Groww, an online mutual fund investment app in India has in fact seen a tremendous growth in its user base. May it be its free investing model or a cool user interface that attracts investors, Groww has simply brought a new fintech revolution in the financial market. Although, known for its highly popular mutual fund investing app, it also seems to take strong steps forward towards direct stock investments.
When Groww raised its Series B funding in September 2019 from the US-based VC firm Ribbit Capital along with existing investors Sequoia Capital and Y Combinator, the founders shared a glimpse of their future plans. They stated the expansion of their team and hinted of entering the direct stock market world.
So, having built a name in the mutual fund investment industry, it’s in initial stages of offering stock broking services. However, it’s going to give a tough competition to the already existing powerful full-service and discount brokers in India.
How to Invest in Stocks via Groww?
- Firstly, update your app version to 12.34 in order to access stock investing feature on Groww.
- When you unlock stocks, you’ll be required to enter your AADHAR number
- Input One Time Password (OTP) received linked to your AADHAR
Opening a Demat and Trading Account is an easy and convenient process! You simply have to e-sign with your AADHAR number. Or, you can forward a physical form for Demat and Trading Account opening.
Once the on-boarding is completed, it takes a maximum of 24 hours to verify, complete all the formalities and activate your Groww account.
Groww Demat and Trading Account Opening Charges
|Demat & Trading Account Opening Fee||Rs.200 only (One-time fee)|
|AMC||Rs.25 per month + GST|
Charges for Investing in Stocks via Groww
|Equity Intraday||Rs.20 per executed order or 0.01% of order value (whichever is lower)|
|AMC||Rs.25/month + GST, charged quarterly|
|DP Charges- Buy Order||Free|
|DP Charges - Sell Order||Rs.8 + Rs.5.50 (CDSL charges) per ISIN (company/ETF) per day on Groww regardless of quantity sold|
|Transaction Charges||– 0.00325% of order amount on NSE|
– 0.003% of order amount on BSE
(applicable on both buy and sell)
|Stamp Duty||Maximum of 0.018% (varies for each state)|
|Securities Transaction Tax (STT)||– 0.1% of order amount in case of equity delivery|
– 0.025% of order amount in case of equity intraday
Also gather details on Groww Mutual Fund Investing App
Types of Orders Available on Groww
Currently, the Groww investing platform allows the following order types:
- Market Order
- Limit Order
So, this was about Groww, a leading mutual fund investment app now establishing its presence in the direct stock investing as well. Wish to add any extra information about this fast growing platform, share with us in the comments.
You may also like: Trading vs. Investing: Key Differences
Let’s see how this mutual fund cum stock investing portal performs in the coming days thereby giving a tough fight to the key players in the massive stock brokers world. Have you tried it? Feel free to share your feedback on any of the stock brokers in India and the plus points of opening a demat and trading account with them.