With the advent of technology, many online investment apps have come to the forefront, enabling you to invest from the comfort of your home. These apps have replaced traditional distributors, which would need you to be physically present to make transactions.
Some of the online investment apps allow you to invest in mutual funds as well as in the equity stock market. In this article, we will look at one such app –Groww, where you can invest in both equity stocks as well as in mutual funds.
What is Groww App?
Groww is an online investment platform that provides you the ease of trading in equity and investing in mutual funds through your mobile phone. Founded by successful start-up founders, the Bangalore-based company has over 2.5 million users, with the majority being first time users.
As Groww breaks away from the traditional mode of investments, the target audience for this platform is tech-savvy millennials. Groww offers over 5000 mutual funds for a user to invest in, through partnerships with 34 mutual fund houses.
Groww App Review
Before you start using the Groww app to manage your investments, you must know if it’s the right fit for you or not. The following review of the Groww app for mutual fund and equity stock investments will help you take the right course of action.
Is Grow App Safe?
Mutual fund investment applications like Groww act as distributors offering you access to the investment options available to a user. While Groww is the platform through which a user can buy or sell stocks/invest in mutual funds, the money does not move through the platform, and the transaction is instead carried out through the BSE.
Nextbillion Technology, the company behind the platform, is registered with both the AMFI as a mutual fund advisor and with BSE as a mutual fund distributor. These registrations further add credibility to Groww’s offering and protection to a user in the event of any maleficence.
Finally, all user information (such as personal details, payment details, etc.) are saved using 256-bit encryption, preventing the data from being used illegally by 3rd parties.
The app comes with a wide range of features and options for smooth user experience. The following are some key app features, beneficial to the users:
- Touch ID login: The first secure and convenient feature is the use of the handset’s fingerprint scanner to log in to the app securely. This helps users navigate the hurdle of having to remember a username and password while logging in each time while simultaneously providing security from unauthorized access even if a user’s device is misplaced.
- Option to select between stocks and mutual funds: Once logged in, the user can switch between the mutual funds tab and the stocks (equity) tab. This helps users segregate between both options for investment and provides a clear picture of the actions available for each option.
- Popular mutual funds: In the mutual funds tab, the first rail provides you a display of the top mutual funds that other users have been investing in – most popular funds. This is particularly helpful for new users who do not have a clear idea of how they should go about their investment strategy.
- Collections (for mutual funds and stocks): The next rail displays funds (and stocks) based on categories such as ‘high returns,’ ‘top companies,’ etc. This is also helpful for users who have a faint idea of how to invest and can dive into a particular collection to start investing.
- Quick access: The quick access toolbar provides the user shortcuts on the most frequently used actions. These include tracking of funds, divesting funds (gold funds), referral, tax saving, expert talk, etc.
- Fund comparison: Groww also lets you compare funds should the user have a dilemma on where to invest his or her money. The peer comparison helps users decide their investment strategy if they can only invest in a limited capacity.
- Payment options: Groww lets the user pay through numerous options, the latest of which is the inclusion of UPI payments and net banking. The feature also allows users to pay via a systematic investment plan (SIP) or through a one-time payment.
- Dashboard: The dashboard tab within the app allows users to track the performance of their investments. This is split into both mutual fund performance as well as stock performance.
During a user’s journey with Groww, for any issues, the user can have their queries addressed in the help and support section, which is available on the app under the profile tab. This provides basic guidance and steps for general FAQs.
For any further queries that a user may have, they can reach out to firstname.lastname@example.org. The Groww Customer Care Team will get back to you within 24 hours. There are, however, no available customer care helpline numbers.
How much do they charge?
Groww charges Rs 200/- one-time fee for opening a DEMAT account on the platform. Groww also charges you for transactions on the app to the tune of <0.1% of the total value on most accounts; the charges are primarily SEBI and BSE/NSE charges. The platform also charges Rs 25/month + GST as account maintenance charges.
Is Groww SEBI registered?
Yes, as mentioned previously, Groww (Nextbillion technologies) is SEBI registered. The link for the certificate can be found at https://groww.in/arn-111686/.
How to use Groww App?
Groww app is fairly easy to use with well-guided steps for a new user to understand. At first, a user will need to create an account with Groww, verify their primary bank account, and complete their KYC. The entire process is available as a step-by-step guide on the app.
Once inside the app, the user can search for mutual funds and/or stocks to invest using filters on the app. Upon adding the investment choice to the cart, the user can make the payment and track their investment using the dashboard option available on the app interface.
The features covered above provide details on how to make the most of the Groww app.
The Groww app is easy to use and a clean platform for first-time investors and digital natives to kick-start their investment journey. The user-friendly interface and informative platform offer a sound experience for investors to hit the ground running.