If you have been looking to invest in Mutual Funds or buy stocks, there is no better platform than Groww. Well, investing in mutual funds has not been everyone’s cup of tea back in those days. However, with more and more platforms emerging on the web, anyone with a simple bank account can open a Demat account within minutes and start investing. To make things easier for you, we have created a guide for Groww App review and learn more about it.
There are tons of similar apps on the web that are exceptionally amazing. However, with Groww you can manage all your mutual funds easily and maintain your portfolio. Moreover, recently, the platform has introduced features through which users can even buy stocks directly by creating a Demat account.
Let us look at the Groww app review to know more about the platform and how you can use it.
Groww App Review- What is it?
Groww App is an online investment platform for Indian users. It is one of the fastest-growing platforms for all beginners as well professionals who have been investing in multiple aspects for years. You will find over 10 Million users on this platform with 100+ team members handling every other aspect to bring a smooth functioning application.
If you are new to this and looking to know more about stocks and mutual funds, there is a plethora of information available on the app itself that will guide you further. This platform was launched in 2016 with only access to mutual funds and everything related to it. While in the year 2020, the firm finally introduced a stock investing service making it a lot more feasible to anyone who might be interested in it.
To add more to this, you can learn loads of knowledge about different stocks, finances, funds, companies, shares, etc, through the YouTube channel where finances from different genres gather and help you further in your financial journey.
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Groww App Review- Features and More
Well, before we can check out the fees and how you can create an account on the Groww app, you need to know more about the different features here. Not only can you invest your money in mutual funds and stocks, but do a lot more super easily.
Let us look at the features you will get as a user of the Groww app.
1. Invest in Stocks
The first and foremost section that you will see on the screen is the Stocks. You can know more about the Market Indices section that includes Nifty 50 and Sensex. Moving on, any stocks that are trending are also listed separately so that you can invest in them to be on the safe side. Other than that, you will also find all the stocks that are top gainers and losers likewise. In the stocks section itself, the app also lists all the IPOs so that you can buy them as soon as they arrive.
2. Popular Mutual Funds Investment
Another important feature that had been a part of the app since the very beginning. You can choose to either start a SIP or else go for Lump-Sum. Here as well, you can check out the most popular mutual funds and choose the one that might seem safe with, and invest your money. If you are new to this, there are multiple videos as well you can check out before investing your money on either of them.
Once you have put your money in any of the features, you can keep track of them in the Dashboard section. Both the mutual funds and Stocks have a separate section for the dashboard so that you can sort them out easily without any hassle. Here, there are multiple options to analyze each investment you have made and also understand more through proper analysis.
4. Redeem or Cancel Any fund
With the option provided to the users, you can either choose to redeem your funds to cash out the money or even cancel/stop them whenever you want. It is a simple one-click process for both SIP and stocks that you might have invested in. Also, you can choose to redeem all the money in the funds or write down the amount you need. All the money redeemed or refunded will be transferred to your bank account linked with the app.
5. Import External Funds
A very interesting feature that had been added quite recently to the app is importing external funds. Well, if you have been using any platform other than Groww to invest in different funds, you can click on Import External Funds in the dashboard section and bring it all to one single place. It is not an easy task to manage multiple apps, hence you can take care of all of them through this feature.
6. Invest in Gold
You might have already come across the digital Gold investment available on the web version. However, you can now invest in gold mutual funds such as the SBI gold fund, and much more similar funds available on the app. Moreover, we even have the Gold ETFs that you can invest into such as Nippon India ETF Gold BeES.
7. Payment Options
Lastly, we have multiple payment options to make it easier for users to invest in different kinds of funds. For SIP you can add and verify your bank account and simply start auto-pay so that you do not have to worry about every installment. Also, adding money to the wallet is much easier using payment options such as UP transfer, Net banking, and Bank transfer. Moreover, you can add as many bank accounts to the app as you have to be on the safe side if one of them is not working. The verification process hardly takes time and you can get on with it.
Groww App Review- How to open a Demat Account?
Well, to invest in Mutual Funds you will not need any account whatsoever. Simply sign up on the Groww app and verify your Pan card details, bank account details, and other personal info. Also, you will not be charged any fee for creating an account.
Moving on, to invest and trade with stocks, you have to create a Demat Account. With the help of the Groww app, the steps taken for this process are much simpler and easy to carry out. Let us look at the steps.
- Open your Groww App and head over to the Stocks section.
- Click on Complete Setup.
- Tap on Unlock Stocks and enter the details.
- Enter your KYC details carefully.
- Upload your signature.
- Enter your Aadhaar details and enter the OTP sent to your mobile number.
- Fill up all the info needed further.
Hereon, you can simply wait for the application to get approved that hardly takes any time and you can start investing in stocks within 24 hours. Make sure you have put all the details carefully and also the mobile number must be linked with your aadhar card or else you need to manually send the approved form to their office to open a Demat account.
Groww Brokerage Charges- How much do they charge?
Initially, Groww App does not charge even a single penny to any of its users for creating an account on the platform. In fact, you need not pay any brokerage fees for creating a Demat account.
- Zero Account Opening Fees (Trading & Demat)
- Zero Account Maintenance Fees (AMC)
- Flat Brokerage fee of INR 20 or 0.05% per executive order.
- 0.00325% of order amount on NSE– 0.003% of order amount on BSE (Exchange Transaction Charges)
- STT- 0.1% (Delivery) & 0.025% (Intraday)
- 18% GST
For Mutual Funds
- Zero Transaction Fees
Groww App Review – Pros & Cons
Yes, the Groww app is safe. It has been verified and provided with SSL certification along with 128-bit encryption. All major exchanges are listed on this platform and are registered brokers at SEBI. Moreover, all your money invested along with your personal data is secure and safe.
Yes, Groww is mostly free. You will not be charged with any transaction fee while investing in SIP or mutual funds. Similarly, as a user, you no longer have to pay any money for creating a Demat account as well as zero maintenance charges. The only money you need to pay here is the basic INR 20 fee for brokerage on stocks. There are certain other charges too for Intraday as well as a delivery that you can check out in their official app.
Groww app introduced its stock trading feature recently and has been able to provide users with an easy-to-use platform with security. Users do become suspicious if they are comfortable using an online platform to trade stocks. However, Groww is better than most of the apps and its UI makes the work a lot simpler.
Well, here we are with every piece of info you need to know about the app through Groww app review. From its features to know about the charges that it takes, you can learn it all. To sum up, Groww is a highly useful and simple-to-use interface for any beginner as well as professionals. If you have no idea about mutual funds and how to invest, you can always learn more about them through blogs and YouTube tutorials that will be much more beneficial for long-term investment.
The same scenario is followed by stock trading where things can get a little intense and if you have no idea about how things work out, it is better to learn and then step into the market. You can easily keep track of all your funds through the dashboard, import from other apps, buy IPO, and multiple other functions that you can make use of.