter all the required details and follow the on-screen prompts.
Method 4:
- Reach out to the Registrar and Transfer Agent (RTA) linked to your SIP and complete the process.
SIP Calculator
SIP Calculator
Can I Stop SIP Anytime?
Yes, you can cancel SIP whenever you wish to. You have multiple ways to do it, including offline and online modes.
Online Mode
- Access your SIP account using the correct credentials.
- Select the relevant option to cancel/ stop SIP.
Offline Mode
- Registrar and Transfer Agent
- Asset Management Company
- Distributor
Click here to Start Your Investment Plan!
Points to Note Before You Stop SIP/ Cancel SIP
You must consider the following points before cancelling your SIP:
Potential Loss of Returns
Long-term investments like SIPs may result in a loss of potential gains in case of withdrawal.
Exit Fees
Withdrawal of an SIP before the specified period may have an additional fee.
Lock-in Period
SIPs like ELSS have a lock-in period, which means you cannot sell the investment during this tenure. It depends on the mutual fund you invest in.
Frequently Asked Questions
1. I wish to stop my SIP. Can I close SIP any time?
Yes, you can stop your SIP at any time, except ELSS. ELSS has a lock-in period during which you cannot cancel it.
2. How can I cancel SIP offline?
Primarily, you have three ways to stop SIP via online means-
- Broker or distributor
- Registrar and Transfer Agent
- Asset Management Company
3. What is an exit fee in terms of SIP withdrawal?
As the name says, an exit fee is applicable when you wish to cancel SIP before the specified period. It is fundamentally an early redemption cost.
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