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Groww Review – If you haven’t yet started investing your money, you are missing out on a lot. When I say investing, it does not only mean starting a Fixed or a recurring deposit in your bank account.
There are a lot of options that you can choose to go with such as Mutual Funds, Stocks, etc. Here I am taking up the very popular Groww App that I have been using for a very long time now for investment purposes.
We will be discussing everything there is you need to know before you can start using the Groww App on your smartphones or any other platform you find comfortable.
Yes, you can find multiple similar apps on the web but not all of them are as easy as this might be to work on and manage especially if you have never invested anywhere.
In recent times people have become more aware of such platforms and are looking forward to growing their wealth while they continue to earn money. No matter how much you earn every year, investing money is as important as every other life activity.
Keeping everything in mind, let us jump over and have a look at Groww Review.
Groww- A Brief Intro
Groww is an online platform that allows its users to invest in Mutual Funds, Stocks, Gold, Fixed Deposits, and much more. The company was launched in April 2016 and since then the team has raised an incredible $142 Million from multiple investors.
Moreover, the platform currently has more than 10 Million users and continues to grow as we speak.
You can add it to the list of the fastest growing online investment platforms in India with a $1 Billion valuation. Apart from the very basic Stocks and Mutual Funds investment options, you can even choose to invest in the US Stock Market, buy IPOs, trade-in Futures & Options, and even buy Gold.
Among many others, Groww reached the status of a Unicorn company in April 2021 when they raised $83 million in their Series D funding round.
Some of the advantages that you may not find in any other platforms are that it is beginner-friendly and indeed the best option for you if you are looking to get started with investing your money. All the charges here are out in the open and do not have any hidden charges whatsoever.
Key Features and Products of Groww App- Why Did I choose to get started here?
You might know the basic idea behind Groww and the company all these years. There is still a lot more history to it that you can easily learn more about on any Wikipedia page, But here I am to tell you why I chose to get started with this app apart from others already booming in the market.
Here are some major features.
1. Ease of Use
The first aspect or feature that we are going to talk about here is how incredibly easy it is to use the Groww app. Well, you can also create your account on its website and start investing.
The big question here is: What makes a brokerage platform easy to work on as compared to others? If you ask me, the user interface is simple to navigate as well as you can simply go from one option to another with a single touch on the screen.
Unlike multiple other applications on the web, the Groww app seems to be more user-oriented and beginner-friendly. If you have simply no idea how things work and you are going to make your first investment, there is no place better to start things with. All the options are right on your screen.
2. Resources & Blog
Next up, something I genuinely feel is one of the best things about this platform is the fact that it provides you with all the resources you could ask for. Someone like me who started investing a few years back and had no idea, these blogs and resources helped me to learn as much as I can about investment, funds, finance, and much more.
Whether you are on your smartphones or laptops, simply visit the Groww Blog and explore all the different topics before you can start with your investment.
As it is rightly said, you need to know the basics of anything especially when it comes to putting your money into something. Moreover, among the options listed, you can make the best use of the fund calculator as well and plan your investment accordingly.
3. Mutual Fund Investment
I have chosen to take the MF investment option as a major feature in this blog since a lot of people who start things might not be aware of how easy it is to learn and invest money.
A few years back, a lot of people including me never spoke about any such things since it seemed too distant and something that might be too complicated to get your hands into.
With Groww App, not only can you learn about every fund but also pick out any Mutual Fund from the list and look at the potential in future prospects. There are more than 5000+ funds listed on the platform for you to choose from.
Moreover, you will be charged a 0% commission over any investment you make. Why Mutual Funds? Well, you can simply start a SIP for each month that will be deducted automatically on your specified date, making it easier for you to keep track.
4. Stocks (Indian and US)
Buying and selling stocks in itself sounds pretty overwhelming especially to newbies. At least for me when I first started. It might seem like something only meant for professionals but then you might be a little wrong here. With the Groww app, buying a piece or a part of any company is as simple as buying products online.
All you need here is to make a Demat account that will hardly take about 15-30 minutes considering you have all the documents needed.
One of the most interesting aspects of this particular feature or product is that you can also invest in US Stocks as well and it does not require any extra effort to do so. Some of the biggest names listed here are Google, Facebook, Tesla, Amazon, Microsoft, etc.
Moreover, there are no brokerage charges for any user on the platform and you will get 100% value of the stock you own of that company.
Moving on, apart from the Indian Stocks you can even apply for multiple IPOs listed directly on the platform. Make sure to learn more about it and apply for it hassle-free within minutes.
5. DashBoard
This is something that I like personally among all the features listed here. Not only does it make it easier for you to invest in different stocks, MFs, etc, but also you can keep track of everything on the Dashboard for each of the products on the app.
Well, the Groww App is much easier to work on as compared to the website but surely all the products are listed majorly on the Web App.
Moving on, the Dashboard allows you to edit and make changes to your investment. From changing the dates to investing more on already invested funds, stocks, etc, you can do everything.
Furthermore, the Mutual Funds Dashboard, shows you your total investment, profits, current XIRR, and much more so that you can plan your further investment options accordingly.
6. Gold and Fixed Deposits
Speaking of Gold, Groww offers its users to buy digital gold on its platform with 99.9% purity. You can purchase, sell, and even accumulate Gold anytime you wish as per your need and preference. If you are not well informed on how things work, simply start with as low as 10 INR and accumulate as per your wish over the period of time.
If you want to sell it, simply liquidate the Digital Gold with a single click and your money will be given to you in 2 days. Unlike other investment options, you will be charged certain taxes and fees for buying and selling Gold. As per the company, the live price listed on the platform is generally the wholesale price in the market.
For purchase: the rate you see for the Gold is excluded from the taxes, Making charges, and the delivery charges as well. Moreover, you will be charged 3% GST on the purchase of Gold.
For Sale: you can simply sell the Gold on the platform itself on the live price of the product in real-time. The best part here is that there are no charges levied on it while you are selling it either by the platform or anyone else.
Speaking of Fixed Deposits, Groww provides you with the benefit of investing in Fixed Deposits without having to open any savings account.
The major benefit of an FD is that you are assured of as high as 6.7% interest on the amount you have invested. You can easily find some of the major banks listed on the site and proceed as required.
How to create an Account on Groww App? Step-by-Step Guide
Hopefully, by now, you are aware of the different products and features as I have mentioned in this Groww Review and how these are going to benefit you in the long run. Now, the only thing you need to do is simply create an account after which you can start with your investment.
Here is the step-by-step process that you need to follow.
- Download and install the app on your smartphone.
- Choose between, “Continue with Google”, “Continue with Apple”, or else select “Use other email ID.
- Sign up with your account and verify your Phone Number with OTP.
- Now, enter your PAN Number on the screen and tap on Create Account.
- Fill in all the details of your bank account such as Bank Account number, IFSC Code, etc.
- Move on to the Complete Setup option and tap on it.
- Agree with the terms and conditions on the screen. Tap on Continue.
- Give all your personal details such as income, occupation, names of your parents, and click on Next to continue.
- You need to now submit your trading experience (if any)
- Next, submit your signature on the app for verification.
- Next step, you need to also sign the e-document for opening the account as per your Aadhaar.
- If your number is linked with Aadhaar, you will get an OTP to confirm.
- Once done, your account will be moved on for further verification of all the details.
What are the documents required for opening an Account on Groww?
Here is a list of all the documents you need to open and verify your account Groww app or website. Make sure to keep them handy while you are doing so and the process hardly takes minutes to get things started.
- Aadhaar Card/Driver’s License/Passport, and PAN Card
- Bank Account Details (Account number and IFSC Code)
- Registered mobile number
- Your Signature scanned copy
That is all you need to open your account on Groww App. Once you have gone through all the steps, you simply need to wait for the account to be verified. It will hardly take a few hours or at the most 24 hours if things go wrong.
Groww Review- Fees and Charges
Next, you need to learn and know about all the charges levied on the transaction you will make on the platform. Since there are multiple products, it will be different for each of them. Make sure you go through them thoroughly so that you have an idea of how things work before investing any amount.
Here we go.
1. Stocks (Indian and US)
To start with stocks on both Indian and US marketplace, there are zero charges for both Account opening as well maintaining it.
Moving on, for Equity brokerage on the Indian Stock exchange, you will have to pay a small fee of 20 INR or 0.05% per executed order or whichever is lower under such circumstances. Similarly, for Future Brokerage, you will be charged 20 INR per executed order.
While on the US stock exchange we have $0 brokerage charges as well but only for a limited time period as set by the company.
Other charges applicable here include the USD-INR exchange rate as per your bank. For withdrawal in US Stocks, there will be zero charges for your first withdrawal, after which you will have to pay $9/withdrawal.
2. Mutual Funds
Moving on, we have Mutual Funds here where you will be charged nothing at all for investing, opening an account, or even making any kind of transaction whatsoever.
You can also choose to calculate your SIP, Brokerage, Margin, and much more using the Groww Calculator that will help you make the right investment every time. For this, if you use the website application it will be much wider and broader since it has all its features aligned.
Safety and Security in Groww App
While many of you might be somewhat new here since you are here to learn about Groww. We all are aware that investing in anything is always at risk since it depends entirely on market movement. But when it comes to selecting a good brokerage platform, Groww is better than most of the ones I have personally used.
All the money you have invested and the details you have shared on this platform are highly secured and safely put up. Moreover, all the trading and transactions taking place are safe and secure in every manner. They use BSE Star MF as their transactional platform that makes it highly secure.
Moreover, they are a SEBI registered company under the name NextBillion Technology Private Limited. It has SSL certification on its site as well as 128-bit encryption. To be more sure, you should know that they are members of BSE and NSE as well as AMFI registered mutual fund distributors.
Pros
- Highly user-friendly
- Ease of use for the long term.
- Reliable and safe to use.
- Zero Brokerage Charges
- Zero Account Opening Charges
- Trusted by millions of users
- Easy to manage the portfolio and keep track
Cons
- No margin trading facility provided
- Does not feature 3-in-1 accounts
- No currency or commodity option is available
Frequently Asked Questions
1. Is the Groww app safe?
Yes, the Groww App is completely safe to use and invest your money into. It has SSL certification as well as has the 128-bit encryption to keep all your data safe and secure. Moreover, all the transactions made on the app as well as the website are protected since each of them is carried via BSE.
2. Is Groww completely free?
Yes, Groww is completely free in multiple ways. There are no brokerage fees for investing in mutual funds as well as no hidden charges too. While investing in stocks you may have to pay a small number of brokerage fees for both equity and futures both. Other than that there are zero account opening charges as well as for maintaining them.
3. Can you import your External Funds on Groww?
Yes, recently Groww has upgraded their services through which you can easily import your Mutual Funds investment. You can track them by importing them into your portfolio. It is available on the Dashboard at the bottom.
Once you click on it, it will take your request to CAMS/Karvy and retrieve your account statement. There are options for manual tracking as well if you are not so sure to share access to your Groww account or your email account.
Final Verdict
Well, here we are with everything you need to know about the Groww App. Apart from this, you might be hoping to learn more about the Payment options as well. So, you can choose multiple bank accounts and set an auto-pay option with them. It will take a little time for verification but it is the best way to go with it.
Once done, the money will be dedicated automatically each month on the date you have fixed for each of the funds. You are even given the option to change the dates on which the SIP will be deducted so that you can keep track of it. Other than Groww is one of the best platforms you can use to get started with. Whether you are a professional or a beginner, you can definitely go with it.
