Mutual funds have grown in popularity in India, indicating an increase in financial literacy among teenagers and young people. Several platforms have emerged to capitalize on this enthusiasm, allowing investors to invest with the press of a button. Groww is one of them, and in fact, one of the most prominent.
If you launch the Groww app, you’ll be amazed by how straightforward and intuitive the UI is, whether you’re looking to invest in mutual funds, stocks, or bonds. Groww is one of the most popular platforms among investors looking for the best platform to invest their money in.
Still have doubts about Groww’s safety? To find out, read the review below.
What is Groww App?
Contents
- What is Groww App?
- Services and Products on the Groww App
- Is Safe to Invest on Groww App?
- Documents Required to Open Account / Trade on the Groww App?
- Groww Commission Structure and Charges
- Is Groww App Registered with SEBI?
- Groww SEBI Registration Number
- How to Withdraw Money from Groww?
- Groww Customer Care
- Conclusion – Is Groww App Safe to Invest?
Groww, which was founded in 2017, is the idea of former Flipkart employees. It is still one of the fastest-growing wealth management platforms, having carved out a niche for itself in the crowded and competitive financial investing market. Since its launch, the user base has expanded from zero to over two million.
If you specifically want to invest in mutual funds, all you need to do is to sign up, deposit money in the wallet or link it to your bank account and start! With mutual funds, depending on the fund, you can invest with INR 100. There is no paperwork required to invest in mutual funds.
If you want to trade in stocks using the platform, you must digitally sign a document if your Aadhar card is linked to your phone number. If it isn’t, you’ll need to print, sign, and mail a hard copy of the document to the website’s address.
One of the best aspects of the Groww App is the ability to acquire mutual funds without paying a commission and track them quickly through the dashboard. The software is sleek, basic, and transparent overall.
Services and Products on the Groww App
| Mutual Funds |
| Equity Trading |
| Commodity Trading |
| Options |
| Futures |
| Currency Trading |
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Is Safe to Invest on Groww App?
Because the Groww platform is so popular among young and inexperienced investors, it is entirely trustworthy and secure. The Groww App has bank-level security features. Every account can be password-protected, and if you’re using the mobile app, you can also use your fingerprint.
Groww manages the BSE-Star Mutual Fund Transactions platform, and all fund transactions are handled by the AMC. Investors can continue trading through the AMC if Groww were to close one day, which is highly unlikely.
Groww is, of course, SEBI-registered. Finvantage Investment Advisor Private Limited is the company’s name, and it is situated in Bangalore. The company’s SEBI identification number is INA2008981.
Documents Required to Open Account / Trade on the Groww App?
The Groww app signup process is simple and straightforward. You only require minimal documentation, which includes the following:
- Aadhar Card
- Pan Card
- Bank information, bank information, blank and crossed checks
- Internet Banking Access
- Email Address
Signing up, verifying, and completing your first investment takes only a few minutes.
Groww Commission Structure and Charges
The platform does not charge a commission when you invest in mutual funds. However, some of the platform’s other features, such as stocks, are charged. Nonetheless, that is also very affordable.
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Is Groww App Registered with SEBI?
Groww is a Nextbillion Technology Private Limited product. Grow is an SEBI-registered live brokerage firm.
The Securities and Exchange Board of India (SEBI) is an Indian regulatory agency tasked with regulating the securities market, protecting the rights of investors in securities, and facilitating and promoting the development of the securities market.
Groww SEBI Registration Number
- Groww’s SEBI number is INZ000208032.
- 11724 is the distributor code for Grow BSE.
Groww App Additional Services Pricing
| Transaction Charges | 0.00325% of the Total Turnover |
| SEBI Turnover Charges | 0.00005% of the Total Turnover |
| STT | 0.025% of the Total Turnover |
| Stamp Duty | Depends on the State but it is minimal |
| GST | 18% of the (Transaction + Brokerage Charges) |
If you want to invest in Groww Stocks, here are the fees you’ll have to pay:
| Source of Depository | CDSL |
| Account Opening Fees | Free |
| Demat AMC Charges | INR 300 / year |
| Trading AMC Charges | Free |
| Equity Delivery Trade Fees | Free |
| Equity Intraday Fees | INR 20 per order |
| Equity Futures Trading Fees | INR 20 per order |
| Equity Options Trading Fees | INR 20 per order |
| Currency Options Trading Fees | INR 20 per order |
| Currency Futures Trading Fees | INR 20 per order |
| Buying Stocks | INR 0 |
| Selling Stocks | 0.01% of the total amount if it is Intraday trading |
How to Withdraw Money from Groww?
Simply click on the Withdraw button to withdraw money from the platform. The transaction is registered, and the sum is deposited into your bank account following the normal processing period. Nonetheless, you can keep track of the transaction and contact the staff using the reference number provided if there is a problem.
Groww Customer Care
They have an extremely active and responsive customer care team. You can mail your queries to support@groww.in or use their live chat option if you need immediate assistance. The representatives are friendly and are trained to solve your issues effectively and quickly.
Conclusion – Is Groww App Safe to Invest?
The growing number of users indicates that the software is undoubtedly secure to invest in. Aside from that, for new investors, the platform is extremely user-friendly and intuitive. Create an account on Groww App if you don’t already have one and start investing. Download their mobile apps to invest and track your investments on the go.
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