Groww – An Overview
Groww Mobile is an online platform that offers Easy, Fast, and Transparent investment in mutual funds. The process of Direct Mutual Fund investment at Groww is super easy to use, blazing-fast, and crystal clear.
The company is highly customer-centric, and all the decisions made by keeping the customer’s needs and convenience in mind. Groww has a vast customer base of more than 60 lakh active users, investing in Direct Mutual Funds and SIPs. Groww takes the help of innovative technology to cut overhead expenses and yet serve the clients at a top-class standard.
The implementation of technology is so good at Groww that a team of merely 100 odd employees manage such a vast clientage. Also, they claim to be honest with the customers and keep them aware of everything that happens with their investment.
Groww is a well-funded company – the major renowned investors are Ribbit Capital, Propel Venture Partners, Kairos, and Kauffman Fellows. Popular news platforms, magazines, and organizations have recognized the work of Groww in many instances. Business Line, Yourstory, Inc 42, CNBC TV 18, Entrepreneur, Live Mint, and many such bodies have covered the commendable work of the Groww team.
Groww provided two mobile platforms – One is a Mutal Funds App, and another is a Learning Tool App.
This piece of article is covering an overall review of the Groww Mobile Apps, their most attractive features, and other details.
1. Groww – Mutual Funds App
The Mutual Funds App by Groww enables you for Free Investing in Direct Mutual Funds and SIPs. It has a bucket of funds from all the major Mutual Funds Houses – HDFC, ICICI, SBI, Mirae Asset, Nippon, Aditya Birla, etc. They facilitate zero commission mutual funds.
Groww Mutual Funds App offers opening of an instant mutual funds account without any paperwork or hassle.
There are more than 5 Million active users of this app, who have rated the app at an outstanding 4.5 stars on the Google Play Store. Groww app can be downloaded and used for free. It comes in a download file size of just 28 MB.
The top salient features of the of Groww Mutual Funds Mobile App.
- Instant sign-up and account opening process within this app.
- Users can buy and sell mutual funds, create SIPs. They can also start, stop, and modify SIP installments.
- No transaction charge, strictly zero commission.
- Enables to sell Mutuals Funds anytime, and the money will be received directly in your savings bank account.
- The Groww app has a smartly designed user interface, which is very easy to use even for the beginners.
- Invest in a ready-made basket of top mutual funds.
- Make goal-based investment plans and invest accordingly.
- Check consolidated information on your holdings, portfolio, and returns in a single place.
- View detailed reports and statements from the back office. These reports and statements can also be downloaded or emailed on your personal id.
- Track your outside mutual funds’ investments as well using this app.
Features for tracking and analysis:
- There is a detailed dashboard provided by the Groww App, where you can track all your investments.
- This app enables you to track the total return on your portfolio and annualized returns as well.
- Just like Moneycontrol and Valueresearchonline, Groww provides a facility for finding details on the holdings and mutual funds NAV.
- Mutual Funds SIP calculator for finding out projected returns.
- Outsider investments also tracked within this app.
Features for Goal-Based Investing:
- Groww has a wide range of Tex saving ELSS Mutual Funds to get exemptions under section 80. The total exemption limit is 1.5 lacs.
- Returns are better than FD as low risk.
- Short term, medium-term, and long term plans are available.
- Invest in liquid funds and debt0 funds for short term goals.
- If your goals are long term and high returns, you can invest in equity funds – mid-cap, small-cap, large-cap, and multi-caps.
- Facility to invest in balanced funds, sector funds, index funds, international funds, gold funds, and gold bonds, etc.
2. Groww Academy App
The Groww Academy mobile app is a highly developed learning solution for stock markets, mutual funds, trading, and stock investing and trading. The app designed to enable users to take self-paced lessons from the convenience of their home, office, or anywhere else while traveling as well.
Groww Academy has in-depth study material in the form of articles, videos, and quizzes, etc. The app is readily available in both English and Hindi languages. This app also provides the latest news and information related to the Indian Stock Market.
Learning the Mutual Funds
- Mutual Funds learned in simple, understandable language – no jargons used. Available in Hindi and English language.
- Users can attempt the quizzed for tracking their progress in learning. They can retake quizzes as well for revision and getting better.
- Watch the videos multiple times.
- The latest news videos are updated regularly, and users can keep themselves up to date about current market affairs.
- It has trending blogs about stocks, funds, and finance.
Learning the Stock Markets
- Learn the lessons on the fundamentals of stock markets.
- Learn how to open a Demat and trading account.
- Buying and selling stocks.
- Learn differences between trading and investing the stocks.
- Learn about different investment horizons.
Groww Mobile Platform Pros and Cons
This part of the article is about understanding the pros and cons of the Groww Mobile Platform. Let’s have a look.
- Both the apps are lightweight and fast.
- It offers a seamless user interface design, which is easy to use even for beginners.
- Loaded will the most attractive features.
- The apps are highly interactive.
- Frequent updates pushed.
- There is no platform provided for real-time trading.
- No customer support.
- The learning app can be in more languages, as well.
Based on our in-depth study of all the features, pros, and cons, we conclude that Groww is a decent option for long term mutual funds investors. Groww Academy is also one of the best online learning platforms.
However, there are no trading platforms provided by Groww. Hence the users will have to approach other stockbrokers for those requirements.
Groww Mobile App FAQs
Q. Are these apps free?
A. Yes, both the apps provided by Groww are entirely free for download and use. However, in the case of the Mutual Funds app, some govt. And board mandatory transaction charges may be applicable as per the usage.
Q. Do I need an account for using these apps?
A. The Mutual Funds app will require you to sign up for an account with Groww. However, the Groww Academy app, which is purely for learning, doesn’t need any official account. Create a simple in-app account from the sign-up screen itself.
Q. How to open an account with Groww?
A. Groww facilitates a simple, paperless account opening process. This online process is capable of providing instant accounts. You just need to submit your eKYC and other identity-related documents, and the onboarding team will assist you further.
Q. Are there any account opening charges?
A. Yes, the account opening charge at Groww is Rs 200, which is charged only once in a lifetime. However, if you are lucky enough to see this article before May 2020, you can get a free Demat and trading account.
Q. What are the account maintenance charges?
A. Once the account opened, Groww imposes some account maintenance charges on its users. There will be an AMC (Account Maintenance Charge) of Rs. 25 per month + GST. This amount gets charged every quarter.