Feeling a bit overwhelmed with your SIP investments and thinking it's time to hit the brakes on one with DSP BlackRock? You've come to the right place! Cancelling your SIP online is a straightforward process, and this comprehensive guide will walk you through every step to ensure a smooth experience.
Let's get started, shall we?
How to Cancel Your DSP BlackRock SIP Online: A Step-by-Step Guide
Cancelling a Systematic Investment Plan (SIP) might seem daunting, but thankfully, most Asset Management Companies (AMCs) like DSP BlackRock (now DSP Mutual Fund) have streamlined the process for online convenience. It's important to remember that cancelling your SIP only stops future debits; the units you've already accumulated will remain invested in the fund until you decide to redeem them.
Step 1: Gather Your Essentails – What You'll Need Before You Begin
Before you even think about logging in, make sure you have the following information handy. This will make the entire process much quicker and prevent any frustrating delays.
- Your DSP Mutual Fund Folio Number: This is your unique account number with DSP Mutual Fund. You can usually find it on your investment statements or transaction confirmations.
- Your PAN (Permanent Account Number): Your PAN is crucial for any financial transaction in India.
- Your Registered Email ID and Mobile Number: You'll likely need these for logging in and for receiving OTPs (One-Time Passwords) or confirmation messages.
- Details of the Specific SIP you wish to cancel: If you have multiple SIPs with DSP Mutual Fund, be sure you know exactly which one you intend to stop. This includes the scheme name, SIP amount, and the SIP registration date.
Step 2: Accessing the DSP Mutual Fund Online Portal
This is where the actual online journey begins.
- Visit the Official DSP Mutual Fund Website: Open your web browser and navigate to the official website of DSP Mutual Fund. Be very careful to use the legitimate website to avoid any phishing attempts. A quick Google search for "DSP Mutual Fund" should lead you to the correct link, which is usually
www.dspim.com. - Locate the Investor Login/Existing Investor Section: Once on the homepage, look for a prominent "Login," "Investor Login," or "Existing Investor" button or link. This is typically located in the top right corner of the website.
Step 3: Logging In to Your Account
You have a couple of common ways to log in.
- Using Your Folio Number and PIN/Password:
- Enter your Folio Number in the designated field.
- Enter your PIN or Password. If you haven't set one up, there's usually an option to generate a new PIN or register for online access. Follow the on-screen instructions for this.
- Using PAN and OTP (One-Time Password):
- Some portals allow you to log in using your PAN and receiving an OTP on your registered mobile number or email ID. This is often a convenient option if you don't remember your password.
- Enter your PAN and click on "Generate OTP" or a similar option.
- Enter the OTP you receive to gain access to your account.
Step 4: Navigating to the SIP Cancellation Section
Once successfully logged in, you'll need to find the right section to manage your SIPs.
- Look for "My Investments" or "SIPs" or "Systematic Transactions": The exact phrasing might vary slightly, but these are common labels for the section where you can view and manage your ongoing SIPs. It's usually found in the main menu or a dashboard.
- Select the Specific SIP to Cancel: In this section, you will see a list of all your active SIPs. Carefully review the details to ensure you are selecting the correct SIP for cancellation. There will typically be an option next to each SIP to "View Details," "Modify," or "Cancel."
- Click on the "Cancel SIP" Option: Once you've identified the SIP you want to stop, click on the "Cancel SIP" or "Stop SIP" button associated with it.
Step 5: Confirming Your SIP Cancellation Request
This is the final stage of the online process.
- Review Cancellation Details: The system will likely display a summary of the SIP you're about to cancel. Double-check all the information – scheme name, SIP amount, frequency, and upcoming debit dates – to confirm it's correct.
- Provide a Reason for Cancellation (Optional but Recommended): Some platforms might ask for a reason for cancellation. While it's often optional, providing a reason can sometimes help the AMC understand investor behavior. You can simply state "Personal Financial Reasons" or "Rebalancing Portfolio," etc.
- Confirm with OTP/Transaction Password: To finalize the cancellation, you will typically need to confirm the request using an OTP sent to your registered mobile number or email, or by entering your transaction password. This is an important security measure.
- Submit Your Request: After successful confirmation, click on the "Submit" or "Confirm" button.
Step 6: Acknowledgment and Tracking Your Cancellation
Congratulations! You've submitted your SIP cancellation request online.
- Note Down the Reference Number: Immediately after submitting, the system will generate a reference number or transaction ID. Make sure to note this down carefully. This number is your proof of request and will be essential if you need to follow up with customer care.
- Expect a Confirmation Email/SMS: DSP Mutual Fund will send a confirmation email and/or SMS to your registered contact details acknowledging your cancellation request. Keep this for your records.
- Processing Time: SIP cancellations typically take a few business days to process. As per SEBI regulations, AMCs are now mandated to process SIP cancellation requests within two working days for both online and offline applications. However, it's always advisable to submit your request at least 3-5 business days before your next SIP debit date to avoid the upcoming installment from being processed. If you submit it too close to the debit date, that particular installment might still go through.
Important Considerations:
- No Penalty for Cancellation: There are generally no charges or penalties for cancelling a SIP midway. You only stop future contributions.
- Existing Units Remain Invested: The money you have already invested and the units you've accumulated will remain in the fund. You can redeem these units whenever you wish, subject to any applicable exit loads (if you redeem before a certain period, usually 1 year for equity funds) or lock-in periods (like in ELSS funds).
- Check for Exit Loads: Before redeeming your existing units, be aware of any exit loads. An exit load is a small fee charged by the AMC if you redeem your units before a specified holding period (e.g., 1 year). This is mentioned in the Scheme Information Document (SID).
- ELSS Funds (Tax-Saver Funds): If you have invested in an ELSS (Equity Linked Savings Scheme) fund, remember there's a mandatory 3-year lock-in period from the date of each investment. You cannot redeem units from an ELSS fund before this lock-in period expires, even if you cancel the SIP.
10 Related FAQ Questions
Here are 10 frequently asked questions, all starting with "How to," along with their quick answers, to further assist you:
How to check my DSP Mutual Fund Folio Number?
You can find your DSP Mutual Fund Folio Number on your investment statements, transaction confirmations, or by logging into your DSP Mutual Fund online account and navigating to "My Investments" or "Portfolio."
How to pause a SIP in DSP Mutual Fund instead of cancelling?
Many mutual fund houses, including DSP Mutual Fund, offer a SIP "pause" facility for a temporary period (e.g., 1 to 6 months). Look for this option within the "My Investments" or "SIPs" section of your online account. If unavailable online, contact DSP Mutual Fund customer care.
How to avoid a SIP debit if I cancel it very close to the due date?
While SEBI has mandated a T+2 working day cancellation process, it's best to submit your SIP cancellation request at least 3-5 business days before your next SIP debit date. If submitted too late, the upcoming installment might still be processed.
How to redeem the units after cancelling my DSP Mutual Fund SIP?
After cancelling your SIP, the existing units remain in your folio. To redeem them, log in to your DSP Mutual Fund online account, go to the "Redeem" or "Withdraw" section, select the scheme, enter the amount or units to redeem, and confirm.
How to confirm if my DSP Mutual Fund SIP cancellation was successful?
You will receive a confirmation email and/or SMS from DSP Mutual Fund with a reference number once your cancellation request is processed. You can also log back into your account to see if the SIP is listed as "inactive" or "cancelled."
How to restart a SIP in the same DSP Mutual Fund scheme after cancellation?
If you wish to resume investing in the same scheme after cancelling, you will generally need to start a new SIP registration. This involves going through the SIP registration process again, selecting the scheme, amount, and frequency.
How to find DSP Mutual Fund's customer care number for SIP inquiries?
You can find DSP Mutual Fund's customer care numbers and email on their official website, usually in the "Contact Us" or "Help & Support" section. Their toll-free numbers are generally 1800 200 4499 or 1800 208 4499.
How to know if there's an exit load applicable on my DSP Mutual Fund investment?
Details about exit loads are clearly mentioned in the Scheme Information Document (SID) of the mutual fund. You can usually download the SID from the DSP Mutual Fund website or check the fund's details on your investment platform.
How to cancel a SIP if I invested through a third-party platform (e.g., Groww, PayTM Money)?
If you invested through an online distributor or platform, you will typically need to log in to that specific platform and initiate the SIP cancellation request through their interface. The process will be similar to the AMC's direct online cancellation.
How to get a consolidated account statement (CAS) for all my mutual fund investments, including DSP Mutual Fund?
You can request a Consolidated Account Statement (CAS) from CAMS (Computer Age Management Services) or KFintech, which are the RTAs (Registrar and Transfer Agents) for most mutual funds in India. They will provide a single statement of all your investments across various fund houses.
