Groww App Review 2023: Is Groww App Safe?

Groww App Review 2023: Are you looking for a comprehensive and easy-to-use investment app? If so, then you need to check out Groww. Groww is a one-stop shop for all your investing needs, from stocks and mutual funds to ETFs and IPOs.

In this Groww app review, we’ll take a closer look at the app’s features, benefits, and brokerage charges. We’ll also help you decide if Groww is the right investment app for you.

So, what are you waiting for? Let’s get started!

What is Groww?

Groww is an online discount broker that provides investment offerings in mutual funds, stocks, IPOs, and digital gold. Groww app is becoming really popular in India, and it has over 9 million customers. It started in 2016 as an app to help people invest in mutual funds.

Now, you can use the Groww app to buy and sell stocks and mutual funds. They’re also testing some new features like US stocks, digital gold, and fixed deposits, which they plan to add to the app soon.

The app is free to use, and you can install it on your smartphone. It’s designed to be easy to use, with a simple and clean look. This makes it quick and convenient to trade and invest.

Groww App Key Features

  • You can invest in mutual funds without paying any extra fees.
  • The most they’ll charge you for one investment trade is Rs 20.
  • You can quickly open an account online without any paperwork.
  • They help you learn about investing through helpful blogs and books.
  • You can change your regular mutual funds to direct ones.
  • They also let you invest in US stocks, digital gold, and company fixed deposits.

Groww App Products/Services

Current Products:

  • Direct Mutual Funds.
  • Online Equity Trading at NSE and BSE.
  • Digital Gold Investment (available on the web).
  • IPO Investment.

Upcoming Products in Development and Testing:

  • US Stocks.
  • Fixed Deposits.
  • CDSL Depository Services.

Groww App Charges | Groww Charges 2023

Groww provides stock trading and Demat account services. When you trade with Groww, you pay fees, commissions, and taxes. Here’s how their fee structure and commission rates work:

Groww AMC Charges | Groww Account Charges 2023

Opening a Groww trading account is free, and there are no yearly maintenance charges (AMC) for both the trading and Demat accounts in 2023.

Groww App Brokerage Charges | Groww Brokerage Charges 2023

When you use Groww to buy or sell stocks and other financial products, you’ll encounter brokerage charges, which are like commissions. These charges vary depending on the type of trading you do.

Here’s the list of Groww brokerage charges:

SegmentBrokerage Fee
Monthly Fee (Fixed)Not Applicable (NA)
Equity DeliveryRs 20 per executed order or 0.05% (whichever is lower)
Equity IntradayRs 20 per executed order or 0.05% (whichever is lower)
Equity FuturesRs 20 per executed order
Equity OptionsRs 20 per executed order
Currency FuturesNot Applicable (NA)
Currency OptionsNot Applicable (NA)
Commodity FuturesNot Applicable (NA)
Commodity OptionsNot Applicable (NA)

Groww App Demat Account Charges | Groww Demat Account Charges

When you have a Demat account with Groww, there are certain charges associated with various transactions and services.

Here’s a simplified table to help you understand Groww’s Demat account charges for 2023:

TransactionCharges
Demat Account Opening ChargesRs 0
Transaction Charges (Buy)Not specified
Transaction Charges (Sell)Rs 8 + Rs 5.50 (CDSL Charges) per ISIN
Annual Maintenance Charges (AMC)Rs 0 (Free)
Demat + Courier chargesRs 150 per certificate + courier charges
RematRs 150 per certificate + courier charges
Pledge CreationRs 20 + Rs 12 per request (CDSL Charges)
Pledge Creation ConfirmationNot specified
Pledge InvocationRs 20
Failed TransactionsRs 50 per ISIN
Other ChargesKYC Modification: Rs 50

Groww App Trading Taxes/Charges | Groww Trading taxes/Charges

Tax TypeRates
Securities Transaction Tax (STT)
– Equity Delivery0.1% on both Buy and Sell
– Equity Intraday0.025% on the Sell Side
– Equity Futures0.01% on Sell Side
– Equity Options0.05% on Sell Side (on Premium)
– Commodity Futures0.01% on Sell Side (Non-Agri)
– Commodity Options0.05% on Sell Side
– Currency F&ONo STT
– On Exercise transaction0.125%
– Right to entitlement0.05% on sell side
Exchange Transaction ChargesRefer to the table above
GST (Goods and Services Tax)18% on (Brokerage + Transaction Charge + SEBI Fee)
SEBI (Securities and Exchange Board of India) Charges0.0001% (₹10/Crore) of the turnover (except for Agri futures where it is Rs 1 per crore)
Stamp Duty(On buy side only) Delivery: 0.015%, Intraday: 0.003%, Equity Futures: 0.002%, Equity Options: 0.003%, and Currency F&O: 0.0001%. Commodity Futures: 0.002%, Commodity Options: 0.003% (MCX)

These taxes and charges are important to consider when calculating the overall cost of your trades on Groww. They include taxes like STT, GST, SEBI charges, and stamp duty, which are applicable based on the type of trade you make and the transaction amount.

Groww App Transaction Charges | Groww Transaction Charges

Transaction charges are fees associated with trading on stock exchanges. These charges are a combination of Exchange Turnover Charge and Trade Clearing Charge. Let’s see the Groww’s Transaction Charges for 2023:

SegmentTransaction Fee
Equity DeliveryNSE: Rs 325 per Cr (0.00325%)
Equity IntradayNSE: Rs 325 per Cr (0.00325%)
Equity FuturesNSE: 0.002%
Equity OptionsNSE: 0.053% on premium

Groww App Demat Account Opening Process

Groww offers a quick and paperless account opening process for its customers, which can be done online through their app or website.

groww-app-demat-account-setup
groww-app-demat-account-setup

Here are the easy steps to open an account with Groww:

  1. Download the Groww App or Visit the Website: Get started by downloading the Groww app or visiting their website.
  2. Register with Your Email and Mobile Number: Sign up using your email address and mobile number.
  3. Verify Your Mobile Number: Confirm your mobile number by entering the OTP (One-Time Password) sent to your mobile.
  4. Provide PAN Number and Identity Confirmation: Enter your PAN number and confirm your identity.
  5. Enter Bank Details: Input your bank details, including the IFSC code and account number.
  6. Verify Bank Details: Double-check and confirm your bank details.
  7. Complete Setup: Under the Stocks tab, click on “Complete Setup.”
  8. Agree to Applicable Charges: Read and agree to the terms and charges.
  9. Open Stocks Account: Click on “Open Stocks Account” to enable stock investments.
  10. Complete KYC Process: Enter your occupation, income, and family details, then proceed to complete the KYC process.
  11. Provide Trading Experience: Indicate your trading experience from the provided options.
  12. Signature: Sign a white paper with dark ink, take a photo of it, and upload your signature.
  13. e-Sign the Account Opening Form: Use your Aadhar for e-signing the account opening form. You’ll receive an OTP for verification.
  14. Final Verification: Review the details on the account opening form and click “Sign Now.” Enter your Aadhar number, receive an OTP, and complete the process.

Once the necessary document verification is completed at the broker’s end, your account will be activated within a few hours.

Note: If your mobile number is not linked to your Aadhar card, you may need to courier a physical copy of the account opening form to the broker’s office. Instructions for this process are provided if needed.

Groww App Demat Account Documents Required

Opening an account with Groww is a straightforward, online, and paperless process. Depending on your situation, you may need to provide specific documents for identity and address proof. Here’s a list:

ScenarioDocument Requirements
First-Time Registration:– PAN card or Passport (for identity)
– Aadhar card or Passport (for address proof)
Unlocking Stocks Option:– Aadhar number for e-signing (no additional documents)

Is Groww App Safe?

Yes, the Groww app is safe and secure. It is a registered SEBI broker and an AMFI registered mutual fund distributor. Hence, all its transactions are constantly monitored and reviewed by SEBI.

Groww also uses a variety of security measures to protect its users’ data, including:

  • SSL encryption: Groww uses SSL encryption to protect all data in transit between the app and its servers.
  • Data encryption: Groww encrypts all sensitive data stored on its servers.
  • Two-factor authentication: Groww offers two-factor authentication to add an extra layer of security to users’ accounts.

In addition, Groww has a team of dedicated security professionals who work around the clock to protect its users’ data and transactions.

Overall, the Groww app is a safe and secure platform for investing in stocks and mutual funds.

What makes Groww different from other brokers?

  1. No Risky Borrowing: Groww doesn’t let you borrow money to trade, which can be risky.
  2. Trusted by Many: Since it started in 2016, over 9 million people in India have trusted Groww. This shows that customers have faith in them.
  3. Big-Name Investors: Groww has support from big investors like Ribbit Capital, Sequoia, and more. This means these investors believe in Groww’s management and long-term plans.
  4. Putting Customers First: Groww always thinks about what its customers need and what’s easy for them.
  5. Simple Fees: They charge everyone the same fees, so there are fewer complications.
  6. No Advice, Just Tools: Groww provides lots of information about investing, but they don’t tell you what to invest in. They focus on giving you the tools to make your own decisions.
  7. Secure App: The Groww app is safe to use. It has strong security to keep your data and transactions protected.

Which features is not available on the Groww app?

Groww offers a range of user-friendly features for trading and tracking investments. It’s important to note that while the platform is continually improving, some advanced features are currently only available on the web version before being added to the app. These features include:

  1. IPO Investment: You can invest in Initial Public Offerings through Groww.
  2. Advanced Order Types: Groww provides advanced order types like Bracket Order, Cover Order, Good Till Cancelled, and After Market Orders.
  3. Back Testing: Currently available on the web version, back testing allows you to test trading strategies using historical data.
  4. Scanners: These tools help you quickly find stocks or investments that meet specific criteria.
  5. Market Depth: This feature provides a deeper view of the stock market, showing you more information about buy and sell orders.
  6. Stock Alerts: You can set alerts to receive notifications about changes in stock prices or other market events.

As Groww continues to evolve and add new products and features, it’s worth keeping an eye on updates to the app to access these advanced functionalities.

Groww App Customer Care Number

FAQs

Q. What is BOID in Groww?

BOID stands for Beneficial Owner Identification Number. It is a unique 16-digit number that is assigned to each demat account holder in India. Your BOID is the same as your demat account number.

Q. Can I invest 100 rs on Groww?

Yes, you can invest 100 rupees on Groww. Groww has a minimum investment requirement of just 100 rupees for both stocks and mutual funds.

Conclusion: Groww App Review 2023

The Groww app is owned by Groww, and it’s a safe and user-friendly platform. It’s designed to help people invest in stocks and mutual funds. While it’s already good, Groww is constantly improving and plans to add more advanced features and products to the app.

In today’s digital world, Groww wants to become a one-stop platform where you can easily invest in various things like stocks, mutual funds, gold, US stocks, fixed deposits, and more, all on your phone or computer. They want to make investing simple and accessible to everyone.

Groww App Pros and Cons

Groww’s pros and cons has been listed below:

Groww Pros | Groww Advantages

  • Simple Pricing: They have a straightforward pricing model with a flat Rs 20 per trade brokerage fee.
  • No Account Opening Fee: You don’t need to pay any fees to open an account.
  • Zero Demat AMC Charges: There are no annual maintenance charges for your Demat account.
  • Instant Paperless Account Opening: You can quickly open an account online without paperwork.
  • Online IPO Application: You can apply for IPOs directly through the app.
  • Direct Mutual Funds: This platform can help you earn extra returns by investing directly in mutual funds.
  • Digital Gold: You can invest in digital gold online.
  • SME Shares Trading: They offer trading in SME shares.

Groww Cons | Groww Disadvantages

  • Limited Investment Products: They don’t have options for trading in commodities or currencies.
  • No Call and Trade Services: You can’t place orders over the phone.
  • No Stock Tips or Recommendations: They don’t provide advice or research reports.
  • No SME Share Trading: You can’t trade shares of companies listed on BSE SME and NSE Emerge.
  • No Branch Support: They don’t have physical branches for in-person assistance.
  • No Margin Trading Facility: There’s no option for margin trading.
  • No Margin Against Shares: You can’t use your existing shares as collateral for trading.
  • Lack of Advanced Order Types: They don’t offer advanced order types like BO, CO, AMO, and GTT.
  • No Trailing Stop Loss Orders: You can’t set trailing stop loss orders.
  • No NRI Trading: They don’t support trading for Non-Resident Indians (NRIs).
  • No SME IPOs: You can’t participate in SME IPOs through Groww.

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5/5 - (2 votes)

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