HDFC ISA - How to stop SIPs

#1
Friends,

I am running 5 SIPs with HDFC ISA. I started all these SIPs 10 months back and now wanted to do a re-balancing by closing/stopping 2 of them and starting 2 new with diffrent funds. But I DO NOT see any link of facility to STOP these SIPs.

There are links to Redeem, Switch, Transfer, but no link to STOP. I think Redeem will redeem a portion or all the unit of a holding, but SIP will still continue - whereas I want to stop, so that I can start new.

I called up HDFC bank customer support also, but to my surprise, looks like they do not understand ISA norms and were directing me to HDFC Mutual Funds branch.

Someone please help me.

Best, Rishi
 
#3
Thanks Swayam, I will do that as the last option but really wanted to know from people who have been using HDFC ISA for SIPs.
I see many users on traderJi who have previously advocated about HDFC and want to know from them how to stop SIPs.

Members, please help.
 

magnet

Active Member
#4
To be frank the mf part of hdfc is most ill mannered stuff.

I have open account with fundsindia and with transferring i plan to close the same.
 

vinst

Well-Known Member
#5
Thanks Swayam, I will do that as the last option but really wanted to know from people who have been using HDFC ISA for SIPs.
I see many users on traderJi who have previously advocated about HDFC and want to know from them how to stop SIPs.

Members, please help.
I am not surprised that you found no help from HDFC ISA staff. They were like this 3 years ago, when I discovered that I need to educate them even on mutual fund terminology (I spoke to 3 different people, one of them claiming to be manager level). Finally I got my work done thru HDFC bank branch with MF desk.
1) It is obvious that they will never improve.
2) Till the time you transact thru website without any hold up, u are ok. as soon as you need additional help, you are on your own. the comfort provided by website eveporates.
3) Lot of untrained staff are posted at these internal call centers. the only thing they are trained is to lie (in fact no training needed for that).
4) Banks have taken full advantage to get 100% computer oriented operational approvals from govt authorities by pulling wool over babus' eyes. These govt babus know next to nothing about how to demand support system for limitations of computerised systems. The very mention on colourful computers thrills them.

finally, don't waste your time on these call centers. use your last option immediately. u wud have opened ur ISA account thru a branch? if so, utilize them. u have paid fee to them.
 
#6
You can stop the SIP by clicking on "SI Order Status / Revocation" link and then choose "Subsciption" from dropdown. Then select the radio button for the SIP you wanted to stop and click on "Cancel". Hope this helps
 
#7
Thank you Rajenderballa Ji, Magnet and Vinst. I appreciate you taking time out to send replies and provide your guidances. I checked what Rajendar Ji has suggested and looks like that is the process to stop SIPs.

Rajender Ji - seems like have used HDFC ISA for a long time or still using it - that is why I think you could guide me quickly on this one. Since you seem to be conversant with HDFC ISA, I am requesting you to guide me on the following 3 questions. I have been wandering to find answers to these from quite some time now -

(1) Current my SIP in "ICICI Pru Focused Bluechip Fund" is Rs. 2000 per month. I want to increase it to Rs. 3000 per month. How do I do that on HDFC ISA?

(2) I also have "IDFC Sterling" SIP of Rs. 2000 per month running for 1 year now. And I want to change this to "HDFC Top 200". I understand that I should stop "IDFC Sterling" and then start a new HDFC Top 200 SIP with Rs. 2000 per month, but my question is - what will happen to the investment of Rs. 24000 that I made in IDFC Streling in the past 1 year? how will that money be brought into HDFC Top 200? if I do not bring it here, then that investment of Rs. 24000 is gone. I have read at multiple forums that people exit from a fund and enter new one if the fund is not performing - but how do they they do this? I have wandered this question from a long time - kindly answer this in detail - I will be grateful.

(3) Last question - I had opened my SIPs in HDFC ISA for 5 years. If I want to extend them to 10 years, how would I do that?

I would look forward for answers to the above 2 questions Rajender Ji.

Vinst and Manget - please throw light on question number (2) from your experiences too - how do people handle this scenario?
 
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magnet

Active Member
#8
Why dont you redempt earlier transaction.And than start fresh.


Also see whether this link helps.

http://www.hdfcbank.com/personal/investments/mutual_funds/mutual_funds_buysell.htm#faqs

Why i am hating Isa account is the onus is on the account holder to type and get his details on what price he bought and how many units.

Plus platform doesn't attract one really to invest.On contrary fundsindia is cheaper(free right now).And platform is lot attractive.And one can also buy NPS,insurance,company deposits and even equities.And also jut a single click on the mf name gives detail at what price you bought and whats present rate.

Whereas in hdfc one only gets present unit and holding value .And one need to go into statement typing all s#$^ to get detail of particular fund.

You just try to figure how to stop that sip and redempt it and start a new one.
 
#9
Hi Rishi,

1. In HDFC ISA, there is no option to increase SIP from 2000 to 3000. Only way is to cancel the existing SIP and create new one or add new one with 1000 more.

2. If you want to change from one fund to other, then also you need to cancel the existing one and create other one. You can opt for Redemption of the existing fund or choose systematic withdrawl.

If you want to change from one fund to other from same fund house then you can use Systematic transfer plan.

3. Same as #1
 
#10
Thank you Mr. Rajendra. Below are possibly the last 3 follow-up queries that I have. Kindly end my quest. I really need your thoughts in detail on number 2.

(1) As suggested by you, to change within the same fund company, I will do a STP. Wanted to know whether the STP will automatically stop (or cancel) the SIP first and then trigger the STP - or I will have to first Stop the SIP and then initiate STP?

(2) Although you have tried to asnwer, but I am still not clear about this one Rajendra Ji. Let's say I have a SIP in Fund-1 where I have invested a total of 1 lakh in past 3 years (through monthly SIP). Now I am changing to Fund-2 (with a different company). I will start a new SIP in Fund-2 going forward as you suggested and stop the SIP in Fund-1. BUT how will I make sure that the 1 lakh coming out of Fund-1 also gets invested into Fund-2. If that does not get invested, then the pupose of long term investment will be lost. Do you suggest that I should purchase one-time funds worth 1 lakhs in fund-2 and keep it with me till the time the new SIP continues? or I should pour this 1 lakhs into Fund-2 slowly through a parallel SIP of 5-6 installments? Kindly explain this to me.

(3) Last one - what is the difference between a "Switch" and "STP" in HDFC ISA?
 
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