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.
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.