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Financial CalculatorLearn how to easily check your SIP status through online portals, mobile apps, or customer support. Track your investment performance and stay on top of your financial goals.
How to Switch SIP from One Fund to Another?
A Systematic Investment Plan (SIP) allows you to invest fixed amounts in mutual funds regularly, enhancing savings and wealth creation. SIPs are a popular choice in the UAE for their flexibility and potential to build a diversified portfolio.
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Qualified Policybazaar expert will assist you In many scenarios, investors may want to stop their SIPs or even switch to another one. This may happen for several reasons, such as due to underperformance, changing financial goals, or better opportunities. Let’s see how to switch SIP from one fund to another.
Can We Change SIP Online?
When investing in mutual funds, you typically choose between lump sum or SIPs. For lump sum investments, switching is not a concern. You simply sell your units and reinvest in a differents fund..
Let’s see how switching mutual funds works for SIPs.
How to Switch from One Fund to Another?
For SIPs, while you cannot switch between SIPs directly, you can switch between mutual funds within the same mutual fund houseHere is how you can do it:
Switching Within the Same Mutual Fund
Fill out the mutual fund switch form and provide all the necessary information.
Switching to a Different Mutual Fund Scheme
To get a new mutual fund, you must sell the existing fund. Further, invest the total amount in the new mutual fund you wish to invest in. Once you redeem and receive the funds from the existing fund, complete the application process for the new fund.
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What are the Methods for Switching Mutual Funds?
Given below are the different ways to switch mutual funds in the UAE:
Online Means
- Sign in to your mutual fund account
- Navigate to the section where you can buy/sell/ switch your funds
- Click on the relevant option to switch
- Choose the existing fund and the one you wish to invest in
- Complete the process via on-screen prompts
Offline Means
- Visit the nearest branch of your mutual fund company
- Provide the necessary details of your existing fund
- Notify them regarding the new fund you want to re-invest in
Note: You can get this process done through an agent, broker, or a distributor.
Switching Mutual Funds- Points to Consider
Here are some points you must take into account when planning to switch your mutual funds:
1. Know the reason behind switching
Before switching mutual funds, it is important to identify the reason for the change. Whether it is due to underperformance, changes in financial goals, or market conditions, understanding the underlying cause ensures that the decision aligns with your investment strategy. This helps avoid impulsive decisions that could affect your financial growth.
2. Be aware of the exit loads
Exit loads are charges incurred when redeeming or switching mutual funds before a specific time. Evaluating these fees is essential as they can impact your returns. Consider the associated costs carefully to ensure switching doesn’t result in unnecessary financial loss or reduced investment value.
3. Check if the new fund suits you
Ensure the new mutual fund aligns with your financial goals, risk appetite, and other necessary factors. A thorough analysis of its past performance, fund manager expertise, and portfolio composition is crucial to confirm it suits your needs better than the existing fund.
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