Groww Review 2024 - A Beginner-Friendly Investment Platform (2024)

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Category: Reviews | Author: Trading Brokers | Date: June 3, 2024

Investing in mutual funds is a popular way to diversify your portfolio and achieve your financial goals. However, choosing the right platform to invest in mutual funds can be a daunting task, as there are many factors to consider, such as fees, convenience, security, and performance. Groww is an online platform that was launched in 2016 and is regulated by the Securities and Exchange Board of India (SEBI). It claims to offer a simple and transparent way to invest in direct mutual funds, as well as other products like stocks, digital gold, US stocks, and fixed deposits. But how does Groww compare to other platforms in the market? Is it a reliable and trustworthy platform to invest in? In this article, we will review Groww and provide some insights on whether it is a suitable platform for mutual fund investors.

Summary

Established in 2016 and regulated by the Securities and Exchange Board of India (SEBI), Groww offers a simple and transparent platform for investing in mutual funds, stocks, and other products. The platform’s mission is to make investing accessible and easy for everyone, especially the young and tech-savvy generation. Groww provides a user-friendly interface, low fees, high security, and a paperless KYC process for its customers.

The platform also features a variety of tools, such as calculators, blogs, videos, podcasts, and quizzes, to help investors learn and grow their knowledge. Groww supports a wide range of markets, including direct mutual funds, stocks, digital gold, US stocks, and fixed deposits. The platform also allows customers to choose from different account types, such as basic, growth, and super saver. Customers can fund their accounts using various methods, such as UPI, net banking, debit cards, or bank transfers. Groww aims to be a reliable and trustworthy platform for investing in India, but as always, understanding the associated risks is essential.

Regulation

Groww is the brand name of Nextbillion Technology Private Limited, a company incorporated in 2016 in Bangalore, India, under the registration number U74999KA2016PTC097483. The company is regulated by the Securities and Exchange Board of India (SEBI), the market regulator in India, under the registration number INZ000208032. It is also a member of the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), the two leading stock exchanges in India, under the membership codes 90191 and 6707 respectively.

Additionally, it is a depository participant with the Central Depository Services Limited (CDSL), one of the two depository services in India, under the registration number IN-DP-431-2019. Being regulated by SEBI and associated with NSE, BSE, and CDSL means that Groww has to follow various rules and regulations that aim to protect the interests of investors and ensure fair and transparent market practices.

For example, Groww has to maintain adequate capital adequacy ratio and net worth as per SEBI norms, keep client funds and securities separate from its own funds and securities, provide periodic statements of accounts and holdings to clients, submit audit reports and compliance certificates to SEBI and stock exchanges regularly, follow KYC (Know Your Customer) and AML (Anti-Money Laundering) guidelines as prescribed by SEBI, resolve customer complaints and grievances through the SEBI Complaints Redress System (SCORES) and participate in the Investor Protection Fund (IPF) and the Securities Investor Protection Fund (SIPF) schemes that provide compensation to investors in case of default or insolvency of the broker or depository participant.

These rules and regulations ensure that Groww operates in a safe and reliable manner and provides a secure platform for investors to trade and invest in various products. However, investors should also be aware of the risks involved in trading and investing in these products, such as market volatility, currency fluctuations, liquidity issues, operational glitches, etc.

Platforms & Tools

Groww offers a simple and intuitive platform for investing in various products. Groww does not have an installable trading terminal or call and trade facility and currently offers to trade via web and mobile app only.

The Groww web platform is a browser-based trading website that can be accessed from any device with an internet connection. The web platform allows users to open an account, complete KYC verification, link bank accounts, transfer funds, explore and buy products, track portfolio performance, and withdraw funds. The web platform also features a dashboard that displays the user’s net worth, returns, holdings, watchlist, and orders. The web platform has a simple and user-friendly interface that makes it easy for users to navigate and execute transactions.

The Groww mobile app is a mobile trading app that can be downloaded from the Google Play Store or the Apple App Store. The mobile app offers the same features and functionalities as the web platform, with some additional benefits such as biometric login, instant UPI payments, smart alerts, and offline mode. The mobile app also has a sleek and responsive design that adapts to different screen sizes and orientations. The mobile app is ideal for users who want to trade and invest on the go.

In addition to these platforms, Groww also provides a range of tools and resources to help users learn and grow their knowledge. Some of these tools and resources include:

• Calculators: Groww offers various calculators on its website, such as SIP calculator, lumpsum calculator, SWP calculator, STP calculator, retirement calculator, etc. These calculators help users to estimate their returns, plan their goals, and compare different investment options.
• Blogs: Groww publishes regular blogs on its website, covering topics such as mutual funds, stocks, personal finance, taxation, etc. These blogs provide useful information, insights, tips, and updates for investors of all levels.
• Videos: Groww also produces engaging videos on its YouTube channel, covering topics such as market analysis, product reviews, investment strategies, etc. These videos help users to understand complex concepts in a simple and visual way.
• Podcasts: Groww also hosts podcasts on its website and Spotify, featuring interviews with experts, entrepreneurs, investors, etc. These podcasts provide valuable insights, stories, and perspectives on various aspects of investing and finance.
• Quizzes: Groww also conducts quizzes on its website and app, testing users’ knowledge on various topics such as mutual funds, stocks, IPOs, etc. These quizzes help users to assess their learning and improve their skills.

Education

Groww understands that education is the key to successful investing and strives to provide its customers with the best learning resources and opportunities. Groww’s education segment covers a wide range of topics related to investing in various products such as direct mutual funds, stocks, digital gold, US stocks, and fixed deposits. Some of these topics include:

• Basics of Investing: This section introduces the fundamental concepts and principles of investing, such as risk-return trade-off, diversification, asset allocation, compounding, inflation, taxation, etc. It also explains the different types of investors and their goals, such as saving, wealth creation, retirement planning, etc.
• Mutual Funds: This section covers everything one needs to know about mutual funds, such as what are mutual funds, how they work, how to choose them, how to invest in them, how to track them, how to redeem them, etc. It also provides information on the different types of mutual funds, such as equity, debt, hybrid, index, sectoral, thematic, etc.
• Stocks: This section covers everything one needs to know about stocks, such as what stocks are, how they work, how to choose them, how to invest in them, how to track them, how to sell them, etc. It also provides information on the different aspects of stock trading and investing, such as market analysis, valuation methods, financial ratios, technical indicators, trading strategies, etc.
• Digital Gold: This section covers everything one needs to know about digital gold, such as what is digital gold, how it works, how to buy it, how to sell it, how to store it, etc. It also provides information on the benefits and risks of investing in digital gold.
• US Stocks: This section covers everything one needs to know about US stocks, such as what are US stocks, how they work, how to buy them, how to sell them, how to track them, etc. It also provides information on the advantages and challenges of investing in US stocks from India.
• Fixed Deposits: This section covers everything one needs to know about fixed deposits (FDs), such as what are FDs, how they work, how to choose them, how to invest in them, how to track them, how to withdraw them, etc. It also provides information on the features and benefits of FDs, such as safety, guaranteed returns, tax benefits, etc.

Groww’s education segment does not end here. In addition to web-based learning, the platform also offers opportunities for enhanced learning through webinars, live sessions, and workshops, facilitated by experts and professionals. Some of the topics covered are:

• How to Start Investing in Mutual Funds
• How to Pick the Right Stocks for Long-Term Investing
• How to Invest in Digital Gold and US Stocks
• How to Save Tax with ELSS Funds
• How to Build a Diversified Portfolio

Markets

Groww provides a simple and transparent platform for investing in various products across different financial markets, including direct mutual funds, stocks, digital gold, US stocks, and fixed deposits. These products allow investors to diversify their portfolios and achieve their financial goals according to their risk appetite and return expectations. In the mutual funds market, Groww offers access to over 5,000 direct mutual funds from more than 40 fund houses, covering different categories such as equity, debt, hybrid, index, sectoral, thematic, etc. With zero commission and no hidden charges, investors can invest in mutual funds through SIP or lumpsum mode, track their performance, switch or redeem them anytime, and save tax with ELSS funds.

In the stock market, Groww enables investors to trade and invest in over 4,000 stocks listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), the two leading stock exchanges in India. With low brokerage fees and no account maintenance charges, investors can buy and sell stocks at market or limit prices, place stop-loss orders, monitor their holdings and watchlist, and participate in IPOs. In the digital gold market, Groww allows investors to buy and sell 24K gold online at live market prices as low as ₹10. The gold purchased by investors is stored in secure vaults by an RBI-approved vendor and is also insured against theft or damage. Investors can also request physical delivery of gold or sell it back anytime.

In the US stock market, Groww facilitates investors to invest in over 3,000 US stocks and ETFs from popular companies such as Apple, Amazon, Google, Tesla, etc. With no commission or account opening fees, investors can buy fractional shares of US stocks for as low as $1, diversify their portfolio across global markets, and benefit from currency appreciation. In the fixed deposits market, Groww offers investors a choice of over 30 fixed deposits from various banks and NBFCs, with interest rates ranging from 5% to 8.5% per annum. Investors can compare different FDs based on their tenure, interest rate, rating, and tax status, and invest in them online with minimal documentation and hassle-free process.

Accounts

Groww offers a simple and hassle-free process for opening an account and investing in various products. Groww does not charge any account opening fees or account maintenance charges and allows users to open multiple accounts for different purposes. Groww offers the following types of accounts for its customers:

1. Trading Account: This account allows users to place buy and sell orders in the stock market. A trading account is linked with a Demat account and a bank account, enabling seamless transactions and settlements. Groww is a member of NSE and BSE, the two leading stock exchanges in India, and provides a low-cost and user-friendly trading account service to its users.
2. Demat Account: This account allows users to hold their shares and securities in electronic form, instead of physical certificates. A Demat account is mandatory for trading and investing in stocks, ETFs, and IPOs. Groww is a depository participant with CDSL, one of the two depositories in India, and provides a secure and convenient Demat account service to its users.

There are three types of Demat accounts that users can choose from, depending on their residency status:

• Regular Demat Account: This account is for residing Indian citizens who want to trade and invest in the Indian stock market.
• Repatriable Demat Account: This account is for non-resident Indians who want to transfer money from overseas through their Demat account, provided it is linked to an NRE bank account.
• Non-repatriable Demat Account: This account is also for non-resident Indians, but it cannot be used to transfer funds from abroad. This account has to be linked to an NRO bank account.

Funding

Groww offers a simple and convenient way of funding your account and withdrawing your money. Groww supports the following payment methods for transactions:

• UPI: Unified Payments Interface (UPI) is a fast and secure way of transferring money online using a virtual payment address (VPA). UPI enables instant deposits and withdrawals with no charges. The minimum and maximum transaction limits are ₹100 and ₹1 lakh, respectively. UPI is the preferred payment method for investing in mutual funds, stocks, digital gold, and US stocks on Groww.
• Net Banking: Net banking allows users to transfer money from their bank account to their Groww account using Internet banking services. Net banking supports deposits and withdrawals with no charges. The minimum and maximum transaction limits vary depending on the bank. Net banking is an alternative payment method for investing in mutual funds, stocks, digital gold, and US stocks on Groww.
• Debit Card: Debit card allows users to transfer money from their bank account to their Groww account using their debit card details. The debit card supports deposits only with no charges. The minimum and maximum transaction limits are ₹100 and ₹1 lakh, respectively. Debit card is an additional payment method for investing in mutual funds on Groww.
• Bank Transfer: Bank transfer allows users to transfer money from their bank account to their Groww account using NEFT or IMPS services. Bank transfer supports deposits and withdrawals with no charges. The minimum and maximum transaction limits depend on the bank. Bank transfer is a backup payment method for investing in mutual funds, stocks, digital gold, and US stocks on Groww.

To initiate transactions, log in to your Groww account and visit the “Add Money” or “Withdraw Money” section. Here, select your preferred payment method and follow the on-screen instructions. Processing times may vary depending on the method and bank involved.

Groww does not impose a minimum deposit requirement for any product, but certain products might have higher minimum investment amounts. For instance, the minimum investment amount for digital gold is ₹10, while the minimum investment amount for US stocks is $1. Hence, before making a deposit, consider both the chosen payment method and the product type to ensure alignment.

Conclusion

In conclusion, Groww is an online platform that aims to provide a simple and transparent way to invest in various products such as direct mutual funds, stocks, digital gold, US stocks, and fixed deposits. Groww is regulated by SEBI and associated with NSE, BSE, and CDSL, ensuring a safe and reliable platform for investors. Groww also offers a user-friendly interface, low fees, high security, and a paperless KYC process for its customers. Groww also features a variety of tools, resources, and opportunities to help investors learn and grow their knowledge. Groww supports various payment methods for funding and withdrawing money, such as UPI, net banking, debit cards, and bank transfers. However, it’s worth noting that while Groww offers strong features, there are other platforms with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading broker reviews.