In case any mutual fund brokers such as Groww shuts down, your account will still be active with the corresponding mutual fund house. This way, you can directly reach out the mutual fund house and enquire about the current status of your account and investments with them.
Groww is a discount broker which is aimed at providing modern online-based financial solutions to its clients at a minimal cost.
You can withdraw money from the Groww app, as well as the Groww website by following the below steps:
Step 1: Login to Groww and tap on ‘You’. After this, tap on your ‘Groww balance’
Step 2: Tap on ‘Withdraw’
Step 3: Enter the amount you want to withdraw and then click on ‘Withdraw’
After this, the withdrawn money will be credited to your account instantly. Please note that if the amount is more than Rs 25,000 then it will process along with the bank working hours.
Groww is a popular, SEBI registered investment adviser. All personal information entered on the platform is stored using 256-bit encryption. Also, all transactions are done through Asset management companies (AMCs) for mutual funds & Bombay Stock Exchange (BSE) for stocks, which means that at no stage does your money reach the company itself.
Yes, it is possible to permanently delete an account on Groww, but only through the offline process.
You can follow these steps to close your demat account:
Download the ‘Account Remove/Close’ form (the form is available at the app & website both).
Fill the required details like client id and other necessary details.
Send the same to their head office.
Your account will be closed in 10-12 business days.
The Groww app is quite popular among investors and traders who wish to invest in mutual funds, SIPs and stocks. The app is popular on Google play store as well and has got a good rating, with many positive reviews from its customers. Additionally, Groww is a technologically advanced mobile application. They have adopted all the safety measures of digital investment, which makes them a safe investment platform for all the existing as well as new investors and traders.
Groww is a SEBI registered member under the name of NextBillion Technology Private Limited.
After following all the necessary steps to open a demat account on Groww, you will see a success screen that says ‘Signed successfully‘, followed by ‘ you can start investing now’. Click on ‘Let’s start’ to proceed. You will be directed to the home screen. Please note that it might take a few hours for the verification of your account opening form, which will be completed within 24 hours.
Groww offers services to investors and in-turn charge additional fees like account opening charges, account maintenance charges, brokerage charges, transaction charges, clearing charges, etc. Apart from these, there are other associated charges like taxes (GST, STT), SEBI charges etc, which are often overlooked by investors. It is important to remember that some of these charges depend upon the transaction value.
Click the link to know more about the Groww Brokerage Charges.
For starting out in the stock market and begin trading and investing, one of the first things that you will need is a ‘Demat account’. A Demat or a dematerialized account is an account for traders which is used to hold shares and securities in electronic format. It is similar to a bank account; the only difference being, a bank account holds cash and the Demat account holds shares and other securities.
Hence, for using any investment app like Groww, an investor must have a demat account.
The Demat account and trading account opening charges with Groww are free. The annual maintenance charge is also free. Additionally, there is no margin money requirement.
Groww charges an Rs.20 per order or 0.05% whichever is low for Equity Delivery, Equity Intraday, Equity Futures, Equity Options. Commodity & Currency trading is presently not available with Groww.