Do you still keep your money in banks and feel it is safe? Let me tell you it’s not safe from inflation.
Are you afraid of investing in mutual funds and stocks because you have a lot of doubts about online investing apps like Groww.
This Groww App Review article will solve all your doubts about online investments.
Returns on bank savings accounts, FDs and RDs are decreasing day by day but still a lot of you might be keeping all their savings in the banks
fearing that mutual fund and stock investments are very risky as you cannot trust these various new online platforms.
I am writing this article to clear a lot of doubts around one of such online investment platforms called Groww App.
Millennials in 2021 are aware that to multiply money in the long run the only option left is equity or you can say the stock market.
As per this article, the mutual fund investments in stock markets increased by 4 times this year.
Once investing in the stock market was a very difficult, time-consuming process that kept a lot of investors away from the markets.
A few years back investing in stocks or mutual funds was considered as an investment option for elite or financial experts.
If a common man wanted to invest in equity then he had to go through relationship managers and also do frequent visits to banks.
But thanks to the digital revolution that made it so easy that investing in the stock market and mutual funds are now at your fingertips.
One of the India-based apps which are at the forefront of this digitization of investing is Groww.
In this article, we are going to do an in-depth Groww App Review and Analysis and try to solve your all queries and doubts about this app.
You will not have any more fears or doubts about online investments and can go ahead to leverage technology to grow your money in the long term.
What Is Groww App?
Groww App is a totally India-based online investing platform that has its headquarters in Bangalore developed by 4 Flipkart employees.
In 2016 Harsh Jain, Lalit Keshre, Ishan Bansal, and Neeraj Singh quit their job to start a venture called Groww which became operational in December 2017.
Since then Groww has had an amazing growth trajectory and has increased its customer base to 10 million.
There is no doubt that apps like Groww have contributed a lot in attracting the common man and employee class into mutual funds and stocks in recent years because of user-friendliness and ease of account and investing.
Is Groww App Safe?
The biggest doubt you might have is
Is Groww app trustworthy?
Let me tell you that Groww is SEBI Registered advisor which is under the name Finvantage Investment Adviser Private Limited.
You can find their Registration Certificate on the Groww website.
Also, they have mentioned that they maintain total security to user data and use bank-level security on their platform. What that means is Groww is 100% safe.
What If Groww App Shuts Down?
That’s a very valid question, everything is going well now people are investing through Groww but who knows the future, and what if Groww App shuts down tomorrow what will happen to our hard-earned money.
Groww implements BSE Star MF (BSE Limited Platform for Allotment & Redemption of Mutual Fund Units) Process Flow for all its transactions.
That means that all transactions that you do on Groww are direct with respective Mutual Funds AMC and Groww is just a platform to facilitate these transactions.
So even though the Groww App shuts down in the future you can continue your investments with Mutual Fund AMCs directly.
Groww App Investment Options
Groww provides various investment options into both Mutual Funds as well as directly into Stocks.
The Groww dashboard is very simple and easy to use with clear options and menus.
Groww Mutual Funds
Once you register into Groww App by default you can start investing in Groww Mutual Funds.
You need below to register to Groww:
- Mobile No.
- Adhaar Card
- PAN Card
- Bank Details
- Phone Camera
Please note that Groww account opening and KYC verification is completely digital, you have to upload documents and do the digital signature.
However, the entire process is very easy and step by step not a very tedious task.
After registration, you can search for different mutual funds, look through their details and performance over the year and invest.
- SIP/ Lumpsum/ STP Investment
- Invest More Into Existing Fund
- Redeem From An Existing Fund
- Switch From Regular To Direct Fund
- STOP/ CANCEL An Existing SIP
Groww Demat Account For Stocks
Recently Groww has started opening a Demat account as well which too is a completely online process.
- Buy/ Sell Stocks
- Futures and Options
- Apply For IPOs
This means Groww is no more just a mutual fund investment app but also a full-fledged equity investment platform too.
You can have all your investments in one place including FD, Mutual Fund, Stocks, F&O, and with the recent inclusion of US Stocks, it’s a complete portfolio platform.
Groww App Charges
Mutual Funds: Free
Investments into Mutual Funds are completely free on Groww.
Account opening Charges = 0
Transaction Charges = 0
Groww Stocks: Charges apply
As you can see below no account opening charges or account maintenance charges but Groww brokerage charges on equity and F&O transactions are as below.
Account Opening Charges = 0
Account Maintenance Changes = 0
Equity Brokerage = Rs. 20 or 0.05% per executed order
Future & Options Brokerage = Rs. 20 per executed order
Is Groww Really Free?
From the above charge structure, you can say it’s free but also not free.
If you are using Groww to invest in Mutual Funds then it’s completely free whereas if you are using Groww for Stocks or Trading then you have to pay some charges.
Mutual Funds = Free
Stocks/ Trading = Charges Apply
How Does Groww App Earn?
Mutual fund investments are completely free for customers on Groww, so might be making some commissions from mutual fund companies but that revenue could be not that much.
Groww has created a customer base of more than 10 lakhs and now they have come up with Stock buy/ sell and Intraday paid services.
I think Groww will try to monetize this huge customer base with new services as customers usually like to use various services on one platform and are reluctant to change investing platforms frequently due to small charges.
Also as Groww is a digital platform it can leverage technology to keep its operational cost low and increase its customer base which in turn will increase the revenue.
Which App Is Better Zerodha Or Groww?
I have heard about some positives of both apps from people. Few like the look and feel of Zerodha whereas others like the simplicity of Groww.
I will give you a comparison between the two and you can decide which fits better for your needs.
|First Discount Broker||New In Discount Broking|
|Customer Base||40 lakh+||10 lakh+|
|Charges||Account Opening = Rs. 300/ YearAccount Maintenance = Rs. 300/ Year||Account Opening = Rs. 0Account Maintenance = Rs. 25/ Month = Rs. 300/ Year|
|Brokerage||Max Rs. 20/ Transaction||Max Rs. 20/ Transaction|
|DP Charges||Rs. 13.5||Rs. 13.5|
|Margin||5x – 20x||5x – 8x|
My Groww App Review
Groww is one of the well-known apps for mutual funds and stock investment. It is totally safe and secure. I am sure you will like and enjoy the simplicity of this app.
Another reason why I prefer Groww for Mutual Fund investment is Groww’s Wallet. You can keep some money in your wallet and wait for opportunities in the market.
And when the time is right directly transfer money from Growwwallet to the fund you want to invest in a single click without having to transfer money from the bank to Groww through NEFT which might take some time.
Investing has never been this easy, you can invest your money easily at your fingertips from anywhere anytime, and absolutely.
This was a complete Groww App Review, so go ahead and start your investment journey by creating an account with Groww.
Click on the button below to open a Groww account with my Referral Code and earn Rs. 100 instantly.
If you want to know how to select and start investing in mutual funds as a beginner then do read the article here.
Also, let me know if you have any queries then do comment below and I will try my best to solve them same.
Frequently Asked Questions
Does Groww app charge commission on mutual funds?
No, Groww offers commission-free mutual fund investments for investors.
How good is Groww app?
Groww is a very good and clean investment platform. Very easy to use. It is one of the fastest-growing investment platforms in India.
Groww app is safe for investment?
Groww app is 100% safe and secure for investments. They are SEBI registered. Your investments are direct with AMC’s, Groww is just a platform to make the transactions easy.
Is Groww app safe for stocks?
Yes, it is completely safe. All your transactions are with NSE and BSE, Groww is just a platform to make this transaction easy.
Groww account opening charges
There are no account opening or maintenance charges on Groww.
Is Groww app free?
Account opening, maintenance, and mutual fund investments are totally free for investors. However, there are brokerage charges that apply only to stock trading.
How to do STP in Groww
To do STP you first have to transfer your fund to any debt fund of the same AMC in which you want to do STP.
Then you will find an option in the debt fund itself to Start STP, follow the step and select the fund to start STP into, and be done.
What if Groww shuts down?
There is no issue if the Groww app shuts down. All your mutual fund investments are safe with respective Asset Management Companies and stocks are safe with NSE and BSE.
I hope you enjoyed this post about the Groww App. Now you know a lot more about this app and hopefully, you can use it to grow your investments.
If you have any questions about the Groww app, please feel free to comment below.