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POSTED BY ON November 22, 2010 5:16 pm COMMENTS (6)
I have started a SIP in the month of August on Reliance Equity Opportunites RP Fund. So far 3 SIP is comeplted out of 13 which i gave in application.However due to recent requirement of money for other neccessities i am planning to stop this SIP.
Is this possible as i see many fund house say 6 months minimum of SIP in a fund. What is the implications of stopping it now?
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yes you can. co-ordinate with your agent in case you bought offline.
In case you use an online brokerage like ICICIdirect.com, it can be cancelled even 1 day before by logging in your account & just cancelling it. No charges or penalty is applicable.
I enquired with their CC today and found out that i need to fill in the SIP cancellation form and submit it to their nearby office. There was no mention of that 15 day period,however i confirmed that there will be no penalty for this cancellation before 6 months of start. Now i am thinking will my bank put any penalty due to this?
Anyone here had any similar experience ?
Now Reliance do not accept just a written request. Mine was rejected recently. They have a “SIP Cancellation form” in their MF website.
So can we stop it before 6 months without any penalty ? What is to be done from bank side ? Don t we have to stop our ECS ?
Manish
Prabeesh,
You can stop the SIP at any time but 15 days before the SIP date atleast. You have to give a written request by mentioning your folio number addressing it to the Fund house and submit it in the Reliance Mutual Fund office. You will receive the confirmation after stopping.
Thanks,
Chakri
Chakri
That would not attract any penalty ?
Manish