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Is Groww App Safe (2023)? Secure Your Investments

Groww App

Fintech, or financial technology, is rapidly changing the way we manage our finances and investments. More and more people are using apps like Groww to invest in stocks and mutual funds. Groww has become very popular due to its accessibility and user-friendly interface. But as the Groww App becomes more well-known, the question of safety also arises. 

Is Groww App Safe?

Groww is a member of the BSE and NSE and is registered as a stockbroker with AMFI and SEBI. Consequently, using it for investment purposes is entirely yes Groww App Safe. You can visit Groww’s official website and scroll down to the bottom of the homepage for more information about its registration. 

How does Groww making money?

How they make money is another question that crosses everyone’s mind. A company needs revenue to stay afloat, and the Groww app doesn’t take any commission from its users. The answer to this is that it makes money by offering its users premium features and advisory services.

Documents Required for Registering with the Groww App

How to Open a Demat Account with Groww?

  • Download and install the Groww app from the Play Store or App Store on your smartphone.
  • Use a registered mobile number and a working email address to finish the registration process.
  • To continue, confirm the account registration and enter the OTP.
  • Provide the PAN, bank account, and other document details that the form asks for.
  • Enter the open stocks account after clicking the “complete setup” button.
  • Examine the information regarding Groww brokerage fees and other fees.
  • To finish the KYC process, enter additional information such as your income and profession.
  • To keep your signature visible and understandable, add one in the format that is needed.
  • You will receive an OTP on your registered mobile number and be required to finish an Aadhaar-based e-sign process.
  • You must now Sign Up, so please read the instructions carefully before moving forward.
  • It will direct you to the NSDL e-sign portal, where you will be required to input your UID number in order to finish the e-sign procedure and enter the obtained OTP.
  • You have successfully finished the Groww account and KYC process after completing this step. You can now begin investing in the direct mutual funds and stock trading options that are available.
  • Typically, it takes a full day to activate your account and send a CMR to the registered email address along with your BO ID or Demat account number.

What can you do with Groww?

  • Invest in any fund: You can use them to invest in any mutual fund that AMC offers through them. You can also set up a systematic investment plan (SIP) in any fund or make a lump sum investment. Your account will be immediately debited of the set amount, which will then be invested in the mutual fund of your choice.
  • Cancel/Stop an ongoing SIP: If you are experiencing personal or professional challenges, you may want to stop or reduce the number of sips you are taking from any mutual fund scheme. This can also be completed quickly with the app, and it doesn’t require you to sign or turn in any paperwork.
  • Change from regular funds to Direct mutual funds: By chance, you can also use the Groww App to switch from regular funds to direct mutual funds if you have already funded in regular funds.
  • Append more money in existing mutual funds: If you’re investing in mutual funds, you can use the Groww App to make additional investments in the same folios if you’d like.
  • Redeem from any stock with the click of a button: With just one click using the Groww app, you can also access your saved money in mutual funds. The amount you choose will be transferred right away to the bank account along with the AMC.

How to withdraw money from Groww?

The Groww app makes it very easy to withdraw money. Just open it, select the “Withdraw” option, enter the desired amount, and click “OK.” The money will automatically be credited to your account and deducted from the app once you’ve finalized the amount.

Groww App Brokerage Charges

Groww operates on a fixed brokerage charge model, charging up to Rs 20 per trade for day trading, F&O, and equity delivery. If you engage in intraday trading or trade equity delivery, you have to pay Rs 20 or 0.05% of the trade value, whichever is less than the brokerage fees. Furthermore, for equity F&O trades, it levies a fixed fee of Rs 20 per trade. The auto square-off feature costs Rs 50 in total for the trade if you choose to use it.

List of other charges by Groww

Brokerage Charge & Fees On Charge Amount Details
Equity Delivery Trading Zero
Equity Intraday Trading Rs.20 per Order
Commodity Options Trading N/A
Equity Futures Trading Rs.20 per Order
Equity Options Trading Rs.20 per Order
Currency Futures Trading Rs.20 per Order
Currency Options Trading Rs.20 per Order
Minimum Brokerage Zero
Demat AMC Charges Rs.300 per Annum
Trading AMC Charges Free
Margin Money Zero

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