by admin | May 4, 2024
Groww is a well-known Indian investment platform, streamlines the investment process in stocks, mutual funds, gold, ETFs, and FDs. Renowned for its user-friendly interface, no brokerage charges on mutual funds, and emphasis on education and research, Groww has become a popular choice for diverse investors.
We will look at the features, charges and other factors of Groww which makes it a technologically advanced and smart platform. In this Groww review, you can also compare it with other popular platforms. So let’s get started with this Groww review with the overview of the platform.
Table of Contents
Groww Overview
| Company Type | Private |
| Headquarters | Bangalore |
| Founder | Lalit Keshre |
| Establishment Year | 2016 |
| Broker Type | Discount Broker |
| Active Clients | 91 Lakh+ |
Groww was initially launched in 2016 as a direct mutual fund investment platform. In 2020, it expanded its offerings to include equity trading, US stocks, digital gold, equity-linked savings, fixed deposits, and other investment options. With over 1.5 crore registered members, Groww has positioned itself as one of the largest distributors of mutual funds in India, processing more than 2.5 lakh SIPs per month.
Features of Groww
- User-centric approach with an easy investment experience
- Available on mobile apps and browser-based trading portal
- Investing in direct mutual funds through Groww does not involve any commission or brokerage charges.
- Fixed discount brokerage fee of ₹20 per order for trading in stocks and equity F&O
- No charges for opening an account or maintaining a demat account with Groww.
- 100% digital account opening process
- Option to invest in gold, US stocks, IPOs, SGB, and ETF
- Easy access to back-office and portfolio management
- Valuable intraday tips for making sound business decisions
- Margin up to 5x for intraday trading
- Enhanced security with 128-bit SSL encryption
- Single-click buying and selling
- Easy SIP investment with over 2.5 lakh SIPs submitted per month
Groww brokerage charges
| Type of charges | Description | Charges applied |
| Equity delivery | The broker levies a charge on purchase orders when equity is deposited into a Demat account | Free on Groww |
| Equity intraday | Charged by the broker if you buy/sell on the same day | Rs.20/executed order or 0.05% of order value (whichever is lower) |
| AMC (Account maintenance charges) | For managing your trading and Demat account | Free on Groww |
| DP charges – Buy order | Charged by DP for depositing stocks to Demat account | Free on Groww |
| DP charges – Sell order | Charged by DP for withdrawing stocks from Demat account | Rs.8 + Rs.5.50 (CDSL charges) per ISIN (company/ETF) per day on Groww regardless of quantity sold |
| Transaction Charges | Charged by exchange for trading | – 0.00325% of order amount on NSE– 0.003% of order amount on BSE(applicable on both buy and sell) |
| Clearing Charges | Charged by NSSCL clearing member and ICCL | Free on Groww |
| Payment gateway charges | Charges for depositing money in Groww Balance | Free on Groww |
| Stamp Duty | Charged by state government as stamp duty for contract note | Maximum of 0.018% (but different for each state) |
| SEBI turnover charges | Charged by SEBI for regulating the markets | 0.00% |
| Securities Transaction Tax (STT) | Charged by the government when you do transactions on exchanges | – 0.1% of the order amount in case of equity delivery– 0.025% of the order amount in case of equity intraday |
| GST | Goods and services tax | 18% applied on charges wherever applicable |
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Groww demat account charges
| Trading Account Opening Charges: | Free |
| Trading Account AMC: | Free |
| Demat Account Opening Charges: | Free |
| Demat Account AMC: | Free |
How to open an account with Groww?
- Download the Groww app on your phone or PC from the Play Store or App Store
- To register type your email and mobile number
- Then enter the OTP received on your number and verify it
- Now enter your other details such as your PAN card, and bank details, and verify them.
- You will find a ‘Stocks’ tab, click on it and then click on ‘Complete setup’ and then click ‘ Open stocks account’.
- The offers free account opening and does not charge you various charges such as Groww app charges and Groww AMC charges.
- Next, you will have to complete the KYC registration process. For this enter your occupation, income details, parent’s name, etc, and then click on ‘Next’.
- Choose your trading experience from the dropdown menu and then proceed by tapping on ‘Next’.
- Upload your signature
- Complete your Aadhar based e sign process
- Read the account opening instructions and click on ‘Sign now’
- Then you will be redirected to the NSDL e-sign portal. Type your 12-digit Aadhar number and click on ‘Send OTP’. Now enter your OTP and complete the ensign process.
- Your account will be activated 24 hours after the verification. After this, you will get the client master report with the BO ID or Demat account number on your email ID.
People Also Read: Best Demat Account in India
Groww Trading platforms
| Groww Android App Download | Android App |
| Groww iOS App Download | iOS App |
| Groww Web Trading Platform Download | Web Trading |
Groww Android and iOS mobile app
Groww launched this app in 2016 which has a smart user interface. This makes the app very simple and easy to use for beginners. Groww app offers a paperless account opening process which makes account opening a seamless experience. Other features of the app include multiple customized watchlists, one tap order placement, 10+ technical charts with a time frame of 1 min to 1 month, and 10 years of price history and real-time market data.
Groww web trading platform
Groww also has a free browser-accessible online web trading platform for traders and investors. You can log in to your Groww account on the website and start investing in all segments including equity, derivatives, mutual funds, digital gold, US stocks, and IPOs. On Groww Digest beginners can access Groww Academy to learn about the stock market and read the latest financial market news.
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Groww Pros and Cons
| Groww Pros | Groww Cons |
| Zero commission on investment in mutual funds. | You cannot trade in commodities and currencies. |
| Quick and easy account opening process. | No analysis, trading advice, or recommendations offered. |
| Trading in US equities, US ETFs, US FDs and digital gold available. | You cannot access advanced orders such as GTT, bracket, cover orders, and AMO orders. |
| Simple and smart user interface. | No research report on stocks is available. |
| No margin facility available. |
Groww Customer Support
| Trading Support:- NA | Dedicated Dealer:- NA |
| Call Support:- 9108800604 | Email Support:- [email protected] |
| Compliance Officer:- Call:- 8061933732 Email:- [email protected] | Website:- Groww Website |
| Head of Customer care:- Call:- 8046161210 Email:- [email protected] | |
| YouTube |
Groww Review & Rating By PaperTradingApp
Reviews for Groww
Charges Review
- Free equity delivery trading and minimal brokerage charges.
- Free account annual maintenance.
- GST is additionally charged on exchange transaction charges and auto square-off charges.
- Auto square-off charges are comparatively higher.
Customer service review
- The platform provides both email and chat support.
- They also offer a raising facility.
- Calling for assistance is only provided upon request.
Ease of use review
- Similar trading platforms (App and web) to avoid any confusion.
- User-friendly interface.
- Groww offers direct mutual fund investment plans however in some schemes they offer regular plans also.
Groww Rating
| Customer Rating | |
| Experience | 6.1/10 |
| Trading Platform | 9.3/10 |
| Product & Services | 9.1/10 |
| Brokerage Charges | 9.2/10 |
| Research | 7.0/10 |
| Overall Rating | 8.5/10 |
| Star Rating | ★★★★★ |
| Customer Reviews | 1167 |
Groww comparison with other brokers
In this chart, you can compare Groww vs Zerodha and other popular brokers. It will give you an idea about various features including charges and trading offerings of these brokers.
| Broker | Groww | 5Paisa | Zerodha | Upstox | Paytm Money |
| Service Type | Discount Broker | Discount Broker | Discount Broker | Discount Broker | Discount Broker |
| Brokerage Range | Rs 20 | Rs 20 | Rs 20 | Rs 20 | Rs 20 |
| Account Type | 2 in 1 | 2 in 1 | 3 in 1 | 3 in 1 | 2 in 1 |
| Equity Delivery | 0.05% or Rs 20 whichever is lower | Flat Fee Rs 20 | Free | 2.5% or Rs 20 whichever is lower | 2.5% or Rs 20 whichever is lower |
| Equity Intraday | 0.05% or Rs 20 whichever is lower | Flat Fee Rs 20 | 0.03% or Rs 20 whichever is lower | 0.05% or Rs 20 whichever is lower | 0.05% or Rs 20 whichever is lower |
| Equity Futures | Flat Fee Rs 20 | Flat Fee Rs 20 | 0.03% or Rs 20 whichever is lower | 0.05% or Rs 20 whichever is lower | 0.02% or Rs 20 whichever is lower |
| Equity Options | Flat Fee Rs 20 | Flat Fee Rs 20 | Flat Fee Rs 20 | Flat Fee Rs 20 | Flat Fee Rs 20 |
| Commodity | Not Available | Flat Fee Rs 20 | Flat Fee Rs 20 | Flat Fee Rs 20 | NA |
| Currency Futures | Not Available | Flat Fee Rs 20 | 0.03% or Rs 20 whichever is lower | 0.05% or Rs 20 whichever is lower | NA |
| Currency Options | Not Available | Flat Fee Rs 20 | Flat Fee Rs 20 | Flat Fee Rs 20 | NA |
| Rating | 4/5 | 4/5 | 4.5/5 | 4.5/5 | 4/5 |
People also read:- Zerodha Vs. mStock
Conclusion
In this Groww review, we have seen various aspects of the platform. Based on it, we can conclude that Groww is one of the emerging new-age trading platforms that offers technologically advanced features for investors along with a user-friendly and smart interface. However, the platform can be inconvenient for those who want to avail margin trading facility because Groww does not provide it. Apart from that all the features and offerings of Groww are best for new investors as their account opening process is very quick and easy and their trading platforms such as app and web are very easy to use.
FAQs on Groww Review
Check out several frequently asked questions (FAQs) regarding Groww Review here.
Q.1. Does Groww offer a margin trading facility?
Ans:- As of now, Groww does not offer a margin trading facility.
Q.2. What are the Groww account opening charges?
Ans:- Groww offers free account opening process as well as free account maintenance.
Q.3. How do I access the Groww brokerage calculator?
Ans:- You can visit this website https://groww.in/calculators/brokerage-calculator to access the Groww brokerage calculator online.
Q.4. Can I trade in commodities and currencies on Groww platforms?
Ans:- No, as of now Groww does not offer trading in segments like commodities and currencies.
Q.5. Do I need to maintain a minimum balance in Groww?
Ans:- No, Groww typically does not require users to maintain a minimum balance in their accounts. Groww operates as a platform for investing in mutual funds and stocks, and there is generally no obligation for users to maintain a specific minimum balance.
Q.6. Is Groww a discount broker?
Ans:- No, Groww is not a discount broker. Groww primarily functions as an online investment platform, offering a user-friendly interface for investing in mutual funds, stocks, and other financial instruments. It provides a straightforward and commission-free approach for users to start their investment journey.
Q.7. How to add funds in Groww app using UPI?
Ans:- To add funds to your Groww account using UPI:
- Open the Groww app and log in.
- Navigate to the ‘Funds’ or ‘Add Money’ section.
- Choose the UPI option as your preferred payment method.
- Enter the amount you want to add.
- Follow the on-screen instructions to complete the UPI payment process.
Q.8. Is Groww SEBI Registered?
Ans:- Yes, Groww is registered with SEBI (Securities and Exchange Board of India), the regulatory authority for the securities market in India. SEBI registration ensures that Groww operates within the regulatory framework and complies with the necessary guidelines to provide investment services.
Q.9. Is Groww a CDSL or NSDL participant?
Ans:- Groww is a participant of CDSL (Central Depository Services Limited). CDSL and NSDL (National Securities Depository Limited) are two central depositories in India that hold and maintain electronic securities. Groww’s association with CDSL enables seamless and secure electronic holding of securities for its users.