Yes, but a smaller plan can start only when your current plan ends, so you stop automatic renewal and then choose the smaller plan during the 15 days after your plan ends.
You cannot move to a smaller plan while your current plan is running. Until its last day your plan stays as it is. Only a person whose role has the Plan & billing switch can make the move.
1Open the menu under your email address at the bottom of the side rail and choose Plan & billing.
2Choose Change plan. If the window lists bigger plans, choose Downgrade plan or billing cycle.
3The window says that a smaller plan starts only when your current plan ends, and gives that last day.
4If automatic renewal is running, choose Stop my plan at expiry. This turns automatic renewal off, so nothing is charged when the plan ends. If it is not running, choose Close. Your plan will expire on its last day.
5When the plan has ended, the account shows Payment due and keeps working for 15 days. In that time open Plan & billing again and choose Change plan.
6Choose Annual or Monthly and select the smaller plan. Your old plan and cycle are greyed out, because Renew now is the way to keep those.
7Choose Continue, check your billing details, choose Continue to payment and approve the payment in the Razorpay window.
The smaller plan is charged today and runs for one period from the day you pay. It renews by itself unless you turn that off.
A plan with fewer seats than you use cannot be chosen. The window says how many seats your firm uses and how many the plan has. Disable members or revoke invitations on the Team page first. If you do nothing within the 15 days, the account is suspended.
For example
Amaltas Deshmukh & Co pays for Institution monthly on 1 July 2027 with automatic renewal on. The plan's last day is 31 July 2027. Before 1 August 2027 it chooses Stop my plan at expiry, so nothing is charged on 1 August 2027. On 1 August 2027 the account shows Payment due and keeps full use until 15 August 2027. On 3 August 2027 it chooses Change plan, selects Firm monthly and pays ₹5,999 + GST. Firm runs for one month from 3 August 2027.