Introduction
Armed with an easy-to-navigate UI, Groww grew in popularity among investors looking to invest in Mutual Funds. Since then, they have extended their services to trading stocks and have gained a good following. Groww does not charge the user to create an account but does charge a brokerage fee for trades. You can download the app on your phone or access it through its official website. On Google Play, the app has a rating of 4.5 stars. It has already been downloaded by over 10 million people. In this article, I will guide you through how to open a Demat account in the Groww app for beginners.
Steps for opening a Demat account in the Groww App
- First, download and open the Groww app on your phone.
- Continue with Gmail or any other email address and verify it with OTP.
- Set a password on your own.
- Now, enter your mobile number and verify it with an OTP.
- Next, enter your 10-digit PAN and verify the PAN.
- After that, provide personal details such as date of birth, gender, marital status, occupation, income, trading experience, and your parents’ information. You need to fill them out correctly so that you will not face any issues with KYC in the future.
- Choose your bank account and provide the bank details for adding or withdrawing funds in the future.
- Click a selfie and provide a digital signature as per the Aadhaar card.
- You will get an option to add nominees. You can do it later.
- E-Sign your application using Aadhaar OTP.
- After you have completed all of the steps, you will be able to access your account.
- Once the KYC verification is done, your account will become active and you will be able to start investing in Groww.
Create free Groww demat account by using this link.
Groww App Brokerage Fee
Rs. 20 per executed order or 0.05% (whichever is lower).
Rs. 20 per executed order or 0.05% (whichever is lower).
Flat Rs. 20 per executed order.
Flat Rs. 20 per executed order.
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(Note: Check the official website of Groww for updated brokerage and other fees before investing.)
Also Read: How can you change the SIP date on the Groww app?
FAQs
Yes, it is free to open a Demat account in Groww. However, they do have charges for other services.
Groww’s intraday charges amount to Rs. 20 per executed order or 0.05% (whichever is lower).
A Depositary Participant is an intermediary between the depositor and the investor. The DP charges for Groww are as follows:
The selling trade: 13.5 INR + GST per day (for any sold quantity).
Groww is a SEBI-registered stockbroker. Its Depository Participant Name is “Next Billion Technology Private Limited.”
No, there is no minimum fund requirement for stocks. But you need to invest a minimum of Rs. 100 to start a SIP for Mutual Funds.
STT is a charge by the government whenever you make a transaction on the exchanges. Groww has a 0.1% STT.
Conclusion
I hope this article has given you a better understanding of how to open a Demat account in the Groww App. As a beginner, now you understand the basic steps of opening a Groww Demat account, and you can begin trading.
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