While watching investment-related videos on YouTube how many of you have been interpreted by the popular advertisement run by the Groww app?
I am pretty confident that most of you would have seen it!
Well if you wondering, ‘What is Groww, is Groww app safe, how is Groww as an online investment platform?’ then this blog will definitely answer all the confusion surrounding Groww.
What Is Groww?
Started in the year 2016 in the city of Bangalore, Groww is a firm that offers an online investment platform for all Indian investors. The services offered by them are not only limited to this but they also provide educational content related to investment in the stock market as well as mutual funds.
Therefore, you not only get to learn the theoretical aspect of investing but you also get an opportunity to explore the practical aspect. Since the services offered by it is online, therefore, as an investor you just need to download its official mobile application or open its official website to get started.
The platform claims to have around 90 lakh customers onboard and the number is increasing day by day. Further, by introducing its mobile application, Groww has made investing or trading a hassle-full activity for investors. Following are the features that make the Groww app very handy to use.
Groww App Review
The range of features incorporated in the Groww app include-
- The user interface is simple and convenient to use.
- The application is safe to use as all your transactions are confidential.
- The Demat account opening process is quite easy and quick with no involvement of paperwork.
- You get free access to historical data and candlestick charts that help to track the performance of any company or stock.
- The education content includes well-written blogs, the latest news from the financial sector, interactive videos and much more.
- The ‘Help and Support’ section facilitates instant resolving of queries.
It is now time to address the elephant in the room!
Yes, let us move to the main part i.e. the steps to open a Demat account with Groww.
You might also be interested in learning how to open Zerodha Demat Account.
Step-wise Guide To Open Groww Demat Account
The paperless procedure to open a Demat account on Groww is quite easy and you will be able to complete the entire process in a few minutes if you have all the required documents beforehand.
The stepwise process is as follows:
- Open the Groww application on your mobile and spot the option of ‘Stocks’ and key in the ‘Complete Setup’ tab.
- You will be directed to the next section where you need to key in the ‘Open Stocks Account’ option in order to move forward. Please note that the Demat account opening and maintenance Groww app is zero. Therefore you need to pay other applicable charges only and proceed.
- In the next step, you will have to fill in crucial details such as your occupation, income, name of your mother and father as a part of the KYC process. Once you key in the ‘Next’ tab the information will be verified and you will be directed to the next page.
- No, you will have to enter the total trading experience you have by clicking on the drop-down icon. If you are a stock market beginner, then click on ‘No Experience’ and click on the ‘Next’ tab.
- Here comes one of the important steps of opening the Demat account with the Groww app and it is uploading your signature. For this step, make sure you have done your signature on white plain paper with a black pen. The signature should be clear and properly visible. Now, take that signed plain paper, click the camera icon, click the picture of the signature and proceed with its uploading. Remember, if you feel the signature is not visible clearly, then repeat the process. But, if you feel the picture is fine then click on the option of ‘Looks Good’ and proceed.
- In the next step, you will have to e-sign your application form. In order to facilitate this, just submit your Aadhaar number after which you will receive a one time password on the registered mobile number. Simply key in the OTP and submit. In case, your current mobile number is not linked to your Aadhaar, then you can proceed by clicking on the ‘My mobile is not linked to my Aadhaar card’ tab and do the actions as prompted.
- Now, you need to pay full attention and read the entire form and if everything is fine then click on the ‘Sign Now’ and move ahead.
- You will be taken to the e-signature service offered by NSDL. Again enter the Aadhaar card number and click on ‘Send OTP’ and get done e-signing process by entering the right OTP.
- Finally, you will be prompted upon the successful opening of your Demat account with Groww. You can begin with your investment activities as and when the verification process is completed by the Groww team. The verification process usually can take up to 24 hours.
- Lastly, you will get a Client Master Report over your registered email address. The Client Master Report basically contains your Demat account number which you would need for access.
Wasn’t that as easy as a cakewalk?
Then, don't put too much thought into this and open your Groww Demat account now!
If in any case, you wish to close your Demat account with the Groww but aren’t sure of how to do it, then read our blog on how to close Demat Account with Groww.