One of the major benefits of doing SIPs in mutual funds is you can cancel your SIP at any time you want, but remember every mutual fund scheme has an exit load when you are going to cancel them within a year. When you stop or cancel SIP then the auto-debit of your monthly SIP amount from your bank account will stop working.
There are three ways to stop your SIP in Axis mutual fund
1. Delete Biller or Stop AutoPay in your Bank Biller
Adding biller is mandatory to do SIP in mutual funds, by that every month SIP amount Will auto-debit from your bank account. So if you delete or cancel biller in your bank through internet banking than no funds will be added to your mutual fund scheme.
Also read: Is it good to withdraw PF for home loan
2. Submit SIP Cancellation Form
You can discontinue your SIP in Axis mutual fund by submitting the Axis SIP cancellation form to any of your nearest Axis mutual fund branch office.
You need to write your mutual fund folio number, bank account details & SIP details on this cancellation form
3. Redeem your SIP amount
Finally when you decided to stop making SIP then the best option is to redeem your amount from that particular mutual fund scheme.
Nowadays it has become very easy to redeem your amount from mutual funds online.
when it comes to Axis mutual fund you can easily redeem your mutual funds:
- Login in your Axis mutual fund dashboard.
- Go to transact option and select redeem.
- Now select the folio number, amount, and confirm redemption, after confirmation within 2-3 days your amount will be credited to your bank account.
And don’t forget to cancel the biller option in your bank biller manager.