Is Groww App Safe? – Groww App Review 2022

is groww app safe

Mutual funds have become really popular in India, and it is a good sign of increasing financial literacy among teenagers and young adults. To leverage this interest, many platforms have come up that allow investments with just a click of a button. Groww is one of them, and in fact, in the forefront of them. 

If you open the Groww app, you will be mesmerized by how simple the interface looks, and is highly intuitive, whether you want to invest in mutual funds, stocks, or bonds. Investors are always looking out for the best platform to invest their funds in, and Groww is one of the most popular among them. 

Still, wondering if Groww is safe? Check the review below to find out. 

What is Groww App?

Groww was launched in 2017 and is the brainchild of former employees at Flipkart. It is still one of the fastest-growing wealth management platforms and has managed to make its space among the highly popular and demanding financial investment space. The user base has grown from 0 to more than 2 million since its launch. 

If you specifically want to invest in mutual funds, all you need to do is to sign up, deposit money in the wallet or link it to your bank account and start! With mutual funds, depending on the fund, you can invest with INR 100. There is no paperwork required to invest in mutual funds. 

However, if you want to invest in stocks through the platform, you will need to digitally sign a document, provided your Aadhar card is linked to your phone number. If it is not, you need to print, sign the hard copy of the document and send it to the address mentioned on the website. 

One of the best features of the Groww App is that you can buy mutual funds with no commission and you can instantly track them through the dashboard. Overall, the app is clean, simple, and transparent. 

Services and Products on the Groww App 

Mutual Funds
Equity Trading 
Commodity Trading 
Options 
Futures
Currency Trading 

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Is Safe to Invest on Groww App?

The Groww platform is extremely popular with young and beginner investors, therefore, it is completely reliable and safe. The security features on the Groww App are bank grade. Every account can be encrypted through passcode, and if you are using the mobile app, you can use fingerprint as well. 

Groww operates BSE-Star Mutual Fund Transactions platform, and all the funds happen through the AMC. In case, although its highly unlikely, Groww was to shut one day, the investors can continue trading through the AMC. 

Of course, Groww is SEBI registered. It is under the name Finvantage Investment Advisor Private Limited, and the company is based out of Bangalore. The registration number of the company with SEBI is INA2008981. 

Documents Required to Open Account / Trade on the Groww App?

The registration of the Groww app is simple and easy. All you need is basic documentation, they are: 

  • Aadhar Card 
  • Pan Card
  • Bank Details, Bank Details, Blank and Crossed Cheque 
  • Internet Banking Access
  • Email Address

All it takes is a few minutes for you to sign up, verify and complete your first investment. 

Groww Commission Structure and Charges 

If you are investing in mutual funds, then the platform does not charge any commission. But some of the other features such as stocks, etc. are chargeable on the platform. But that is quite affordable as well. 

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Is Groww App Registered with SEBI?

Groww is a product of Nextbillion Technology Private Limited. Grow is a live broking company registered with SEBI. 

Securities and Exchange Board of India (SEBI) is the regulatory body that was formed for the purpose of regulating the securities market in India and protecting the interests of investors in securities and to facilitate the development of, and to promote, the securities market in India.

Groww SEBI Registration Number

  • Groww SEBI Registration no.: INZ000208032
  • Grow BSE distributor code number: 11724.

Groww App Additional Services Pricing 

Transaction Charges 0.00325% of the Total Turnover 
SEBI Turnover Charges 0.00005% of the Total Turnover 
STT0.025% of the Total Turnover 
Stamp Duty Depends on the State but it is minimal 
GST18% of the (Transaction + Brokerage Charges)

If you are looking to invest in Groww Stocks, here are the charges associated with it: 

Source of Depository CDSL
Account Opening FeesFree
Demat AMC Charges INR 300 / year
Trading AMC Charges Free
Equity Delivery Trade FeesFree
Equity Intraday FeesINR 20 per order 
Equity Futures Trading FeesINR 20 per order 
Equity Options Trading FeesINR 20 per order 
Currency Options Trading FeesINR 20 per order 
Currency Futures Trading FeesINR 20 per order 
Buying Stocks INR 0
Selling Stocks 0.01% of the total amount if it is Intraday trading

How to Withdraw Money from Groww?

You can withdraw money from the platform by simply clicking on the ‘Withdraw’ button. The transaction is recorded, and the amount appears on your bank account after the time it takes typically. However, you can track the transaction throughout and use the reference number provided, to contact it the team if there is an issue. 

Groww Customer Care

They have an extremely active and responsive customer care team. You can mail your queries to support@groww.in or use their live chat option if you need immediate assistance. The representatives are friendly and are trained to solve your issues effectively and quickly. 

Conclusion – Is Groww App Safe to Invest?

The app is definitely safe to invest in, it is evident from the growing number of users. Apart from this, the platform is highly user-friendly and intuitive for beginner investors. If you do not have an account on Groww App, go ahead, create one and start investing. Also, download their mobile apps for investing and tracking them on the go.

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