Mutual funds are the safest way to invest and make your money grow. They have a low risk-to-reward ratio. Not too long ago, mutual funds were thought to be something that only wealthy people or experts in the financial field would use.
Even now, it’s still hard to invest in mutual funds or stocks because most people rely on their relationship manager to place orders for them or help them figure out how to use the trading platform.
But people have started investing in the stock market because more people are using the internet and the cost of data is going down. Also, the rise of the market over the past few years has made young people start to pay attention to the markets.
But even though a lot of people want to invest in the market, they rarely have time to learn the basics of investing. That’s why they focus more on Mutual Funds or the Systematic Investment Plan (SIP).
So, if you’re thinking about investing in Mutual Funds, you should know about the different apps and websites that make it easy to keep track of your investments. One of these apps is called Groww, and in this article, we’ll look at it in detail.
What is the Groww App?
Groww is an app that can be used on both Android and iOS. Here, people can put their money into mutual funds. The process is easy and free, so you don’t have to fill out any forms. It’s easy to buy and sell. The best part is that you can invest directly in mutual funds, do SIP for free with no fees, and keep track of the mutual funds you have invested in.
What Are the Requirements for Registering on the Groww App?
You can register in Groww App very easily. You just need some important documents that are:
- Aadhar Card
- Pan Card
- Bank Detail
- Internet Banking
- Google Account / Gmail
How Does Money Come From the Groww App?
How does the Groww app make money? This is the first question that comes to mind. How does it make money if it doesn’t charge a commission as other consultants and agents do?
Well, let’s end this dilemma, because the answer is very simple: the Groww app makes money by offering advisory services and premium add-on features, such as portfolio/investment advisory, premium features on the platform, etc. in the app.
What Can You Do on the Groww App?
Some of the main and most popular features of the Groww App are Groww Balance (which lets investors invest using UPI with just one click) and SmartSave (which helps users get better returns than bank deposits).
Groww has a lot of different features:
- Invest in any Fund (SIP and One-Time): You can choose to invest in any type of fund from the AMC list. You can make a lump sum (one-time) payment for any fund, or you can set up a Systematic Investment Plan (SIP) for any fund. With a SIP, a fixed amount is taken from your linked bank account every month and invested in the mutual funds you choose.
- Add more money to mutual funds you already own. If you have already put money into mutual funds, you can use the Groww app to put more money into the same portfolios.
- With just one click, you can cash out from any fund. If you want to cash out your mutual fund units or money, you can do so in the Groww app with just one click. The money will be sent to the bank account that is connected to each AMC.
- Cancel/Stop an Ongoing SIP: If you have a financial emergency and need to cancel or stop your ongoing SIP in any mutual fund scheme, you can do so through the Groww app.
- Switch from Regular Funds to Direct Mutual Funds: If you have invested in regular mutual funds before, either on purpose or by accident, but would like to switch to regular funds, you can do so with the Groww app.
- Switching means selling units in your current scheme and buying units in a different scheme. This may be subject to taxes and exit loads (wherever applicable)
New features of the app:
- Invest through UPI. Investing through UPI started in May, and now more than half of all transactions happen through UPI.
- Portfolio Insight: Right now, you can only use this feature on the website. The portfolio Insight looks at your investments like an X-ray.
- Compare MFs: This feature is for people who like to compare investments before making a decision. You can only compare up to three mutual funds at once.
- SIP Journey (change, delete mandate): This feature makes the SIP process easier to understand. On the app, you can now see your SIP payment history.
Is Groww SEBI Registered?
Groww is a registered advisor with SEBI. His company is called Finvantage Investment Adviser Private Limited and is based in Bangalore. The number for them is INA20008981. You can look at their SEBI Certificate of Registration and AMFI Certificate of Registration and BSE Certificate of Registration.
Is the Groww App Safe?
The Groww app is safe and reliable in every way. On their website, they say that users’ data is 100 percent safe and that their platform has security features that banks use. It uses the BSE Star MF platform for transactions, so all of your deals are with the mutual fund AMC directly. So, if Groww ever goes out of business, you can still keep investing directly with the AMC.