Groww Review – Brokerage Charge, Demat Account, Fees and More

Groww Review: For years, investing in stocks was considered cumbersome for many despite the influx of new-age platforms and unprecedented levels of ease. This is the aim of Groww, a new stockbroker in the marketplace. Check this detailed Groww review to know about its demat account charges, plans, advantages & disadvantages, etc.

Groww was launched as a direct mutual fund investment platform in the year 2016. It was the year 2020 when the broker expanded its offerings by jumping into Equity trading. Other investment options available at Groww are US stocks, Digital Gold, Equity-linked Savings, Fixed Deposits, and lots of other options. 

Groww was founded by Lalit Keshre, Neeraj Singh, Harsh Jain, and Ishan Bansal. It presently has over 1.5 crores registered members. According to Lalit, Groww is one of the largest distributors of mutual funds in India with over 2.5 lakh SIPs submitted per month.

The most interesting thing about Groww is its user-centric approach which guarantees an easy user experience regarding investments. Groww has placed itself as a full-fledged investment avenue and is poised to do the same whilst freeing up access to financial offerings for the population in India.

About Groww – Groww Review 

Considered among the top stock brokers in India, Groww has come a long way in enhancing the overall stock trading experience of its users. Launched in the year 2016, Groww is essentially a discount stock broker that aims to provide best-in-class, technology-led investment solutions to its users. 

It is based out of Bangalore and offers its clients to invest in IPO, Equity, and Direct Mutual Funds. The stockbroker is promoted by Nextbillion Technology Private Limited, which is a registered member of SEBI, NSE, and BSE.

The investors of Groww are Ribbit Capital, Sequoia, TigerGlobal, and Propel Venture Partners. It is important to note that Groww is the 8th Indian startup to achieve the status of a unicorn in 2021. 

According to stock investment experts, Groww has become immensely popular among new investors due to its extensive exposure to technology.

Salient Features of Groww

• Zero commission or brokerage on direct mutual fund investment.
• Trading in Stocks and equity F&O at a fixed discount brokerage fee of ₹20 per order.
• 0 account opening charges and 0 Demat account maintenance charges.
• 100% digital account opening right through the app.
• Super-quick and smart UI embedded mobile App and browser-based trading portal.
• Option to invest in gold, US Stocks, IPOs, SGB, and ETF.
• 0 fixed brokerage or 0 hidden charges.

How To Open a Demat Account in Groww?

If you are looking to open an account with Groww, you need to know the right procedure. As every stockbroker in India is now riding high on technology, Groww is no exception. Due to the incorporation of newer technology, opening a trading and Demat account has become tremendously easier these days. The same is the case with Groww, where you can employ the latest technology to open a Demat account in no time. 

Being an online discount broker in India, Groww doesn’t feature any footprint in physical. This is why it has a highly advanced Groww app that lets you do a host of things like invest in currencies, equities, and mutual funds with utmost ease.

Here is the step-by-step procedure to open a Demat account with Groww through its mobile app or browser-based trading platform. 

• Login to The Groww mobile app or the website (https://groww.in).
• Jump to the Stocks section, and tap on Complete Setup.
• As there is no charge for Groww account opening, you can easily proceed further by clicking or tapping on “open stocks account”.
• The next step is to complete the KYC process by entering your AADHAAR card details and PAN number.
• Once you provide the required details, fill in other details like name, DOB, occupation, and other important information.
• Next, you will be asked to upload a clear photo.
• Now, you would have to e-sign for the AADHAAR by entering an OTP received on the registered mobile number. 
• Click on Submit.
• Once your submitted documents are accepted and verified, you can choose to start trading with Groww.

When opening a Demat account with Groww, collect all the required documents for faster application processing. 

First and foremost, you would need a PAN card and AADHAAR card linked with your registered mobile number.

List of important documents required for Groww account opening.

1. Address Proof

• Electricity bill
• Ration Card
• Voter ID Card

2. Identity Proof

• Driving License
• PAN Card
• Aadhar Card

3. One Passport Size Photograph
4. Bank Details
5. Canceled Cheque
6. Passbook
7. Income Proof

• The last 6-month Account Statement of the last 6 month
• Salary Slip of last 6 months

Another way to open a Demat account with Groww is to download and submit the Groww Account Opening Form.

This procedure of opening a Demat account with Groww is usually preferred by those who don’t have their AADHAAR Card linked with their registered mobile number.

If this is the case, you need to download the account opening from the Groww website (https://groww.in). After this, just search for the area mentioning “mobile number not linked with Aadhaar” during the registration process.

Once you download the form, follow the below-given steps.

• Provide all the important details asked in the form.
• Do remember to sign the form wherever asked. After this, attach the self-attested copies of the documents needed for the Groww account opening. 
• Post the application form to Groww’s head office via courier. 
• Once the provided details are verified, you will get a notification that your account is functional now.

Groww Demat Account Opening Charges

Please note there is nothing you need to pay at the time of account opening with Groww. It is free. This is one area where Groww has taken a clear edge over other discount brokers in India.

The AMC charges for both the Demat Account and Trading Account with Groww are ₹0. In addition, no margin is required during the process. 

Groww Trading Account & Charges

You would need a trading account with Groww to perform trading in stocks along with a Demat account. Below are the major benefits of owning A Groww trading account.

• Access to back-office, which means you check your portfolio anytime, anywhere, and keep your finances in check. 
• Transaction not only in equities but also in others.
• Highly advanced stock trading platforms for quick, reliable, and limitless trading.
• No account maintenance charges.
• Seamless investments in mutual funds.

If you look from a broader perspective, you will derive that Groww account opening is very easy, reliable, and affordable. This is the major purpose behind the launch of Groww to make stock trading seamless and accessible for all.

Groww Brokerage Charges & Fees

Groww boasts a standard fee brokerage scheme for investors. The upper limit on the brokerage is ₹20 per trade order while the lowest limit is 0.05% of the trade value. Apart from the brokerage, investors are subjected to pay several other charges including regulatory charges, transaction charges, Demat charges, and others. 

Using the Groww brokerage charges calculator will give you an idea of the Groww brokerage amount you will have to pay along with other charges like SEBI charges, transaction charges, STT, GST, Stamp Duty, etc.

The brokerage is levied by the stock broker against the delivery of its various services. Below are the Groww brokerage charges across investments in commodities, equity, and currency. 

Standard Plan

Groww Demat Account Charges

Groww Transaction Charges 

These charges are also known as Exchange Turnover Charges or Trade Clearing Charges.

Groww Intraday Trading Plans

Though Groww is relatively a new trade in the intraday segment, it is known to help investors generate awesome profits. Its intraday services are meant to provide its investors with a wide range of investment services. Also known as day trading, this kind of stock trading is very profitable for investors. There are many intraday benefits of using the intraday services of Groww.

• The intraday brokerage charges are minimal. A standard rate plan is preferred by Groww and charges are levied accordingly.
• Easy-to-use trading apps that are lightweight and make intraday easier.
• Valuable Intraday Tips that can help investors make sound business decisions.
• Trading account for the intraday segment is free
• User-friendly trading terminals.

Groww Intraday Charges

The intraday charges in Groww are described below:

Groww Intraday Margin

Margin or Groww Intraday Limits refer to the additional funds given by the stockbroker to the investors. This further helps them to invest with a minimum balance. The cap for the margin is up to 5x. Why Groww Trading Account?

Groww is considered one of the best places for a trading account. Opening a trading account with Groww comes with several benefits, which aim to make the trading experience affordable and easy. All their trading services are meant to make trading and investing as simple as possible. Therefore, there is a huge popularity of trading accounts.

• Since Groww is essentially a discounted broker, its members can expect to pay reasonable brokerage charges. Apart from the standard brokerage range, which is a big plus for large-volume trades.
• The charges are constant across all the asset categories, apart from delivery trading. However, equity delivery is completely free.
• Advanced trading platforms that make stock trading seamless.
• Exceptional customer service as their team is just a call or email away.
• Option to invest in mutual fund investments.
• Their trading accounts are easy to manage for beginners and expert traders.
• Free access to trading apps.

Groww – Exposure / Leverage

Note:- Groww neither gives a margin trading facility (MTF) nor any kind of margin against shares.

Leverage

Groww is known to give up to 8 times of leverage in the case of Equity Intraday trading based on the instability of the market. The degree of the margin border delivered is dissimilar for every asset. For example, in the case of extremely risky stocks, there would be lesser exposure. Similarly, in the case of less risky stocks, the range of margin provided is somewhat difficult and optimum up to 8 times.

Groww Trading Platforms

Being a new discount broker in the market, Groww is poised to leverage technology to bring both ease and functionality to stock trading. Groww trading platform is a testament to the stock broker’s continued focus on advanced technology that features agility and value for its members.

There are two trading platforms provided by Groww – Groww web and Groww mobile app. Both platforms are available free of cost to investors. 

Being one of the fast-ascending stock trading platforms in India, Groww has been growing at a faster speed with several products slated for launch in both the web and mobile app versions sooner. At present, Groww offers web-based trading services in Equity, mutual funds, and digital gold apart from options to invest in US Stocks and Fixed Deposits.

The mobile app of Groww is extremely popular among today’s investors.

1. Groww Trading App (Smartphone App)

Groww trading app is a highly popular mobile app among investors of all ages. It is available for Android and iOS systems. Users can simply download it for free and start trading at the BSE and NSE. 

The mobile trading app is considered one of the top-rated apps on the Android Play Store and App Store with 4.5+ ratings. In terms of security, the Groww trading app is a pioneer. By using the Groww app, you can invest in Equities and mutual funds. Some of the app’s leading features are:

• Paperless, faster, and hassle-free Demat account opening.
• Available for Android and iOS.
• Enhanced security due to 128-bit SSL encryption.
• Candlestick chart for a close watch on stock movements.
• Easy user interface.
• Single click buying/selling.
• Easy access to the financial reports of Indian firms.
• Option to choose from over 5K direct mutual funds.
• Option to move to direct mutual funds.

2. Groww Trading Platform (Web-Based Trading Platform)

Apart from the mobile app, Groww broker also features web-based trading software in the form of a Groww website. It can be accessed on any web browser being used these days. Through this, you can choose to invest in stocks, mutual funds, and even digital gold. This web-based trading platform by Groww Trading Platform has several features including:

• Faster trade execution.
• Seamless access to a different online calculator.
• Easy integration with the Groww mobile app.
• Insightful stock trading content.
• Full-fledged access to investment-related resources including eBooks.
• Access to financial performance reports of listed firms in India.
• Investment in digital gold.
• Detailed analysis of stocks and mutual funds before investment.
• Paperless IPO Application.

Groww Customer care

Be it a full-service stockbroker or a discount stockbroker, the role of the customer department is extremely crucial. As problems and confusion are bound to occur in the stockbroking segment, it is the dedication of the customer care department that doesn’t let them spoil the reputation and credibility of the stockbroker. 

Fortunately, Groww has a large team of skilled and professional customer care executives who are experts in their respective domains. 

Most of these customer service professionals are apt to handle problems related to Demat account opening, stock trading, brokerage, and others. The customer service remains available 24/7 which means investors can contact the team anytime, anywhere. This is one area where Groww carries an edge as it has been making smart use of technology to enrich its member’s stock trading experience. 

Complaints

In this section, you will get to know about the complaints received by Groww from its members and how the discount broker resolved them. In today’s competitive stock trading environment, it is necessary for stock brokers to pay careful attention to the satisfaction level of their clients if they come across a problem. So, let’s take a look at the number of complaints received and the number of complaints resolved. 

Complains of Groww

Groww Complaints Received at BSE

Groww Complaints Received at NSE

Groww Review on Advantages and Disadvantages

Want to associate with Groww by investing in stocks or mutual funds through it? If yes, get to know the major advantages and disadvantages of Groww trading services. 

Advantages

• Easy brokerage model which incurs flat ₹20 per trading brokerage.
• Free of cost Demat account opening.
• Zero Demat Account maintenance charges.
• Fast-track paperless account opening procedure.
• Web-based IPO application procedure.
• Option to invest in digital gold.
• Direct Mutual Funds landscape that allows the extra earnings of 1.5% returns.
• Availability of SME Share trading.

Disadvantages

• No variety in the investment product portfolio.
• Unavailability of trading in commodity, and currency segment.
• No Call and Trade offerings.
• No stock tips, recommendations, or research reports.
• No physical support.
• Zero-Margin against shares.
• Margin trading services are unavailable.
• Advanced order types such as BO, CO, AMO, and GTT are not there.
• Unavailability of trailing stop-loss orders in the mobile app.
• No NRI trading.
• No option to invest in SME IPOs.

Groww Review – Conclusion 

Launched in the year 2016, Groww has come a long way in adding more value to its members by making stock trading easy and seamless. With its people-centric approach, Groww has managed to gain over 8 million+ members.

All its technology-led products aim to offer quality service in every aspect of trading. In addition, its standard-free brokerage plan is a big plus to investors who find it beneficial to invest under this plan. This way, investors can choose to invest in all popular stocks affordably and easily.

In addition, their outstanding customer service is outstanding which makes any problem minuscule. Their customer service team is available around the clock making trading extremely easy. 

Whether you an occasional investor or a regular one like intraday trading, Groww presents the best of both worlds. It is quite popular among young stock investors. 

FAQs – Groww Review