In an earlier post, I had shown how to purchase mutual funds units and create SIPs on MF Utility online portal.
Once you have set up a SIP on MF Utility, it is possible that you may want to cancel the SIP for any reason.
How do you do that?
How to stop SIP on MF Utility website?
Frankly, under MF Utility, the procedure for cancellation of SIP is quite confusing and is not intuitive. With other platforms, the process is much simpler. You can easily view your SIPs and cancel those SIPs with a click of a mouse.
With MFU too, cancellation of SIPs is through a click of a mouse. However, viewing the running SIPs is not really intuitive. And to cancel, you need to view the running SIPs.
This point has been raised by many readers on this blog.
Therefore, I thought it apt to discuss the procedure to cancel SIP on MF Utility website.
Read: How to purchase Mutual Fund units on MF Utility website?
Read: How to set up a mutual Fund SIP through MF Utility website?
Steps to stop or cancel SIP on MF Utility website
- You need to log into MFU portal using login credentials.
- In the top header, you need to click on “Transaction Books”. Subsequently, click on “Systematic Order Book”.
- On the Systematic Order Book page, you need to Select the date range in which the SIP was set up. For instance, if you set up your SIP on August 10, 2016, you need to select a date range that contains August 10, 2016. Frankly, MFU could have done much better and made things simpler.
- Do note the search is for all the systematic transactions i.e. SIP, SWP or STP. If you want to filter your search, you can use filter icon.
- Once you see the concerned SIP, you can select the SIP and click on the “Pencil” icon to cancel the SIP.
Points to Note
- You can cancel only those SIPs/STPs/SWPs that you created through MFU portal.
- SIPs initiated through other platforms can’t be cancelled through MFU website.
- I have observed that if the cancellation of SIP is close to the SIP date, the very next installment can still go through (debited from your bank account). Something you need to be prepared for. By the way, this is not specific to MFU.
80 thoughts on “How to stop SIP on MF Utility website?”
Hi Deepesh
I am using MF Utilities for Direct Mutual Fund investments. Few months back I stopped my STP to Franklin Taxshield fund through MFU. But the same continued even after a month. Good that aganist my complaint they reversed it.
Everythin is fine with MFU, but their costomer support is horrible. Same is the case with their POP CAMS. After recent take over of SBT by SBI I am struggling for a month to get my IFSC code updated. I have submitted my forms to CAMS Cochin by September 18th and till date no proper answer for both CAMS and MFU. No one lift phone to resolve your technical issues or answer to the mails. Complaint on Portal simply replies ” We are checking”
Just sharing my experience with MFU and CAMS
Hi Santhosh,
I agree MFU customer care is not that great.
In my case, since I am a RIA, I know the right persons to escalate to.
SO, I can manage. But for investors, I can see customer service is a bit of a problem.
MFU CEO V Ramesh is on Twitter. You can raise a complaint on MFU and tweet to Mr. Ramesh.
You should get a swift response.
Moreover, rather than dialling toll-free numbers, dial the following numbers 022-4252 6363 or 022-2584 6363.
Hello dear
I have one question.
Do we need to fill CTF for every mutual fund purchase, in case of online online transaction. PayEezz form we have already submitted.
If you are transacting online, there is no need to fill any form.
If you are transacting offline, then you need to submit CTF for every transaction.
Hi Deepesh,
Could you guide me how to update amount of a fund in my existing SIP? I want to increase monthly amount of my existing SIP for a particular fund.
Hi Ganesh,
You can’t modify the SIP amount.
However, you can start a new SIP of difference amount in the same scheme.
Dear Deepesh,
I have a specific question, I want to invest in SIPs with the target of 5 years to buy a house. My question is If I make SIPs in 2 or 3 MFs and put a target date of after 5 years, Do I need to pay capital gain tax on SIPs of less than 3 year tenures after 5 years? If yes, how can I avoid that.
Also, I am planning to use MF utility for Direct MF investments and I am an NRI. Can I do the CAN and Payeez registration completely online or I need to courier the forms and supporting at their Head office? Please advice
Thanks
Hi Nishant,
When investing through SIP, every installment is a fresh investment from the perspective of exit loan and capital gains taxation. Guess this answers your query.
If your investible surplus comes by way of monthly cashflows, there is not much you can about it.
If you are investing for multiple goals, you can probably invest more for the housing goal in the first two years. I assume you are talking about investmet in debt funds.
PayEezz is still offline for everyone. You have to send the documents to MFU office in Thane.
About CAN registration, it is online only for those who have invested before and have invested from the bank account they are registering with MFU.
So, you need to see if you are eligible for a completely online CAN.
Since you need to send physical forms for PayEezz, you might as well send for CAN registration too.
Hi Deepesh,
Many thanks for your reply.
I am thinking of investing in balanced or equity oriented mf
Regards
Nishant
What is the TAT for SIP cancellation
Some times, if the next instalment is in next 7-10 days, it goes through despite cancellation.
Hi Deepesh,
How to download elss tax statement from MFU? Can you give some info?
Hi Sabarinathan,
MFU does not provide such facility.
You can download capital gains statement on CAMS/Karvy websites or on AMC websites.
Hi Deepesh,
Can you please advise how to check on MFU portal about SIP end date as I have tried multiple options like normal order book/systematic order book.
Hi Sandeep,
When you search in the systematic order book, you can click on the Notes icon (it is beside the clock icon).
Hi Deepesh,
I want to understand, cancelling the SIP is it same as redeeming?
I want to just stop the SIP, dont want to invest more in the specific MF, but the amount already in it need to be invested only. does this attract exit loads and shot term tax.
Thanks
Srinath
Hi Srinath,
SIP is a mode of investment.
When you stop SIP, only the fresh investments are not made. Existing investments are not redeemed.
If you want to redeem, it has to be done separately. When you do that (redeem), exit load and short term capital gains tax may apply.
Hi Deepesh,
I’ve two small queries need your valuable answer. Thanks in advance.
1. Can I sell my fund on their respective AMCs which were bought using MFU ?
2. Can I update my bank details on MFU & how ?
Hi Prasanta,
1. Yes
2. Yes, you will have to fill up a form (bank mandate form) and send to MFU. The form is available on MFU website.
I want to invest thru sip fr3 yrs only but wants to continue or hold with same mf for 10-15 yrs . So what will be better option to divide my total investment thrusip for 15 yrs or sip for three yrs and continuing hold for 15 yrs for the same investment amount. Thanks in advance for clearing doubts of so many investors .hv total investment amount of ~30 lac
If I were you, given these two choices, I will do SIP for 3 years and wait for the investment to grow for the next 12 years.
Hi Deepesh,
I recently started using MF Utility.
I am seeing an issue with STP. While the STP is registered sucessfully, and is also getting executed ( based on e-mail and statement from AMC),
I am not able to see the actual STP transactions. Clicking on the icon just says no transactions available.
The same icon is working fine and showing the details in case of SIP.
I tried raising a complaint, sending an e-mail etc. No response.
Any idea how to see details of STP transactions in MF utility online portal?
Thanks
Vasanth
Hi Vasanth,
On this front, MFU lags behind.
Difficult to fetch this information there. You can view for the past few systematic transactions.
You can rely on AMC statements or download transaction statements from CAMS/Karvy to verify.
Hi Deepesh,
Thanks for the informative articles. I have registered SIP using MFU. Murual Fund House is Axis AMC and Registered Bank account is in SBI. Just wondering if there are any charges/penalty from Fund House or SBI if the SIP bounces due to lack of funds on the designated date?
Regards,
Santosh
Hi Santosh,
MFU or the AMC does not charge any penalty.
Your bank may charge if ECS is returned due to lack of funds. Please check with your bank.
Does MFU retry the transaction if the deduction bounced. And in the subsequent months will it continue as normal ?
No, it won’t (and can’t) retry.
The subsequent installments will work.
1. Can i operate different CAN no through a single MFU login??
2. How to add different CAN no in a single MFU login.
1. Yes. The login id is given per PAN (and not per CAN).
2. Will be automatically added.
I find MFU service so rotten I wish to get out of it. How can I close my account? I am unable to buy any SIP from them for I don’t know the reasons. My bank details are put up there. Pls assist in closing this silly account. It is not service, it is disservice,
Hi Monica,
Please write to MFU to understand the method. I don’t know how closure is done.
Btw, if you don’t want to use, you simply stop using it.
For starting SIP, you need to registered PayEezz mandate.
Hi Deepesh
I cancelled my sip. Since it was close to the installment date, the money got debited from my account which is expected. But the thing is units for that installment is not yet added to my account even after 2 days of the installment date. Is this really a concern or do I need to wait for some more days ?
It has been 5 days, still the units is not yet credited to my account.
What is the status now?
Sir,
I want to increase amount of an existing SIP.In MFU Online, is possible to add an extra amount on the same day on same fund as a new investment?And when I can stop one SIP once it start.-after Six month or one year ?
Thanks
JIBI
You will have to start a new SIP.
Thanks a lot. I was searching for this since long time and all the queries to MFU were unanswered.
You are welcome, Bhavin.
Really helpful information.
Thanks for sharing
Thanks Deepesh,MFU document is not good online.
Your blog help me to clarify doubts for MFU.
Pls keep doing great job, Wish u all success in future,,,,
One query- I want to change bank Account number for existing SIP started though MFU.
How can we do it?Pls guide.
You can’t change the bank account number for the existing SIP.
Here is what you can do.
You will have first add new bank account to MFU. For that, provide bank mandate addition form along with PayEezz form.
Cancel existing SIP. Start new SIP with the new account number.
You are welcome, Parth.
One Query Regarding the SIP in MFU Online-
I want to decrease the amount in SIP? Please let me know the procedure involved in modifying the SIP in MFU?
As of now, MFU does not permit modification of SIP amount.
So, Do I need to cancel the existing SIP and create a new SIP for the required amount?
If you want to increase the amount, you can even start a new SIP for the difference amount.
If you want to decrease the difference amount, you will have to stop the SIP and start a new one for the lower amount.
Hello Sir,
Is there any option to change the SIP amount in MF utility?
Sorry, It was answered in your earlier reply
No worries. Anurag. Happy investing!!!
Hello sir,
Your blog on use of mfu platform is excellent.It has make me possible to invest directly into m.f.Thanks for it.
My questions related to stopping of SIPS are:
1)We have to just cancel SIP through mfu platform purchased through it,is enough,
or, additionally we have to contact bank to inform them that we are cancelling it ?
2)In future,can we re start SIPS at any time through mfu platform
,or we have to do procedures again to restart it ?
Thanks.
Hi Dipak,
Thanks!!!
1. Cancelling through MFU is enough. No other work needed.
2. No such thing as restarting a SIP. You can always start a fresh SIP in the same fund (where you stopped SIP)
Hi ,
If I am stopping the SIP after 3 years in MFU, Will the invested amount will keep on growing? OR there will not be any change??
Hi Kavya,
When you stop SIP, only fresh investments are stopped.
Existing investments remain and keep growing till such time you explicitly redeem those units.
Hi,
In case of SIP through MFU, FAQ says each transaction needs to be authenticated. What does authentication means? Do I need to login on MFU website and manually approve SIP? If so than having SIP doesn’t make sense, it’s as good as buyiy lumpsum every month with a Google Calendar alert. Setting up SIP on icicidirect doesn’t require any manual intervention once it has been setup.
I want to use MFU to avoid paying additional charges by investing in direct funds.
Pls help clarify
Thanks
Hi Amit,
Once the SIP is initiated, you do not have to do anything manually.
Hi Deepesh,
How to open a SIP under ELSS in MFU??
Is there any option to check for ELSS?
Thanks in advance.
Hi Kavya,
ELSS are specific equity funds.
The process to start a SIP is no different.
Thanks Deepesh!!
When I am trying to open a SIP, I am getting below error
“lead time between sip registration date and start date should be 15 days for existing mandate”.
Can you please explain me why I am getting this error.
Thanks in advance,
Hi Kavya,
Between the setup date and start date, there must be a gap of 15 days.
The reason is that this information has to spread across the system (RTA, AMC etc). Plus, auto-debit instructions have to be sent to the bank a few days in advance.
For this, there is a gap of 15 days. It could have been lower but that’s the way it is.
Thanks a lot for prompt response!!
Your answers helped me a lot 🙂 Awesome blog 🙂
Thank you.this is really useful. been looking for this info for long.
Hi,
Is it possible to pause a month SIP at MFUOnline. How to do that?
Thanks,
Ananth
You can’t pause for a month. You will have to cancel the SIP.
Hi Sir,
After investments as SIP, how/where can i get the documents proof which can show it for tax exemption under 80c by the end of year?
You can download the account statement from AMC website.
Hi…Can I pause my SIP for few months on mutual funds utility
You can cancel the SIP and restart when you want.
There is no option to pause.
Hi Deepesh,
We can STP the SIP and restart the same SIP whenever we want? Please confirm. If yes , it is the STP to stop right and can you confirm me how to restart the same SIP?
Thanks
Hi Kavya,
MFU does not provide the option to pause SIP/STP.
But yes, you can cancel the SIP anytime and start a new one anytime.
Hi Deepesh,
How does SIP is taxed in MFU post maturity?
Is the money taxed at source (MFU) or we need to declare the gains or loss in our returns?
Thanks
Hi Mahesh,
MFU is merely a transaction platform. The tax treatment will be the same as for investments from any other platform.
If you are a resident, then there is no TDS.
TDS comes into picture if you are a non-resident.
https://www.personalfinanceplan.in/budget-2020-dividend-tax-growth-choice/
https://www.personalfinanceplan.in/nri-mutual-fund-taxation-tds/
Hi Deepesh,
Firstly, thanks for this article. I have 2 questions related to this?
1. Is it possible to do redeem SIP from MFU website?
2. Is it possible to redeem the existing SIP without stopping the same?
Thanks.
Hi Deepu,
SIP is a way to invest in mutual funds. SIP is not an investment per se.
Through SIP, you buy units in mutual funds.
Hence, you can’t redeem SIP. You can redeem units.
When you stop SIP, only further investments are stopped. Units remain as it is. If you want to sell units, you have to initiate a redemption transaction.
1. You can stop SIP. By stopping SIP, you simply stop further investments in the scheme. If you want to sell your investment, you must redeem the units.
2. You can’t redeem a SIP. No such concept. You can only stop it.
Hope this helps.
Thanks for your reply. Sorry for being stupid with my question as I’m not that familiar with this terminology. What I meant to ask is,
1. If I want to sell units, can I initiate a redeem transaction through MFU website? I couldn’t find that option on the website.
2. Is it possible to sell some or full units in a SIP without stopping further investments into the scheme?
Thanks in advance
Hi Deepesh,
Had it not been for your article, I would not have been able to cancel my SIP. Thanks!
Hi Deepesh
Mutual funds are taxable while redemption. If yes, how many tax percent will be deducted after 3 to 4 years of Mutual fund.
Thanks in advance.
Hi Kavya,
That depends on the capital gains that is generated.
Hi Deepesh
I have Started one SIP on MFU Platform 3 years ago, I am not getting much result from that scheme so , I want to stop SIP permanently for that fund , what is the process for that to stop SIP permanently on MFU. Please guide.
Thanks in advance.
Hi Akshay,
Go to the SIP order book. You will get an option to cancel there.