Groww Review 2023 – Brokerage, Demat & Trading Platform
Platforms like Groww helps investors to invest in the share market with ease. We’ll discuss all the details behind Groww’s creation, what the platform is, it’s brokerage, demat account and it’s trading platform.
The Story Behind Groww’s Creation
Harsh Jain and Lalit Keshre, the founders of Groww, saw a need for a simpler and more transparent way to invest in India. They believed that investing should be accessible to everyone and not just for the wealthy. There should be no hidden fees or complicated financial jargon. Thus, in 2016, they founded Groww.
Initially, Groww was a platform for buying and selling mutual funds. However, over time, the platform has expanded to include other investment options like stocks, gold, and even U.S. stocks. Today, it is one of the fastest-growing investment platforms in India, with over 1.5 crore users and counting.
What is Groww?
Groww is an online platform that allows users to invest in a variety of financial instruments, including mutual funds, stocks, gold, and U.S. stocks. The platform is available as a mobile app and a website, making it easy to access and use.
One of the key features of it is it’s simplicity. The platform is easy to use, even for beginners, and there are no hidden fees or charges. Additionally, it provides users with educational resources and which helps users to make investment decisions.
Over 8 million registered users have invested in mutual funds through Groww, with an additional 200,000 users making purchases of stocks on the platform.
Do Read: Zerodha Review 2023
Products of Groww
|Groww Pay(Coming Soon)|
Speacial Features of Groww
With Groww, you’ll get an honest evaluation of stocks and mutual funds without any recommendations or advice
- Users can benefit from a 100% paperless online account opening process for both demat and trading.
- It provides an impartial and objective evaluation of all the products available on their platform.
- It also believes in full transparency and provide detailed information about all fees and charges involved in investing in a product.
- It helps in decision-making by technical analysis, advanced charts, market indices, and detailed information on registered and listed companies. With their well-designed line and candlestick charts, you can easily interpret share price movements.
Mutual Fund Portfolio by Groww
Groww app provides a customized mutual fund portfolio as an investment strategy designed to meet your financial goals. This investment vehicle allows you to diversify your investments, reduce risks, and simplify the process of achieving your financial objectives. Whether you prefer to create your portfolio yourself or work with a financial expert, a customized mutual fund portfolio can provide a hassle-free way to invest your money.
Rather than putting all of your money into one investment, such as a single stock or bond, a portfolio allows you to invest in a variety of assets. This strategy helps to reduce the overall risk of your investments while potentially increasing your returns over the long term.
Groww Brokerage Charges
Below mentioned table gives all the details about brokerage charges:
|Type of Charges||Charges Applied|
|Equity Delivery||Rs. 20 or 0.05% per executed order or, whichever is lower|
|Equity Intraday||Rs. 20 or 0.05% per executed order or, whichever is lower|
|AMC (Account Maintenance Charges)||Free|
|DP Charges – Buy Order||Free|
|DP Charges – Sell Order||Rs.8 + Rs.5.50 (CDSL charges) per ISIN (company/ETF) per day on Groww regardless of quantity sold|
|Transaction Charges||– 0.00325% of order amount on NSE– 0.003% of order amount on BSE|
(applicable on both buy and sell)
|Payment Gateway Charges||Free|
|Stamp Duty||Maximum of 0.018% (Differs according to state wise)|
|Sebi Turnover Charges||0.00%|
|Securities Transaction Tax(STT)||– 0.1% of the order amount in case of equity delivery– 0.025% of the order amount in case of equity intraday|
|GST||18% applied on charges wherever applicable|
How to Open a Demat Account with Groww?
To open an account with Groww, you’ll need to take the following steps:
- Download the Groww app or visit their website.
- Register using your email address and mobile number.
- Verify your mobile number by entering the OTP code sent to your phone.
- Enter your PAN number to verify your identity.
- Provide your bank details, including your IFSC code and account number.
- Verify your bank details.
- Click on “Complete Setup” under the “Stocks” tab.
- Review the applicable charges and agree to them by ticking the box.
- Click on “Open Stocks Account” to unlock the stocks investment option.
- Complete the KYC process by providing your occupation, income, and parents’ names.
- Indicate your trading experience level from the provided list and click “Next”.
- Sign your name on a white paper using dark ink, take a photo of the signature, and upload it.
- Use your Aadhaar card to e-sign the account opening form.
- Enter the OTP sent to your linked mobile number.
- Read the instructions on the account opening form and click “Sign Now”.
- Enter your Aadhaar number on the NSDL E-sign service portal and click “Send OTP”.
- Enter the OTP to complete the account opening process.
- Your account will be activated within a few hours after the broker verifies your documents.
The account opening process is completely online. You just have to e-sign with your Aadhaar number. Once you unlock stocks, you will have to enter your Aadhaar number and input the OTP received on the mobile number linked to your Aadhaar.
Groww Margin Exposure
Groww offers margin for intraday trading up to 20% of the trade value, with a maximum leverage of 5x, depending on the stock. For F&O intraday trading across Equity, Currency, and Commodity trading at BSE, NSE, and MCX, it offers a margin of 1.3x. However, there is no additional margin provided for F&O carry forward positions or equity delivery trades.
|Equity Delivery||100% of traded value||1x|
|Equity Intraday||Up to 20% of traded value||5x|
|F&O||100% of NRML margin||1x|
Grow Trading Software(Trading Platforms)
Groww provides its customers with the ability to trade via both mobile and web platforms, allowing investors to seamlessly switch between the two. Although It began as a mutual fund investment platform, it has since expanded to include Equity trading as well.
While the platform is primarily known for mutual fund investments, the company has plans to introduce new products, such as US Stocks, Fixed Deposits, and Digital gold, in a phased manner across both web and mobile platforms. Although it does not offer an installable trading terminal on desktop, the platform is constantly evolving with enhanced features. Additionally, the company does not provide call and trade services.
Grow Mobile App
Groww’s mobile trading platform enables you to trade Equity and Mutual funds from anywhere and at any time, FREE of charge. The platform is safe and secure, offering a range of features, including line and candlestick charts that show price movements, one-click buy/sell, free content and videos on stock investments for beginners, and comprehensive information on all companies. With its user-friendly interface and wealth of tools, it is a valuable resource for investors looking to trade on the go.
The Groww website is an online web-based trading platform that provides customers with a comprehensive and engaging trading experience. With this platform, clients can explore stocks, mutual funds, digital gold, and place orders online, track transactions, and even invest in IPOs. In addition to these features, the website also offers a wealth of resources, including ebooks and blogs that provide educative and general information on the stock markets. With its user-friendly interface and informative content, It’s website is an excellent resource for investors looking to enhance their trading knowledge and experience.
Groww allows users to invest in mutual funds, stocks, and other financial instruments. It is available as a mobile app for both Android and iOS devices and can be downloaded from the Google Play Store or Apple App Store.
The app offers a user-friendly interface that is designed to make investing easy and accessible for everyone. Users can open an account, complete the KYC process, and start investing within minutes. The app also provides a range of features to help users track their investments, monitor their portfolio performance, and make informed investment decisions.
Overall, it is a popular and highly rated investment app in India, with millions of users across the country.
Groww Mutual Fund
Groww allows users to invest in mutual funds, which are professionally managed investment funds that pool money from multiple investors to invest in a diversified portfolio of securities such as stocks, bonds, and other financial instruments.
It offers a wide range of mutual funds from leading asset management companies in India, including equity funds, debt funds, hybrid funds, and more. Users can browse through the available mutual funds on the platform, compare their performance, and choose the ones that best meet their investment goals and risk profile.
The platform also provides tools and resources to help users make informed investment decisions, including expert ratings and research reports on various mutual funds, and a goal-based investment calculator to help users plan their investments based on their financial goals.
Overall, it is a popular choice for investing in mutual funds in India, offering a user-friendly platform, a wide range of investment options, and helpful resources to guide users in their investment journey.
Groww App Download
You can download the Groww app by following these simple steps:
- If you have an Android device, go to the Google Play Store. If you have an iOS device, go to the Apple App Store.
- In the search bar, type “Groww” and hit enter.
- The Groww app should appear in the search results. Click on it to go to the app page.
- Click the “Install” button if you have an Android device, or the “Get” button if you have an iOS device.
- The app will begin downloading and installing on your device.
- Once the installation is complete, open the app and follow the instructions to create an account and start investing.
That’s it! You should now be able to access the Groww app on your device and begin using it to invest in mutual funds, stocks, and other financial instruments.
Groww provides various calculators on its platform to help investors make informed investment decisions. These calculators include:
- SIP Calculator: This calculator helps you determine the estimated returns on your SIP (Systematic Investment Plan) investment.
- Lumpsum Calculator: This calculator helps you calculate the estimated returns on your one-time lumpsum investment.
- ELSS Tax Savings Calculator: This calculator helps you calculate the tax savings you can make through ELSS (Equity Linked Saving Scheme) investments.
- Retirement Calculator: This calculator helps you estimate the corpus required to achieve your retirement goals.
- Goal Calculator: This calculator helps you determine the investment amount required to achieve your financial goals.
- Child Education Calculator: This calculator helps you estimate the amount required for your child’s education and the investment amount required to achieve the same.
You can access these calculators on the Groww app or website.
Groww App Review
The Groww app features a user-friendly interface that aims to make investing accessible and straightforward for all users. With just a few clicks, users can open an account, complete their KYC process, and start investing in a matter of minutes. Additionally, the app provides several tools to help users track their investments, keep an eye on their portfolio’s performance, and make informed investment decisions.
Groww has emerged as a leading investment platform in India, providing customers with a range of investment options, from mutual funds to stocks, digital gold, and more. With its user-friendly mobile and web-based trading platforms, it has made investing accessible and convenient for both novice and experienced investors. The platform’s safety and security features, coupled with its comprehensive resources and informative content, have helped to build trust and confidence among customers. As it continues to evolve and expand its offerings, it is sure to remain a popular choice for investors looking to grow their wealth through smart, informed investments.
How is Groww?
Groww is a well-known investment platform in India that provides customers with a variety of investment options, including mutual funds, stocks, digital gold, and more. Investors can buy and sell securities easily and efficiently using it’s user-friendly mobile and web-based trading platform. The platform also offers resources such as ebooks, blogs, and videos that provide educative and general information on the stock markets. With its track record of reliability and trustworthiness, Groww remains a popular choice for investors looking to grow their wealth through smart and informed investments.
Is Groww safe?
Groww is a registered member of the Association of Mutual Funds in India (AMFI), the National Stock Exchange and the Bombay Stock Exchange (BSE), which helps to ensure that it adheres to certain regulatory and safety standards. It is a popular investment app in India that allows users to invest in mutual funds, stocks, and other financial instruments.
It also uses bank-level security to protect user data and transactions. It has implemented measures such as two-factor authentication, SSL encryption, and biometric authentication to ensure the safety of user accounts and personal information.
Overall, it appears to be a safe and trustworthy platform for investing in India. However, as with any investment platform, there is always some level of risk involved, and users should conduct their own research and exercise caution when investing
Which Company owns Groww?
Groww is owned by Nextbillion Technology Private Limited, which is a privately held company based in Bangalore, India. The company was founded in 2016 by former Flipkart employees, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, with the goal of making investing easy and accessible for everyone in India. Since its launch, it has grown rapidly and has become one of the leading investment platforms in India, with millions of users across the country.
What do I need to open a Groww Account?
The documents required on Groww are PAN Card and one of the following:
- Valid Passport.
- Aadhaar Card.
- Voter ID Card.
- Driving License.
The account opening process at Groww is completely online. You just have to e-sign with your Aadhaar number. Once you unlock stocks, you will have to enter your Aadhaar number and input the OTP received on the mobile number linked to your Aadhaar. Isn’t it super quick and easy?
Is account opening free on Groww?
The account opening at Groww is absolutely free with zero maintenance charges. You can open a trading and Demat account by downloading the Groww mobile app or by registering yourself on the official website.
Is making an account on Groww safe?
Yes, creating an account on Groww is generally considered safe. The platform uses bank-level security measures to protect user data and transactions, including two-factor authentication, SSL encryption, and biometric authentication.
Does Groww provide Desktop Application?
No, Groww is primarily a mobile app designed for Android and iOS devices. However, you can access Groww on your PC or laptop by following these steps:
- Open your preferred web browser on your PC or laptop.
- Go to the website at www.groww.in.
- Click on the “Login/Signup” button located in the top right corner of the screen.
- If you already have an account, enter your login credentials (email ID and password) to access your account. If you don’t have an account, click on the “Signup” button to create a new account.
- Once you’re logged in, you can access all the features of it, including investing in mutual funds, stocks, and other financial instruments, tracking your portfolio, and monitoring your investments.
Is Groww App completely free?
Groww charges no annual maintenance fees. Pay only when you trade.Their account opening process is 100% online and free.
What are the disadvantages of Groww?
- Groww has a limited range of investment products, and does not offer the ability to trade in commodity or currency segments.
- The platform does not provide Call and Trade services, and does not offer stock tips, research reports, or recommendations.
- It does not allow users to invest in SME shares listed on the BSE SME and NSE Emerge platform.
- It does not have any physical branch support.
- Margin trading and Margin against shares facilities are not available on the platform.
- Advanced order types such as BO, CO, AMO, and GTT are not available on Groww.
- Trailling stop loss orders cannot be placed on the Groww app.
- The platform does not offer NRI trading, and SME IPOs are also not available.
How to close Groww Account?
To close your Groww account, you need to follow these steps:
- Go to the Groww website and click on “Download forms” under the Quick Links section.
- Download the Equity Demat & Trading Account Closure Form.
- Fill out the form with the required details.
- Attach a copy of the ledger and any unused delivery instruction slips.
- Send the form and supporting documents by courier to the address mentioned in the form.
- Your account will be closed within 10-15 working days after the broker receives the closure form. If not, follow up with customer support.
Before initiating the closure request, there are a few points to note:
- Clear any outstanding dues you may have with the broker.
- Transfer your securities/holdings to another Demat account or sell them off as desired.
- Do not use the account while the account closure is in progress.
It is important to ensure that all these steps are followed carefully to avoid any complications or delays in closing your account.
How to close Groww Account Online?
To close your Groww Demat account, you cannot do it online. You need to submit a physical account closure form to the broker’s office in Bangalore, which should be filled and signed.
Before submitting the form, it’s essential to sell or transfer any securities in the Demat account to another Demat account. You also need to ensure that all dues are cleared.
Once the account closure request is processed successfully, you will receive an email confirmation from both CDSL (depository) and Groww.
Can we apply for IPO in Groww?
Yes, you can apply for IPOs (Initial Public Offerings) through Groww. The platform allows you to apply for IPOs online, and the process is simple and user-friendly. You can browse the available IPOs on it’s app, select the IPO you are interested in, and submit your application with the required details. If the IPO is oversubscribed, the allotment of shares will be done through a lottery system. Once the shares are allotted, they will be credited to your Demat account.
How to apply for IPO in Groww?
You can apply for IPOs (Initial Public Offerings) through Groww by following these steps:
- Open the Groww app and click on the “IPO” tab on the home screen.
- Select the IPO you want to apply for from the list of available IPOs.
- Enter the number of shares you want to apply for and the price you are willing to pay per share.
- Confirm the details and submit the application.
- Transfer the funds required for the IPO using the UPI ID provided by the Groww app.
Once the IPO application is submitted, you will receive a notification regarding the allotment of shares. If the shares are allotted to you, they will be credited to your Demat account.
Is Groww App registered with SEBI?
Yes, Groww App is registered with SEBI (Securities and Exchange Board of India) as a mutual fund distributor, a stockbroker, and an investment advisor. It is a legitimate platform for investing in mutual funds, stocks, and other financial products in India, and it is regulated by SEBI to ensure compliance with the relevant rules and regulations.
Here are some of membership details:
- Member: BSE (CM, F&O, MF Distributor), NSE (CM, F&O)
- SEBI registration number: INZ000208032
- BSE distributor code number: 11724
- AMFI registration number: 111686
- CDSL SEBI registration number: IN-DP-417-2019
Groww App Charges?
- Account Opening Charges – 0 Rs.
- Annual Maintenance Charges – 0 Rs.
- Brokerage Charges – Rs. 20 or 0.05% (whichever is lower)