Table of Contents
What are the Different Payment Options that I Can Find?
Can I Get a Demat Account in the Groww app?
What are the Groww Intraday Charges?
What are the Groww Withdrawal Charges?
Is a Commission Charged by Groww?
How to Draw Money Out of Groww Account?
Does Groww Offer Market Research and Trading Tips?
Does the Groww App Have Some Hidden Charges?
Can I Delete a Groww Account Online?
An online discount broker in India, Groww is known for its basic pricing model. It has a flat-fee, fixed brokerage plan on offer for its users. You can get Demat account and stock trading account services from this broker. It is also possible for you to invest in Direct Mutual Funds, IPO and Equity. The company was founded in the year 2016 and started off as a Direct Mutual Fund investment platform. Today, it has become one of the fastest growing trading platforms in India, with a smooth trading experience on offer for its investors. Here are the answers to some frequently asked questions that you will like to know about in our Groww FAQ section.
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What are the Different Payment Options that I Can Find?
Groww has different payment options on offer for its investors to ensure convenience in trading activities.
You can use Net Banking or UPI for funds transfer to balance.
You can use net banking or NEFT for transaction-wise funds transfer.
You can use Autopay via Form to initiate your SIP installment automation or make use of Autopay via OTP to set up one-time mandate for SIP.
Read on: Groww Brokerage Charges: A Comprehensive Guide for 2024.
Can I Get a Demat Account in the app?
You can get Demat accounts and online trading facility. The Groww mobile app lets you invest in US stocks, IPOs, Mutual Funds, Fixed Deposits, F&Os and stocks. 2-in-1 account services are on offer – that let you open up a Trading and Demat account with this broker easily.
If you want to use the Groww app for trading, you have to open up a Groww demat account with the broker that stores all the securities and shares in an e-format. Opening up an account is absolutely free of cost and there is no annual maintenance charge (AMC) as well.
What are the Groww Intraday Charges?
The broker has a flat-fee model, with the same brokerage being charged for intraday trades and equity delivery trades. It charges a trade value of 0.05% or Rs. 20 – whichever is lower – as the intraday transaction brokerage. In case of intraday trades, unless the transactions are squared off by 3:10 p.m., auto square off is initiated by Groww for the open trades. Rs. 50 penalty amount per position is charged for this.
What are the Withdrawal Charges?
There is no charging of any fee for funds withdrawal from balance or for mutual funds redemption. At times however, during mutual funds redemption, there may be an exit load for some funds which can be deducted from your redemption amount.
Is a Commission Charged to Investors?
Yes, a commission of 0.05% of the trade value or Rs. 20- whichever is lower – is charged for intraday and equity delivery trades. Rs. 20 is also charged as the F&O brokerage per executed order. Other than the brokerage amount, an investor also needs to pay other regulatory charges and DP charges such as SEBI fees, exchange transaction charges, stamp duty and STT while trading with this broker.
Commission-free mutual fund investments are possible with this broker. There is no account opening or account maintenance charge.
How to Draw Money Out of the Account?
To withdraw money from the app or website, log in and navigate to the ‘You’ section, followed by selecting ‘Groww balance.’
Click on ‘Withdraw,’ enter the desired amount, and confirm the withdrawal. The withdrawn funds will be instantly credited to your account.
For amounts exceeding Rs 25,000, processing will occur during bank working hours.
How safe is Groww App?
Groww, a renowned SEBI registered investment adviser, prioritizes the security of personal information by employing 256-bit encryption for all data entered on the platform.
Furthermore, all transactions, whether for mutual funds through Asset Management Companies (AMCs) or stocks via the Bombay Stock Exchange (BSE), ensure that funds never directly reach the company, enhancing the financial security and integrity of users’ investments.
Does Groww Offer Market Research and Trading Tips?
No, unlike full-service brokers, market research and trading tips are not available from this company. The broker also lacks relationship managers and branch officers. You can get a lot of your queries resolved online, however, given that there are many websites and portals dedicated to questions and answers regarding this broker and its web and mobile trading platforms.
Does the Groww App Have Some Hidden Charges?
It provides a range of services to investors, accompanied by various additional fees such as account opening charges, brokerage charges, account maintenance charges, clearing charges, transaction charges, and more.
In addition, you may encounter other associated charges like SEBI charges, taxes (GST, STT) etc., which are often overlooked. It is crucial to note that certain fees are transaction value-dependent, making awareness of the complete fee structure essential for informed investment decisions.
Read on: Groww Vs Flattrade 2024: Comparison of Features, Pros, Cons & More.
Can I Delete a Groww Account Online?
No you cannot do that.
If you want to delete your Demat account, you have to fill up a hard copy of Groww Account Closure form, fill it up properly sign it and then submit it to the Bangalore office of the broker. Before you close it down, make sure that any securities lying in your Demat account is transferred or sold to some other demat account. All dues should be cleared from your end as well.
Once your account is closed successfully, you will get an email confirmation from Groww as well as CDSL (which happens to be the depository).
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Conclusion
As you can see, this online discount broker goes all the way to make account opening, operations and trading activities seamless for its users. Its online trading platform has mobile and web trading options available, both of which are going from strength to strength with each passing year. We hope that you found our FAQ section useful. Feel free to get in touch with us for answers to any more questions that you might have about this platform.
