Groww App Review 2022

Want to know all about Groww App Review 2022? Then, you have landed on the right article!

Have you also wondered where you should invest your money? Are you confused and still looking for adequate solutions? Don't worry, because we might have found the right app for you!

Groww was founded in the year 2016 by none other than Lalit Kesher. He aimed to create an app for all investors, and his target audience primarily remained millennials and tech enthusiasts who are interested to learn more about finance.

Back in 2016, it was founded as a direct mutual fund investing platform, but now it has grown to include equity trading, Digital gold, US stocks, and Fixed deposit.

Created with love in Bengaluru, Groww now has a considerable client base and has partnered with over 34 mutual fund houses.

The best part about Groww is that you can invest in mutual funds and SIPs and take note of your stock market, all from the comfort of your home. It has created an online platform that is extremely easy to use and thus has become a cult favorite.

The app provides easy and transparent solutions to its customers, making it even more valuable and popular.

Groww has its trading platform, Groww (web and mobile trading app), which provides investors with a smooth trading experience. Now many of you think that is grow app safe? With 128-bit encryption, it is a safe and secure app. 

Groww is one of India's fastest-growing platforms. It's also one of the highest-rated apps in the Google Play Store and App Store (4.5+).

In this Groww app review article, we're going to explain all the aspects of Groww: its highlights, charges, and everything that an investor needs to know before installing this app.

 Critical Highlights about Groww

• Direct mutual funds with no commissions.
• Online account opening is instantaneous and paperless.
• The maximum commission per trade is Rs 20.
• Switching from an outside standard mutual fund to a direct mutual fund is a feature.
• Customer knowledge is raised through exciting and educational blogs and eBooks.
• It also offers stock investments in the United States and digital gold and corporate FDs.

Key facts about Groww

• Founded in 2016 as a company for Direct Mutual Fund investments.
• Founded initially under Nextbillion Technology Pvt Ltd.
• Massive client base with over 10 million customers.
• Availability of different products for investment, such as mutual funds, US stocks, and digital gold.
• Fully online platform investment for IPO.
• No tips, recommendations, or research is available.
• No maintenance charges. 

Groww app charges review

Grow app brokerage charges-

Steps for Opening Groww Account

Opening a Groww account is a highly user-friendly process. It requires no paperwork and is seamless. 

Let us look at the steps to open a Groww account:-

• First, download the Groww App from the App store.
• They will prompt you to register with a mobile number or an email ID.
• Enter the OTP received on your registered mobile number.
• A government ID, such as your PAN number, is mandatory. Enter that to confirm your identity.
• Bank details such as IFSC code and account number are also required.
• Verify the details entered.
• Click on the 'Complete Setup' prompt that will pop up.
• Remember to read the terms and conditions and click on the 'I Agree' prompt.
• If you want to start investing in stocks, click on the 'Open Stocks Account' prompt. This will unlock the stock investment option on Groww.
• Next is completing the KYC process, for which you will be required to enter your name, occupation, income level, and your parents' names.
• The app will also want to know your trading experience, so select from the list given.
• Next, upload your signature. Do it on white paper with black ink, click a picture, and upload it.
• An option to e-sign the form will come up as soon as you link your Aadhaar.
• Enter the OTP that you will receive on your linked mobile number.
• Do not forget to read the instructions on the account opening form. Press Sign Now after.
• NSDL e-signing option will require your Aadhaar number and the OTP generated for this process.
• Once you enter the OTP, your account opening process will be completed.
• When the document verification from the broker's end is done, your account will be updated. 

Disclaimer:- If you do not have your Aadhaar and mobile number linked, you have to take a printout of the account opening form and send a physical copy to the broker's office. 

Your account opening process will get completed after the broker verifies all the documents physically. 

Products And Services Offered by Groww

Groww provides online trading and investing in stocks, equities futures and options, initial public offerings, direct mutual funds, digital gold, FD, SGB, and US stocks. It is a CDSL depository participant that provides Groww Demat accounts for the safekeeping of stocks and mutual funds.

Groww provides free Demat and Trading accounts with no account opening fees or AMCs. Groww's mobile app and website allow customers to trade. On stock intraday and delivery trading.

Groww charges the lower of Rs. 20 or 0.05 percent commission and a flat Rs. 20 per order fee on all F&O trades. It doesn't charge any fees for investing in direct mutual funds.

Groww Demat Account review: 

The various products and services offered by Groww are:-

• Groww Demat Account:- Groww has partnered with CDSL to provide consumers with an instant Demat account creation solution. Groww's Demat account protects stocks, mutual funds, IPOs, ETFs, and other electronic assets.
  
  The Groww app allows you to establish a private Groww Demat Account with no fees.
  
  
• Groww Stocks Trading:- Many of the users wonder whether it is groww app safe for stock trading? However, Groww began stock trading in June 2020. Groww now allows consumers to purchase and sell shares listed on the BSE and NSE.
  
  Groww charges a fixed fee of Rs on stock intraday and delivery trading. 20 per order or 0.05 percent, whichever is lesser. Groww does not offer free delivery trading.
  
  
• Groww Trading Accounts:- As we have already mentioned, Groww offers trading across various platforms, such as stocks, gold, mutual funds, exchange-traded funds (ETFs), initial public offerings (IPOs), and US stocks.
  
  Across all of these items, the trading account allows for smooth, totally transparent, and online trading. A trader may log in to their Groww web or Groww app account and begin online trading and investing in various items.
  
  
• Derivative Accounts:- Customers may trade in the equities futures and options segments with only one click on the Groww platform.
  
  In the derivatives sector, you may trade Index and Stock futures and options contracts and other charts and indicators. Groww Charts has a set fee of Rs. 20 per order on all F&O transactions, regardless of the deal value.
  
  
• Groww Mutual Funds Investment:- Groww is a direct mutual fund investment platform. There are around 35 mutual fund companies that are offered on Groww. Zero commission, subscription, or transaction fee is charged on this platform.
  
  Customers can also track their mutual fund growth via the app and switch to other investment options anytime.
  
  
• Groww IPO:- Groww has officially started giving IPO investment after introducing stock trading. Groww app users or web-based platforms can apply for an IPO.
  
  On the Groww app, the broker offers free IPO investing via UPI. Non-UPI users, on the other hand, can register through their Groww Demat Account for the IPO they are interested in and their online banking or ASBA method.
  
  A customer can even pre-apply for an IPO before it is released, and your order will be transmitted to the exchange once the IPO opens.
  
  
• Groww ETF:- ETF refers to Exchange Traded Fund, and it is a type of mutual fund that participates in firms listed on a specific benchmark.
  A Sensex ETF, for example, will invest in all firms listed on the Sensex, but a Nifty ETF will only invest in companies listed on the Nifty.
  
  Groww account holders may use the Groww app and Groww site to purchase and sell ETFs.
  
  
• Groww Digital Gold:- Do you know that you can also buy digital gold now? Well, Groww now has the option of people investing in digital gold. There is a holding period of 2 days before it becomes sellable. One can also decide to invest in Gold ETFs and mutual funds. 
  
  
• Groww US Stocks:- Groww has begun to invite users to access US-based equities and begin trading in the US stock market. People with abroad Trading Accounts will now be prepared to invest in equities such as Amazon Inc., Alphabet Inc., Microsoft Inc., Starbucks Inc., Apple Inc., Netflix Inc., etc.
  
  Simply establish a Groww US Stock account, and your account will be authorized within 24 hours. If you do not already have a Groww account, you must first create an Indian stock profile before proceeding to the US Stock account.
  
  Groww provides a free USD withdrawal on the first withdrawal, with future withdrawals costing USD 9.
  
  
• Groww FD:- Groww provides FDs (Fixed Deposits) from various banks as a secure investment option for conservative clients. For investors who do not want to incur significant risks, a Groww FD will become the ideal alternative.
  
  
• Groww Digest:- Groww Digest is an educational project that provides readers with up-to-date news and market information. The discount broker delivers daily market updates on the Sensex and Nifty, top gainers and losers, financial results of firms, and so on.
  
  
• Groww Academy:- Groww created this platform in December 2021 to supply complete financial services education information for beginners to expert traders.
  
  Groww Academy is a platform that offers a variety of course series, including stock market basics, All About IPOs, corporate activities and their impact, company selection and analysis, and the economy and its impact on stock prices.
  
  You can also call it a free stock market learning platform. The Academy's course content is offered in English and Hindi with videos.
  
  
• Groww SGB:- Groww also allows customers to buy sovereign gold bonds. These are a one-of-a-kind investment product offered by the RBI that offers both a set interest rate and gold price appreciation.
  
  
• Groww Calculators:- Many calculators are available to customers for their various financial services. They are-
• SIP calculator
• SWP calculator
• Lumpsum calculator
• Income tax calculator
• MF Returns calculator
• PPF calculator
• Sukanya Samriddhi Yojana calculator
• EPF calculator
• RD calculator
• FD calculator

These are the various products and services available to customers on the Groww app and website. 

Pros and Cons of Groww

Before opening an account with Groww, it is essential to know the pros and cons of the app. 

Pros:-

• Simple price structure. Brokerage is charged at a flat rate of Rs 20 for each trade.
• There is no charge for opening an account.
• Account opening is instantaneous and without the use of paper.
• AMC Charges on Demat Accounts are nil.
• Online application for an initial public offering.
• Investing in digital gold over the internet is one option.
• It is possible to trade SME shares.
• A platform from Direct Mutual Funds that can help you earn an extra 1.5 percent in returns.

Cons:-

• There are just a few investment options available, and there is no possibility to trade commodities or currencies.
  
• There are no calling services available for trading.
  
• There is no branch support.
  
• Don't give stock recommendations, research reports, or stock advice.
  
• There is no option to trade on margin.
  
• Order types such as BO, CO, AMO, and GTT are not accessible.
  
• There is no margin against stocks.
  
• The Groww app does not support trailing stop-loss orders.
  
• There are no IPOs for small businesses.
  
• Do not provide services to non-resident Indians (NRIs).

Customer Ratings

Additional Features of Groww

• User-friendly dashboard:- The dashboard is straightforward and gives an overview of the entire app. The services are accessible to avail, and anyone without any experience can also use them.
   
  The dashboard will provide you with a rapid overview of your investments and several additional resources. You can view a detailed analysis of your active transactions and investments.
  
  
• Real-time market data:- Based on real-time monitoring, users will be allowed to invest in stocks. The app's price data is updated in real-time, making it simple to keep track of stocks and develop trading strategies.
   
  The real-time data allows you to conduct a study on the stock you're considering and compare it to other possible investments. The shares are listed on both the BSE and the NSE. You may customize your display and then establish a market watch to keep track of your favorite stocks.
  
  
• Customizing your watch list:- Users have a lot of flexibility in building personalized market watch lists. Customers may use this page to search for and add stocks to their portfolios.
  
  By constantly watching the real-time performance of the shares, you can make an informed and successful investment decision. Users may also use the program to do stock research because it includes corporate financials, such as P&L, Balance Sheets, and other critical financial data.
  
  
• Easier order placements:- It only takes a few clicks to invest in mutual funds. The firm also offers rapid mutual fund strategies ready-made, allowing customers to participate immediately.
   
  On the other hand, buying or selling shares is as simple as clicking a button. This is how simple the investment procedure is using the Groww App. Groww Balance is a private balance account that can be accessed through the Groww app and website.
   
  Customers may deposit money into this account and make payments for transactions with ease. You won't have to add money to your account every time you wish to invest in one of the Groww app's stocks.
   
  
• Simple chart tools:- The charts in the software are elegantly crafted while remaining simple. They also reveal the mutual fund or stock's past performance and all of the information you'll need to make an investing decision.
   
  There's also a section dedicated to sharing price news, including the most up-to-date financial news and analysis. You'll also get daily updates on the top gainers, losers, and market capitalization leaders. For peer comparison, a comparison medium is also supplied.
  
  
• High encryption with guaranteed safety:- Comparable to banking standards, the Groww app comes with a high 128 bit SSL encryption that goes very well with each transaction. End-to-end encryption allows people to transact safely and securely without worrying about their money.
   
  
• Cancel SIP anytime you want:- Groww provides a greater level of freedom to its consumers. With a few clicks, you may cancel or interrupt your ongoing SIP. It does not obligate you in any way.
   
  Investors are able as per their financial capabilities and for as long as they choose. SIP stands for Systematic Financial Plan, and it is a modern investment instrument that allows people to invest a set amount over time and generate substantial returns.
  
  
• Can use UPI to invest:- Groww has added the possibility to contribute funds utilizing the UPI transfer mechanism to make the fund transfer procedure easier.
  
  Unified Payment Interface (UPI) is an acronym for "Unified Payment Interface." UPI is a secure and dependable way to send money using a QR code or phone number. It's a quick procedure that allows you to move money from one account to another in seconds.
  
  
• Comparison of Mutual funds:- A careful analysis and a wise selection might bring outstanding financial benefits. Mutual funds are risky and can turn into a yearning asset over time; therefore, choosing the proper fund is crucial.
  
  However, there could be more than one Mutual Fund that you believe meets your needs, and you are undecided, which is why Groww allows you to compare Mutual Funds.

Groww Customer Care Details

Groww has a good customer care support team that works 24*7 to help their customers. One can email them at support@groww.in or go to their help page on the app. There is also a live chat option to assist you with any trouble you face.

Final words

From what we have concurred, Groww is an excellent option for mutual fund investors. From the app, you can see the real-time market value of mutual funds and stocks and get alerts on your customizations.

It is a good shot for anyone who wants to be risk-free and invest in their future. There is no commission fee to use this app, and there are no middlemen involved in these transactions.

Choose Groww to be free of any apprehensions after investing in mutual funds!