How to change your SIP date on Groww
Change your SIP date on Groww in 3 steps before your next debit. Fix failed SIPs by aligning your investment date with your salary credit date.
Most salaried Indians set up a SIP on a whim — somewhere in the middle of the month, right after reading a personal finance thread on Reddit. Then the salary comes in on the 1st, rent goes out on the 5th, and by the 20th when the SIP tries to debit, the account is running on fumes. The SIP fails. The bank charges ₹500 as a bounce penalty. And somehow you feel guilty about trying to invest in the first place.
The fix is simple: change your SIP date to align with your salary cycle. Here’s exactly how to do it on Groww.
Why Your SIP Date Actually Matters
This isn’t just housekeeping. A failed SIP mandate has real consequences — your bank treats it like a bounced cheque, and SEBI’s framework allows AMCs (Asset Management Companies, the firms that run mutual funds) to pause your SIP after repeated failures.
If you’re earning ₹70,000/month and your salary lands on the 1st, the sweet spot for a SIP debit is somewhere between the 3rd and the 7th. The money is in your account, the big bills haven’t all gone out yet, and you’re not waiting until the 28th hoping the balance holds up.
Over a 10-year SIP of ₹10,000/month, even a couple of annual failures can cost you significantly. Two missed instalments per year at an assumed 12% CAGR (Compound Annual Growth Rate — meaning your money grows at 12% per year on average, compounded) can reduce your final corpus by roughly ₹40,000 to ₹60,000 compared to an uninterrupted SIP. That’s not a rounding error.
The Catch: You Can’t Edit a SIP. You Cancel and Restart.
Groww — like most platforms — doesn’t let you simply slide a SIP date from the 20th to the 5th. There’s no “edit” button for this. What you actually do is cancel the existing SIP and create a new one with your preferred date.
This sounds scarier than it is. Your existing units don’t go anywhere. Your investment history stays intact. You’re only stopping the future debits on the old schedule and setting up new ones on a better one.
Step-by-Step: Changing Your SIP Date on Groww
Step 1: Open the Groww app and go to the “Investments” tab at the bottom of the screen.
Step 2: Tap on “Mutual Funds”, then select the fund whose SIP you want to change.
Step 3: You’ll see a section called “Active SIPs”. Tap on the specific SIP.
Step 4: Hit “Stop SIP”. Groww will ask you to confirm. Do it. Your existing units are safe — this only stops future auto-debits.
Step 5: Now go back to that same fund and tap “Start SIP”. Choose your new date, enter the same (or updated) amount, and complete the mandate.
The new mandate will typically activate within 2 to 4 working days, and your first debit will happen on the next occurrence of your chosen date. If you stop on the 18th of October and set the new date to the 5th, your first new debit will be November 5th. You’ll have a small gap — that’s fine.
One thing to watch: if your SIP was linked to an e-mandate through net banking, make sure your bank account details are still correctly mapped when you set up the new SIP. Groww will usually pre-fill this, but double-check before confirming.
Picking the Right Date
The 3rd to 7th of the month is where most salaried people should aim. If your salary comes in on the 25th of the previous month (common in some private companies), then the 28th or 1st works well too.
Avoid the last five days of the month — that’s when rent, EMIs, and credit card auto-payments tend to cluster. Also avoid the 15th, which is a popular default that ends up competing with mid-month bills for a lot of people.
If you’re running multiple SIPs across different funds, stagger them by a day or two rather than stacking them all on the same date. If you’re investing ₹5,000 each into three funds, having them all debit on the 3rd is fine — just make sure ₹15,000 is comfortably available that day. You can use our SIP calculator to model how your corpus changes based on contribution amounts and tenure.
Frequently Asked Questions
Will I lose my existing mutual fund units when I stop the SIP?
No. Stopping a SIP only cancels future automatic investments. All the units you’ve already accumulated stay in your portfolio and continue to grow (or fall) with the market as usual.
How long does it take for the new SIP to start after I set it up on Groww?
The new e-mandate usually activates within 2 to 4 working days. Your first debit happens on the next occurrence of your chosen date after the mandate is live.
Does stopping and restarting a SIP affect my ELSS tax benefit under Section 80C?
No, as long as you don’t redeem the units. ELSS units (Equity Linked Savings Scheme — a type of mutual fund with a 3-year lock-in that qualifies for tax deduction) that you’ve already purchased remain locked in for their respective 3-year periods. The restart doesn’t reset or affect those.
Can I change my SIP amount at the same time?
Yes, and this is actually a good moment to do it. Since you’re already creating a fresh SIP, you can increase the amount — say from ₹5,000 to ₹7,000 — to reflect a salary hike without needing to manage two separate mandates.
What if my bank charges a fee for stopping the old mandate?
Most banks don’t charge for cancelling a SIP mandate, but some charge a nominal fee of around ₹25 to ₹50. Check with your bank before proceeding. Either way, it’s a one-time cost that’s worth paying to avoid recurring bounce charges of ₹500 per failed debit.