So, you're looking to stop your SIP with DSP BlackRock (now officially known as DSP Mutual Fund)? Whether your financial goals have shifted, the fund's performance isn't meeting expectations, or you're facing a temporary financial crunch, discontinuing a Systematic Investment Plan (SIP) is a common investor need. The good news is, it's generally a straightforward process.
Let's walk through it together! Ready to take control of your investments?
Understanding Your Options: Pause vs. Cancel
Before we dive into the step-by-step guide, it's important to understand that you usually have two main options when you want to temporarily or permanently stop your SIP:
- Pausing Your SIP: This is a great option if you're facing a short-term financial crunch or want to temporarily halt investments without completely closing your SIP. DSP Mutual Fund, like many AMCs, offers a SIP pause facility, typically for 1 to 6 months. After the pause period, your SIP will automatically resume.
- Cancelling Your SIP: This means you want to permanently stop future debits for that specific SIP. Your existing units in the fund will remain, and you can redeem them later if you wish. There are generally no penalties for cancelling a SIP.
This guide will focus primarily on cancelling your SIP, but we'll touch upon pausing as well.
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| How To Stop Sip Dsp Blackrock |
Step 1: Gather Your Essential Information
Before you begin the process, ensure you have the following details readily available. This will make the cancellation process much smoother and faster.
QuickTip: Absorb ideas one at a time.
- Your Folio Number: This unique number identifies your investment account with DSP Mutual Fund. You can usually find it on your account statements, welcome kit, or by logging into your DSP Mutual Fund online account.
- Scheme Name and Plan: Be clear about the exact mutual fund scheme (e.g., DSP Flexi Cap Fund, DSP Small Cap Fund) and the plan (e.g., Growth, Dividend) for which you want to stop the SIP.
- SIP Amount: The fixed amount that is debited for your SIP installments.
- SIP Start Date and Preferred Cancellation Date: Knowing when your SIP began and the exact date from which you wish to cease future installments is crucial.
- Your Bank Account Details: The bank account from which your SIP debits are currently being made.
- Your PAN (Permanent Account Number): This is essential for all financial transactions in India.
- A Copy of Your Cancelled Cheque (Optional but Recommended for Offline): While not always strictly required for online cancellation, having a cancelled cheque of the bank account linked to your SIP can expedite offline processes.
Step 2: Choose Your Cancellation Method
DSP Mutual Fund, like most Asset Management Companies (AMCs), offers multiple ways to stop your SIP. You can choose the method that best suits your convenience.
Sub-heading: Option A: Online Cancellation (Recommended for Speed and Convenience)
Many mutual fund houses, including DSP Mutual Fund, provide an online facility to manage your SIPs. This is often the quickest and most convenient method.
- Visit the DSP Mutual Fund Website: Go to the official website of DSP Mutual Fund (
www.dspim.com - Log In to Your Investor Account:
- Look for a "Login" or "Invest Online" section.
- You'll likely need your Folio Number, PAN, or a registered email ID/mobile number to log in. You might also need an OTP (One-Time Password) sent to your registered contact.
- Navigate to Systematic Plans/Transactions:
- Once logged in, look for a section like "Systematic Plans," "My Transactions," "Active SIPs," or similar. This is usually found on the left-hand panel on a computer or a top/hamburger menu on a mobile device.
- Select the SIP to Cancel:
- You will see a list of your active SIPs. Carefully select the specific SIP you wish to discontinue.
- There should be an option to "Cancel SIP" or "Discontinue SIP" next to the chosen scheme.
- Confirm the Cancellation:
- The system will prompt you to confirm your request. Read all the details carefully to ensure you are cancelling the correct SIP.
- You may be asked to enter a reason for cancellation (this is usually optional for their internal data).
- Once confirmed, you will typically receive a confirmation message or email stating that your request has been submitted. Keep this confirmation for your records.
Sub-heading: Option B: Offline Cancellation (Traditional Method)
If you prefer a physical process or if online cancellation isn't available for your specific SIP, you can opt for the offline method.
- Download the SIP Cancellation Form:
- Visit the "Downloads" or "Forms" section on the DSP Mutual Fund website (
www.dspim.com/downloads - Look for a form titled "SIP/SWP/STP Cancellation Request Form" or "Change Request Form SIP/SWP/STP."
- Alternatively, you can obtain this form from any DSP Mutual Fund branch office or a CAMS (Computer Age Management Services) Investor Service Centre (ISC). CAMS is a Registrar and Transfer Agent (RTA) for many mutual funds, including DSP Mutual Fund.
- Visit the "Downloads" or "Forms" section on the DSP Mutual Fund website (
- Fill Out the Form Accurately:
- Carefully fill in all the required details on the form. This typically includes:
- Your Folio Number
- Name of the Unit Holder(s)
- Scheme Name and Plan
- SIP Amount
- The specific date from which you wish to stop the SIP.
- Your bank account details.
- Your signature(s) as per the mutual fund records.
- Important Note: If the mode of holding is "Joint," all unit holders must sign the form.
- Carefully fill in all the required details on the form. This typically includes:
- Attach Supporting Documents (If Required):
- While often not explicitly stated for simple cancellation, it's good practice to attach a copy of your PAN card. If you are also making a bank change as part of a modification, a cancelled cheque might be required.
- Submit the Form:
- At a DSP Mutual Fund Branch: Locate the nearest DSP Mutual Fund branch office and submit the filled form in person. Request an acknowledgment slip.
- At a CAMS Investor Service Centre (ISC): CAMS has numerous service centers across India. You can submit the form at any CAMS ISC. Again, remember to ask for an acknowledgment slip.
- Via Courier/Registered Post: You can also send the duly filled and signed form via courier or registered post to the DSP Mutual Fund registrar's office (CAMS) or their corporate office. Ensure you use a service that provides tracking and delivery confirmation.
Sub-heading: Option C: Through Your Distributor/Financial Advisor (If Applicable)
If you invested in DSP Mutual Fund through a financial advisor or distributor, they can often assist you with the SIP cancellation process.
Reminder: Take a short break if the post feels long.
- Contact Your Advisor: Reach out to your financial advisor or the platform through which you invested.
- Provide Necessary Details: They will guide you on the required documents and information, which will be similar to the offline method (Folio Number, Scheme Name, etc.).
- Advisor Submits Request: Your advisor will typically help you fill out the form and submit it to DSP Mutual Fund or their RTA on your behalf.
- Always ensure you get a copy of the submitted form and an acknowledgment of the request.
Step 3: Await Confirmation and Verification
After submitting your SIP cancellation request, the AMC (or its RTA, CAMS) will process it.
- Processing Time: It typically takes around 7 to 21 working days for a SIP cancellation request to be processed and for the auto-debit mandate to be stopped from your bank account.
- Keep an Eye on Your Bank Account: Continue to monitor your bank account around your usual SIP debit date. If a debit occurs after you've submitted your request and after the typical processing time, contact DSP Mutual Fund customer care immediately.
- Confirmation: You should receive a confirmation (SMS and/or email) from DSP Mutual Fund once your SIP has been successfully cancelled.
Step 4: What Happens to Your Existing Investments?
- Units Remain Intact: When you cancel your SIP, only the future debits are stopped. The units you have already accumulated in the mutual fund scheme through your previous SIP installments remain in your folio.
- Redemption is Separate: If you wish to withdraw the money from these existing units, you will need to place a separate redemption request. This is an entirely different process from SIP cancellation. You can usually do this online through your DSP Mutual Fund account or by submitting a redemption form.
- Exit Load (If Applicable): Be mindful of any exit loads that might apply if you redeem your units within a certain period (e.g., one year) from the date of investment. This information is available in the Scheme Information Document (SID) of the fund.
Key Considerations and Tips
- Timing is Crucial: Submit your SIP cancellation request at least 15-20 days before your next SIP debit date to ensure it's processed in time and to avoid another installment being debited.
- Keep Records: Always retain copies of your submitted forms, acknowledgment slips, and confirmation emails/SMS. These serve as proof of your request.
- Check Contact Details: Ensure your registered email ID and mobile number with DSP Mutual Fund are up-to-date, as they will use these to send you confirmations and updates.
- Consider Pausing First: If your reason for stopping is temporary, exploring the "SIP Pause" option might be a better choice than outright cancellation. This allows you to resume your investment without starting a new SIP registration process.
- Understand the "Why": Before cancelling, consider why you are stopping. Is it temporary cash flow issues, underperformance, or a change in financial goals? Understanding your reasons can help you make a more informed decision about your overall investment strategy.
10 Related FAQ Questions
Here are some common questions you might have about stopping your SIP with DSP Mutual Fund:
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How to check if my DSP Mutual Fund SIP is active?
You can check the status of your SIP by logging into your investor account on the DSP Mutual Fund website (
How to pause a SIP with DSP Mutual Fund?
To pause a SIP, log in to your DSP Mutual Fund online account, navigate to "Systematic Plans," select the SIP you wish to pause, and look for the "Pause" option. You can typically pause for 1 to 6 months.
QuickTip: Skip distractions — focus on the words.
How to restart a SIP after it has been cancelled?
If you have cancelled a SIP and wish to restart it, you will generally need to initiate a new SIP registration for the same scheme. This means filling out a new SIP application or starting a new SIP online.
How to avoid a penalty for stopping a SIP?
There are typically no penalties or charges imposed by the AMC for stopping a SIP itself. However, be aware of any exit loads that may apply if you redeem the units acquired through SIPs within a certain lock-in period (e.g., 1 year).
How to know the exact date of my next SIP debit?
Your SIP debit date is usually specified in your SIP registration document or can be found by logging into your DSP Mutual Fund online account, where details of your active SIPs are displayed.
How to confirm my SIP cancellation has been processed?
You will usually receive an SMS and/or email confirmation from DSP Mutual Fund once your SIP cancellation request has been successfully processed. You can also check your online account or contact customer care.
Tip: Use the structure of the text to guide you.
How to redeem my existing units after stopping a SIP?
Stopping a SIP only halts future installments. To redeem your existing units, you'll need to submit a separate redemption request through your DSP Mutual Fund online account or by submitting a physical redemption form.
How to contact DSP Mutual Fund customer care for SIP issues?
You can contact DSP Mutual Fund customer care via their toll-free number: 1800 208 4499 or 1800 200 4499. You can also email them at service@dspim.com.
How to find a CAMS Investor Service Centre near me?
You can find the nearest CAMS Investor Service Centre by visiting the CAMS website (
How to ensure I don't miss the deadline for SIP cancellation?
Always submit your SIP cancellation request at least 15 to 20 working days before your next scheduled SIP debit date to ensure ample processing time and avoid another installment from being debited.
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