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Groww

anilmaurya VAZHAYIL@anileng007

Jan 04, 2022 04:36 PM, 986 Views

(Updated Jan 04, 2022)

Be aware , it could be nightmare for ELSS type SIP

Beware if you are choosing to invest on ELSS type SIP on Groww platform. it can be a nightmare for you.As same thing is happened with me .

for example if you choose Aditya Birla Sun Life Tax Relief 96 Direct Growth it shows you 3 yrs locking period.but this locking period is only for if you

are investing one time.

But if you choose to invest as SIP than your every transaction is locked for 3 years.

Not completely if you are choosing for ELSS type as SIP. I am investing the money on this platform from last 4 years. I have purchased 2 ELSS SIP .

Attaching the screenshot.

1.Aditya Birla Sun Life Tax Relief 96 Direct Growth it shows you 3 yrs locking period. Started on sept2018

2.Mirae Asset Tax Saver Fund Direct Growth it shows you 3 yrs locking period

Started on March2019.

As per details first one is completing on sept2021 and second on is completing on march2022.

for Some urgent need of money on Jan 2022 when I am going to withdraw money from Aditya Birla Sun Life Tax Relief 96 Direct Growth it has total 52000rs. but when I am redeeming its full units was showing only 5000 rs. So I raise a tickets and after lots of conversation from email to email finally they called me on phone and told me that your ELSS SIP is completing on sept 2024.Because my every transaction form 2018 to 2020 locked to its respective 3yrs period. I was very shocked to hear that. Can anyone suggest what can I do?

Beware if you are choosing to invest on ELSS type SIP on Groww platform. it can be a nightmare for you. As(https://you.As) same thing is happened with me .

for example if you choose Aditya Birla Sun Life Tax Relief 96 Direct Growth it shows you 3 yrs locking period. But this locking period is only for if you are investing one time.

But if you choose to invest as SIP than your every transaction is locked for 3 years, and they are not mentioning it anywhere.

for example:if you started your SIP on Jan 01 2022 and you expect that it will complete on Jan 01 2025.

No but it will complete on Jan 01 2028 .It is like that.

01/01/2022:5000rs. Locking period for this transaction is 01/01/2025

01/02/2022:5000rs Locking period for this transaction is 01/02/2025

01/03/2022:5000rs Locking period for this transaction is 01/03/2025

01/04/2022:5000rs Locking period for this transaction is 01/04/2025

01/12/2022:5000rs Locking period for this transaction is 01/12/2025

01/01/2023:5000rs Locking period for this transaction is 01/01/2026

01/02/2023:5000rs Locking period for this transaction is 01/02/2026

01/03/2023:5000rs Locking period for this transaction is 01/03/2026

01/04/2023:5000rs Locking period for this transaction is 01/04/2026