Groww App Review

Groww App Review – Brokerage Charges, Free Demat A/C, Platforms & Offers

Groww is one of India’s fastest growing online investment platforms Founded in 2016, this Bengaluru­based startup offers paperless investing options by letting you buy and sell stocks & mutual funds online

Groww started out as a platform for buying direct mutual funds and later ventured into stocks through their trading app – Groww App. Check this Groww Review to know more about it

Currently, Groww has over a million registered users and caters to investors across more than 800 cities. Through this Groww App Review, you will know about Groww brokerage charges, brokerage calculator, Demat account and opening process, their trading platforms, App & features.

The Groww App has a user­friendly interface which makes it easier for its millennial customer base to better understand the investment world. It’s been a while since the startup has expanded its offerings to allow users to buy stocks of Indian firms and digital gold.

Groww has crossed over 8 million registered users for its mutual fund offering, and over 200,000 users have bought stocks from the investment platform.

The Philosophy of Groww App is “Investing should be as simple as online shopping” and true to its philosophy, it is a very easy­to­use and an effortless platform to invest in Stocks and mutual funds And Groww is very popular stock broking firm this time

Talking about the charges, Groww charges Zero brokerage commission for stocks You can check Groww brokerage calculator to calculate charges and returns It earns revenue through a subscription revenue model, by offering advisory services and premium features to its customers

Groww Customer Ratings & Review

Groww Products

Groww App has three main verticals for investing:

With Groww App, you can build your portfolio with a vast range of products and services available. As it is always said that diversification is the key to building a great portfolio. Similarly, diversifying the right way is the key to mitigating any unwanted risk that is to come your way. Hence, it is extremely essential to look at the products listed by the company.

The set of investment options available with Groww are:

These vast numbers of investment options can pave the way for a fruitful investment. By incorporating the right investment strategy, one can make good returns from these products

All these investment options collectively focus on assistance to individual investment goals. With diversification being the key player, investors can make worthy and notable returns.

Groww App Top Features – Groww App Review

The Groww investment app comes with a plethora of features and options for a seamless user experience. The following are some key features of the Groww app that proved beneficial for the users:

Fingerprint scanner unlock feature: Like the modern payment apps, the very first secure and convenient feature is the use of the handset’s fingerprint scanner to log in to the app securely. This feature is not only fully secure but also saves customers’ time remembering a username and password while logging in every time Also, it ensures that even if the device is misplaced, no unauthorized access takes place.

Option to select between stocks and mutual funds: Once logged in, the user can toggle between the mutual funds’ tab and the stocks tab This helps users select and maintain all their accounts separately.

Collections (for mutual funds and stocks): The next rail displays funds and stocks based on categories such as ‘high returns,’ ‘top companies,’ etc. This is also helpful for users who are novice investors and don’t have hands-on experience on how to invest and can dive into a particular collection to start investing.

Payment options: Groww lets users pay through numerous options such as UPI payments and net banking and add money in its wallet to invest

Dashboard: The dashboard tab in the app enables users to track the performance of their investments.

Groww Brokerage Charges

This section given below chalks out the Groww Brokerage Charges related to various kind of investment. Through the table given below, you can also see the kind of trading Groww allows.

Type of charges

Description Charges applied

Equity delivery Charged by the broker on buying orders when equity is delivered in Demat account

Equity intraday Charged by the broker if you buy/sell on the same day

AMC (Account maintenance charges)

For managing your trading and Demat account

Free on Groww

Rs.20 per executed order or 0 05% of order value (whichever is lower)

Free on Groww

– Buy order Charged by DP for crediting stocks to Demat account

DP charges

Free on Groww

DP charges

– Sell order Charged by DP for debiting stocks from Demat account

Rs 8 + Rs 5 50 (CDSL charges) per ISIN (company/ETF) per day on Groww regardless of quantity sold

Transaction Charges Charged by exchange for – 0 00325% of order amount on

Charges exchange for trading order amount on NSE– 0 003% of order amount on BSE (applicable on both buy and sell)

Clearing Charges Charged by NSSCL clearing member (clearing corporation of NSE) and ICCL (clearing corporation of BSE)

Payment gateway charges

Charges for depositing money in Groww Balance

Stamp Duty Charged as stamp duty by the state government for contract note

SEBI turnover charges

Securities Transaction Tax (STT)

Charged by SEBI (Securities and Exchange Board of India) for regulating the markets

Charged by the government when you transact on exchanges

Free on Groww

Free on Groww

Maximum of 0.018% (but different for each state)

0.00%

– 0.1% of the order amount in case of equity delivery– 0.025% of the order amount in case of equity intraday

GST Goods and 18% applied on

GST

Goods and services tax

18% applied on charges wherever applicable

The key benefit of being an investor with Groww is zero Equity Delivery Trading is Free Equity delivery is the most popular form of trading and zero charges attested to that gives an edge to the investors Rest of the trading classes, i e Equity Intraday, Equity Futures, Equity Options, Currency Futures, and Currency Options have a flat rate of Rs 20 per order

Groww Offers & Charges

You get a lot of offers with Groww prevailing in the stock broking industry Offers provided by Groww are another some of the much­needed set of items you might want to look out for before you start investing These offers are add on to your trading and investment journey As mentioned in the table above, here are some of the major offers you can expect from the broking house

Groww Trading Account Opening Fees

Brokerage charged by various asset classes is highly discount since they are originated as discount brokers It also provides free brokerage offer for investment in equity delivery

Furthermore, the trading account is absolutely free as you don’t have to pay an opening

charge or either an Account maintenance charge

Groww Demat Account Opening Fees

Demat account opening is also free with Groww So, you can sit back, relax and invest as trading with this house is an advantage, as the technology used to build the platform is quite impressive

Everything is made convenient with the help of technology, which you can avail from the comfort of your home.

How to Open Demat Account with Groww?

Step 1: Download and log in to Groww app Check for the ‘Stocks’ tab and click on ‘ complete setup’

Step 2: Click on the ‘Open Stocks Account‘ option to proceed. The account opening charges on Groww are zero. For other charges, you can click on ‘See all charges’. Check the charges and when you agree to pay the applicable charges, click on ‘Open Stocks Account’

Step 3: Provide the details about your occupation, income, mother’s and father’s name to complete the KYC process. Check the details once and click on the ‘Next’ to continue.

Step 4: Input your trading experience from the drop­down list and click on ‘Next’ once done.

Step 5: In the next step you have to upload your signature Your signature is mandatory to open the Demat account On a plain white sheet of paper, make your signature in dark ink Make sure it is clearly visible You may be asked to submit the same signature in the future if needed, so make sure you remember the one you have used Click on the camera icon to take the picture and upload your signature. You can also retake the photo. Click on ‘Looks Good’ if you are okay with the picture to continue.

Step 6: This step is Aadhaar based e­sign In this process, you need to submit your Aadhaar number to the e­sign service following which you will receive an OTP on the registered mobile number linked to your Aadhaar To e­sign, click on ‘E­SIGN AOF’

Please note, the OTP will be sent to your mobile­only if your Aadhaar is linked to your mobile number If your Aadhaar is not linked to your mobile, click on ‘My mobile is not

mobile number. If your Aadhaar is not linked to your mobile, click on ‘My mobile is not linked to my Aadhaar card’.

The Demat account opening form (AOF) will be sent to your registered email ID. Print the form, read the particulars carefully, sign at the mentioned places and courier the form to the address mentioned on the screen. Upon successful verification of the form, you will be notified and your account will be activated.

Step 7: If your mobile number is linked to yourAadhaar, enter the OTP/security code sent to your mobile and click on ‘Submit’.

Step 8: Read the Demat account opening form carefully and click on ‘Sign Now’ to proceed

Step 9: You will be redirected to NSDL electronic signature service Here, enter your Aadhaar number orAadhaar virtual ID and then click on the ‘Send OTP’button Enter the OTP to complete the e­sign process

You will see a success screen that says ‘Signed successfully‘, and subsequently a screen which says ‘ you can start investing now’. Click on ‘Let’s start’ to proceed.

You will be taken to the home screen. It may take a few hours to verify your account opening form. Till the time we complete the verification process, you might see a message saying ‘your documents are being processed’ on your home screen.

The verification will be completed within 24 hours, post that you can start investing

You will also receive the Client Master Report (CMR), which entails the details of your BO ID or Demat account number on your registered email ID from Groww as part of the onboarding process

Groww Trading Platforms

Online trading platforms are the most in-demand nowadays, especially when you are investing with a discount broker.

As the table above lists, the company has set up certain apps and software Groww has a desktop browser platform, Mobile Site Platform, Android App and an iOS app.

All the mediums have some features in common are somewhere similar and vary as per the compatibility of device use.

These features are real-time updates, and your portfolio details represented in a wellorganized dashboard. You also have the option to buy mutual funds online via any mutual fund app in India.

fund app in India.

Other features include easy installation, daily digest news, research reports, global indices, interactive charts, live market updates, SMS alerts and email alerts

Some Basic Frequently Asked Questions about Groww

Question: What are the Documents Required to invest in Stocks on Groww?

Answer: Groww provides a smooth and hassle­free process to invest in stocks Opening a trading and Demat account on Groww is super easy and quick All you need to do is esign with your Aadhaar number Once you have unlocked stocks, you will be required to enter your Aadhaar number and input the OTP received on the mobile number linked to your Aadhaar

Question: How much time is required to Activate Stocks Account on Groww?

Answer: Once the onboarding process is done, a maximum of 24 hours is needed to verify and activate your account for stocks on Groww

Question: What Are the Types of Orders Available on Groww?

Answer: Groww supports the following types of orders:

Market order: An order which is used to buy/sell a stock immediately, but the execution price will be at or near the asking price (for buy orders) and current bid (for sell orders)

Limit order:An order used to buy/sell a stock at a specific price or lower (for buy orders) and higher (for sell orders)

Others

Question: Is Groww good for Beginner investors?

Answer: Yes, beginners must try investing through Groww one of the greatest advantage you will enjoy is an investment with a cheap cost of brokerage Also, they provide details, investment tips and all kind of reports which lets you make an informed investment decision as well

Question: How is the Customer Support at Groww?

Question: How is the Customer Support at Groww?

Answer: There are a lot of methods through which you can connect with the customer care department of Groww Chat and email support are some of the quick options provided by the company You can check the table below and evaluate yourself:

Question: What are the Pros and Cons of investing with Groww?

Answer:Although we talked about various benefits & features in this GrowwApp Review. Some of the advantages and downside of investing with Groww are:

Benefits

Brokerage Discount

User-friendly trading platforms, compatible for multiple devices

Easy account opening

Minimal expenses

High exposure

Efficient team

Quick resolution of queries

Waived off account opening charges

Free Demat Account opening

Daily digest news and alerts with many other offers

Drawback

Advisory services are not provided

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