Groww Demat Account

There are a plethora of brokerage firms (including stockbrokers) that offer Demat account services. But to avail of the impeccable services, it is essential to choose the right stockbroker. Here we are with the one, in this documentation, we are going to discuss Groww Demat Account which tends to offer enriched investment options to its clients. 

In case you are not aware of Groww, let us give you a short glimpse of it.

Launched in April 2016, Groww is an Indian-based discount broker that provides investing or trading on different platforms such as mutual funds and stocks: Equity, Derivatives, Currency, and much more! 

Having their foot-steps in Koramangala, Bengaluru, Groww is expanding its stock services with the help of Nextbillion technology, who is powered by the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), and SEBI guidelines.

Over 60 lakh + users are connected with Groww in online investment segments, majorly mutual funds offering a pocket-friendly app too for Android and iOS users.

Groww allows traders to invest online without any transaction charges, subscription fees, or any other charges. The information on the Groww is fully secured and safely secured with the team.

Groww Sign Up

Next to the mutual fund investment services, Groww has now come forward to offer the Demat Account services.

Expanding its platform by working with the parent company-Nextbillion technology listed in both NSE and BSE it comes forward to offer a range of stocks to traders to invest online.

With a Demat account, a user can electronically transfer the shares, stocks, debentures, and keep important information safe and secure.

Groww assists a trader with a demat account opening for FREE! Only the person has to pay the DP charges applicable to the Demat Account.

Not only this, the broker is known for minimum fees on trading as the Groww brokerage charges are flat ₹20 across segments.

The broker also allows an investor to open a Demat account along with a trading account with a few steps by submitting all the essential documents online.

Types of Demat Account with Groww

An investor can choose any type of Demat account from the following that matches his criteria: 

Regular Demat Account: As the name suggests, Groww enables Indian citizens to open a free Demat account easily and simply.

Repatriable Demat Account: This Demat account is especially for the Non – Residents of India (NRI) who want to transfer funds abroad which is linked with the NRE bank account.

Non-Repatriable Demat Account: Groww allows NRIs to have access to this account. However, they cannot transfer funds abroad through this Demat account and an individual to operate this Demat account has to be linked with an NRO bank account.

Also, read Demat Account Transfer.

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Groww Account Opening

Opening a Demat account with Groww is a bit easy and quick step where an investor does not need to follow along and lengthy paperwork.

You can open a 2-in-1 Demat account in Groww thus would be able to reap trading and Demat account features in one fold. Also, you can take the privilege to open the account without paying any charges. 

For normal Intraday Trading and Delivery Trading, only a few documents are required by the account holder such as PAN, Photo, Adhaar card, and Signature.

In case an investor is willing to trade in the derivatives, the account holder is required to submit his income proof details to the Groww team.

There are two ways to open a Demat account with Groww. Follow the steps below to open a Demat Account:

• Registering with Groww 
  • Register with the Groww and fill the application form for opening a Demat account where you will be asked to input your name, date of birth (DOB), gender, etc.
  • Now, navigate to the stock section and complete the setup. Here, click on “unlock stocks”.
  • In the next step, the new account holder is required to attach all the necessary documents (Permanent Account Number- PAN, two colored passport size photographs, Adhaar card, Licence Proof, crossed cheque, income tax return, valid address proof, etc.) along with your signature.
  • After verifying the details, Groww will provide a unique personal Demat account number to the account holder which is also termed as Beneficial Owner Identification Number which usually happens in two to three business days, and then, you are all ready to start trading.

• Contacting the Groww Representative
  • The other method, through which you can open a Demat account with Groww is to contact them through their helpline numbers and follow the instructions shared by the representative. 
    

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Groww Demat Account Charges

The Demat account charges and other charges are discussed below:

Demat account opening charges: Groww offers free of cost Demat account

Trading account opening charges: Groww levy Rs. 500 for opening a trading account.

Apart from this, there are other charges like GST, Securities Transaction Tax (STT), Stamp Paper Charges, SEBI charges etc.

Groww AMC Charges

Demat Account Annual Charges are generally paid to maintain the account or to keep the Demat Account active. So even if you are not trading or using your Demat Account you have to pay these charges annually.

AMC charges or the annual maintenance charges is the cost that the investor has to pay to maintain their Demat account.

In all, these charges are levied on the Demat account

For the Groww Demat Account, the AMC charges are equal to ₹25 plus GST.

Here is the summary of all type of charges associated with the Groww Demat Account

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Groww Demat Account Refer and Earn

Not only you can reap the trading benefits with the Groww app, but also the chance to earn more with the Groww referral program. This program comes with the offer for the existing clients, who can make money by referring its services to their friends.

Once the referral signs, up for the Groww demat account, both referral and referee get the amount of Rs 100 directly in their bank account.

The more the number of referrals the more is the chance for you to earn additional money. But before using this service, it is important to know all the terms and conditions of the program.

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How to Delete Groww Account?

A Demat account in Groww can be easily closed by following a simple process. Before applying for account closure, it is important to make sure that the Demat account is empty which means there should be no holdings or assets in the account.

To close your Demat account in Groww, you can opt for one way to permanently delete or close your account:

If you do not have Groww Mobile App:

In case, you do not have the Groww Mobile App, you can close the account by following the steps given below:

1. You can write a request letter to Groww including your Client ID and add other necessary account related details. Furthermore, send the same to their office address i.e. Groww, 1st Floor, Proms Complex, SBI Colony, 1A Koramangala, 560034
2.  Your account will be closed in ten to twelve business days.

If you have Groww Mobile App:

However, you can also close your account through the Groww online app:

1. In the Groww mobile app, download the account remove/closed-form and fill all the required details.
2. Once you finish all the details correctly, send the form to their head office address: Groww, 1st Floor, Proms Complex, SBI Colony, 1A Koramangala, 560034
3.  Your account will be closed in ten days.

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Groww Demat Account Advantages

Groww enables an investor to do online trade through various platforms such as web, desktop, and mobile apps.

• Groww offers a free Demat account to its customers and also, investors interested to trade in mutual funds can open accounts with zero charges.
• Groww lets an investor or account holder freeze a certain number of securities for a specific duration.
• By opening a Demat account with Groww, you can safely secure all your securities and eliminate the risk of theft, damage, or forgery.
• Groww allows an investor to trade across different segments at the minimum cost. The Groww charges for the various segment are flat ₹20 per trade that helps you in saving a lot while doing trade in volume. 
• By opening an account with Groww, an investor can easily trade in a number of trading segments such as Equity, Futures, Options, IPOs, Currencies, etc. listed with NSE and BSE.
• Along with this, you can easily subscribe for IPO. Know how to apply for IPO in Groww app. 
• Groww gives access to the investors to open accounts in a simple and quick way without paperwork or going through a documentation process.
• Groww provides free research services to its customers so that they can trade effectively and efficiently. Along with this, they offer financial and technical advice without charging anything.
• Groww allows an investor to trade without geographical barriers which means an investor can buy stocks or shares of any type from across the globe without stamp work or paying custom duties.

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Groww Demat Account Disadvantages

Along with some advantages, here are some disadvantages of opening a Demat Account in Groww

• Groww only offers a 2-in-1 account facility which includes a Demat and Trading account. Therefore, an account holder has to link his bank savings account with Groww.
• Even though Groww offers a diverse area of trading platforms such as Equity, Derivatives, Mutual Funds, etc, it does not support commodity trading.

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Is Groww Demat Account Safe?

We checked all the details related to Groww demat account, but is demat account safe for you?

Groww is a popular investing platform with decent trading platforms- Mobile and Web offering 2-in-1 account services (Demat and Trading account). Through paperless work, a first-time trader can easily open a Demat account on Groww and can trade efficiently. 

Groww also provides its users with complete information on the risks associated with a certain product, extensive advice on finance and technology.

Being a discount broker in India, it charges a minimal price for maintaining a Demat account whereas opening a Demat account is fully free of cost. 

So, in all, you can enter into a trade, by opening the Groww Demat Account online now.

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