In today’s fast-paced world, investing in the stock market has become more accessible than ever, thanks to the rise of online brokerage platforms. One such platform that has gained immense popularity is Groww. With its user-friendly interface and a range of investment options, Groww has become a go-to choice for both new and experienced investors. In this comprehensive guide, we will walk you through the process of opening a Groww account, the required documents, and the associated charges.
Introduction to Groww
Groww is an online broker that offers investment and trading services, primarily in the Indian Stock Markets. The company, incorporated in 2016 as a Direct Mutual Fund investment platform, operates under the brand name Nextbillion Technology Private Limited. With a customer base exceeding 90 lakhs, Groww has established itself as a trusted platform for investors. Unlike some other brokers, Groww does not provide tips, recommendations, or research services. It stands out for its simplicity and transparency.
Key Facts about Groww:
- Incorporated in 2016 as a Direct Mutual Fund investment platform.
- Operates under the brand name Nextbillion Technology Private Limited.
- Offers services in Stocks, Mutual funds, and Digital gold.
- Facilitates online IPO Investments.
- Currently serving a vast customer base of over 90 lakhs.
- Does not offer tips, research, or recommendations.
- No physical branch support.
- Account opening is completely free.
- Zero Annual Maintenance Charges (AMC) for Demat accounts.
Products Offered by Groww
Groww provides a variety of investment products and services to cater to the diverse needs of its customers. As of 2023, its offerings include:
- Direct Mutual Funds: Groww allows investors to directly invest in mutual funds, eliminating the need for intermediaries and thereby reducing costs.
- Online Trading in Equity: Groww offers online trading in equities on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
- Investment in Digital Gold: Customers can invest in digital gold through the web platform.
- IPO Investment: Groww facilitates the online investment in Initial Public Offerings (IPOs), providing investors with opportunities to participate in new stock listings.
Products Under Development and Testing Phase:
- US Stocks: Groww has been working to introduce trading in US stocks, broadening the range of investment options for its customers.
- Fixed Deposits: The platform is also in the process of including fixed deposits as an investment option.
- CDSL Depository Services: Groww is planning to offer Central Depository Services Limited (CDSL) depository services.
Now, let’s delve into the account opening process with Groww.
Groww Account Opening Process
Groww offers a convenient and hassle-free online account opening process. It is entirely paperless and can be completed from the comfort of your home. Here are the step-by-step instructions to open an account with Groww:
- Download the Groww App/Open the Groww website:
Start by downloading the Groww mobile app or visiting their website.
- Register with an email id and mobile number:
Sign up using your email address and mobile number. You will receive an OTP (One-Time Password) on your mobile number for verification.
- Verify the mobile number:
Enter the OTP received on your mobile number to verify your identity.
- Enter the PAN No. and confirm your identity:
Input your Permanent Account Number (PAN) and confirm your identity.
- Enter your bank details:
Provide your bank details, including the IFSC code and account number.
- Verify the bank details:
Confirm the accuracy of the bank details you provided.
- Complete Setup under the Stocks tab:
Navigate to the “Stocks” tab and click on “Complete Setup.”
- Read and agree to applicable charges:
Review the details of the charges associated with the account and tick to agree.
- Open Stocks account:
Click on “Open Stocks account” to unlock the stocks investment option on Groww.
- Provide personal details:
Fill in details such as your occupation, income, names of your parents, and click “Next” to proceed.
- Specify your trading experience:
Select your level of trading experience from the list of values provided and click “Next.”
- Signature submission:
Sign your name in dark ink on white paper, take a clear photo of it, and upload the signature.
- e-Sign the account opening form:
Use your Aadhar number to e-sign the account opening form.
- Enter Aadhar OTP:
Enter the OTP received on your linked mobile number for Aadhar verification.
- Review and sign:
Read the instructions on the account opening form and click “Sign Now.”
- NSDL E-sign service:
Enter your Aadhar number on the NSDL E-sign service portal and click “Send OTP.”
- OTP verification:
Enter the OTP received to complete the account opening process.
Once you have completed these steps, your account will be activated in a few hours after the broker verifies the provided documents. However, if your mobile number is not linked to your Aadhar card, you will need to courier a physically signed copy of the account opening form (AOF) to the broker’s office.
If you choose the option that says “My mobile is not linked to my Aadhaar card,” the broker will send the AOF to your registered email ID. You must download, print, sign, and send the form to the address specified in the AOF. Your account will be activated once the broker receives and verifies the physical form.
Documents Needed for Groww Account Opening
The Groww account opening process is designed to be paperless and online. If you are registering with Groww for the first time, you may need to provide the following documents for identity and address verification:
- PAN Card or Passport: This document is required for identity verification.
- Aadhar Card or Passport: This document is needed to confirm your residential address.
However, if you are unlocking the stocks investment option on Groww, you only need to e-sign with your Aadhar number, and no additional documents are required for completing the account opening process.
If your mobile number is not linked to your Aadhar number, you will have to courier a duly signed physical form to the broker’s office to complete the account opening process.
Groww Account Opening Status
The account opening process with Groww is typically swift and efficient. After submitting the e-signed AOF, it takes just a few hours for the broker to verify the details and activate your account. However, if you have chosen to courier the form, the account opening may take a few days, depending on the time it takes for the documents to reach the broker’s office.
You can easily check the status of your account opening by following these steps:
- Home Screen: Look for a message on your home screen that says, “Your documents are being processed. You can start investing in stocks in 24 hours.”
- KYC Status: You can also check your KYC status by going to “
Help & Support” and selecting “My Account.”
- Customer Support: If you require updates or have any concerns, you can reach out to the Customer Help and Support group. You can initiate a chat with the Customer Helpline/Customer Care Team or call the Groww customer care number (91-9108800604) for assistance.
Groww Account Opening Forms
Groww’s account opening process is entirely digital, which means that the company does not provide downloadable PDF forms for account opening on its website. However, they do offer other account modification forms under the “Download Forms” section. These forms include options like the Demat Form, modification form, pledge/unpledged form, nomination form, and more.
In cases where your mobile number is not linked to your Aadhar card, the physical account opening form will be sent to your registered email ID. You must download this form, sign it, and courier it to the broker’s office to complete the account opening process.
Groww Account Closure Form
If, for any reason, you decide to close your Groww trading and Demat accounts, you have the flexibility to do so. However, there are certain steps and requirements to be met before initiating the closure process. Here’s how you can close your Groww account:
- Download the Account Closure Form: Visit the Groww website and find the Account Closure Form under the “Download Forms” section or Download Form Now
- Fill in the Details: Complete the form by providing essential information such as your name, Client ID, and the reason for the closure. Make sure to sign the form as well.
- Attach Supporting Documents: Along with the closure form, attach a copy of your ledger and any unused delivery instruction slips.
- Courier the Form: Send the duly filled and signed form, along with the supporting documents, to the address specified by the company.
After thoroughly filling the form, you need to send it to the address mentioned below:
No. 11, Second Floor, 80 FT Road,
4th Block, S.T Bed, Koramangla,
Finally, it’ll take about 5-7 working days to close the Groww Demat account online.
Once the closure process is initiated, the company will transfer the securities in your Demat account to the account mentioned in the form or through a Delivery Instruction Slip (DIS). You will receive a final statement confirming the closure of your account.
If you do not receive any communication from Groww within 10-15 days after sending the closure request, it is advisable to follow up with their customer support via chat, ticket, or phone call.
Groww Account Opening Charges 2023
One of the significant advantages of opening an account with Groww is that the account opening charges are minimal. As of 2023, Groww offers the following account opening charges:
- Trading Account: Rs 0 (Free)
- Demat Account: Rs 0 (Free)
- Demat Account Annual Maintenance Charges (AMC): Rs 0 (Free)
Yes, you read that correctly—Groww offers free account opening for both trading and Demat accounts. Moreover, there are no annual maintenance charges for Demat accounts, making it an attractive option for investors looking to minimize costs.
Groww has emerged as a user-friendly and cost-effective platform for investors in India. Its commitment to providing a hassle-free, paperless account opening process and minimal charges makes it a preferred choice for both beginners and experienced investors. With a rapidly growing customer base and plans to expand its product offerings, Groww continues to play a significant role in democratizing access to the Indian stock market.
As of 2023, Groww’s focus on simplicity and transparency remains unwavering, making it a reliable platform for those looking to kickstart their investment journey or diversify their portfolio. Whether you are interested in mutual funds, equities, digital gold, or IPO investments, Groww provides a seamless and efficient way to access these investment options.
Please note that financial regulations and charges may change over time, so it’s essential to verify the latest account opening charges and procedures on the Groww website or by contacting their customer support. Investing always involves risks, and it’s advisable to conduct thorough research and seek professional advice before making investment decisions on any platform.
Is opening a Groww account free?
Yes, opening both a trading account and a Demat account with Groww is entirely free.
What documents do I need to open a Groww account?
You will need your PAN card or Passport for identity verification and your Aadhar card or Passport for address verification. If your mobile number is not linked to your Aadhar card, you may need to send a physically signed form.
How long does it take to open a Groww account?
If you complete the online process with e-signature, your account can be activated in just a few hours.
Are there any annual maintenance charges (AMC) for Demat accounts on Groww?
No, Groww does not charge any annual maintenance fees for Demat accounts as of 2023.
Can I close my Groww account, and what’s the process?
Yes, you can close your Groww trading and Demat accounts. To do so, download the Account Closure Form from the website, fill it out, attach necessary documents, and courier it to Groww. Ensure all dues are cleared and securities are transferred before closing.
Can I invest in US stocks through Groww?
As of 2023, Groww is working on introducing US stocks as an investment option, but it may still be in the testing phase.
How can I check the status of my Groww account opening?
You can check your account opening status on your home screen, under “Help & Support” > “My Account,” or by contacting Groww’s customer support.
Is my personal and financial information secure with Groww?
Groww takes security seriously and employs robust encryption and data protection measures to ensure the security of your information.
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