Hi,
I want to cancel SIP of my mutual fund : SBI Mag Global fund, so whats the next step ? should i redeem? when i tried to redeem it asks for exit load of 1% why it is so?
I am investing INR 2000 in this fund since OCT 2015 so since 17 months of SIP and in the mutual fund detail it says Exit Load 1.00% if units are redeemed / switched-out within 12 months from the date of allotment." so its already 17 months then why ask for 1% exit load?
3 Answers
Best Answer
Hi,
May I know your mode of investing? (online platform, offline ??)
Exit load of 1% is applicable if units are redeemed within 365 days from the date of purchase.
Though your SIP start date is in 2015, the units allotted under each SIP should be held for 365 days (minimum) to avoid any Exit load.
Thats why when you try to redeem all units, some of the units are aged less than 12 months, hence exit load can be applicable on those units which are held for less than 12 months.
I invested through SBI bank
Oh got it its sip so not all units are 1year old
Thank you
Hi,
You can submit SIP cancellation form to your banker or at CAMS office.
Hi sir, i went to bank for sip cancellation of one of mf, i wanted to dis continue the sbi mag global fund as you suggested on my prev question its not progressing well. But the bank manager said i should continue as its good fund and will progress on long term..
Should i follow his advice or switch to any other better fund?
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