Groww- Overview and Uses

In the current times, people are on a quest to find the answer to the question of managing one’s money and finances. There was a time when people used to think their money is best kept safe in the bank. However, in the current times, people prefer that their money keeps moving and multiplying rather than just sitting in a bank. The mobile application Groww has made this investment of money and tracking of the investments quite hassle-free. The app Groww mainly lets one invest money in holding and mutual funds.

Money management is made simpler for every generation through the application of Groww.

What are Mutual Funds?

One can understand mutual funds through the simplistic definition of investing in diverse investment forms such as bonds, securities, and equities. However, the basic characteristic is that the money pool that needs to be invested is made up of small investments of individuals. So, to basically summarize, there are multiple investors and a common investment objective goal in a mutual fund holding.

The fund’s management develops an investment goal and strategy and then purchases stocks that best meet the fund’s overall investment plan. Because mutual fund holdings can be very expensive, they are fractionalized to make them more affordable to individual and retail investors. Investors buy these fractionalized holdings, known as “shares,” and trust the management to invest their money in accordance with the fund’s objectives. This is how mutual funds holdings work.

There is no denying the fact that mutual funds go hand in hand with risk. An unspoken fact is to prepare for the fluctuation in investments while investing in mutual funds.

Features 

• It is free of cost to download the application. Also, Groww is available for both iOS and Android users. 

Along with that, it also offers a free Demat account opening. A dematerialized account is an electronic sheet with information of your financial investments and ongoing trades.

• There are no added annual maintenance charges for the consistent use of the application.
• The app Groww presents a customized financial journey for you. Tailor-made investments are presented for the users. It also lets one track their finances.
• The application can be used from anywhere at any time. Hence, the Groww app enables flexible paperless investment for an individual.
• If one does not want to invest regularly, their Groww accounts help them monitor the current trading trends to make a smart decision.
• The ability to switch from an external regular mutual fund to a direct mutual fund.
• It enables people to invest in diverse bonds such as digital gold and corporate FDs.
• Most importantly, the application has educational aspects such as blogs and guides to help people invest their money wisely.

How to open a Demat account on Groww?

Opening a dematerialized account on either the Groww online portal or its companion app is a lengthy process. However, it is a free-of-cost operation.

• One can either register with their email address or phone number. There is an additional OTP step to authenticate the identification.
• Additional details such as the Pan number are also required for the verification.
• Enter your bank information, such as the IFSC code and account number. Double-check your bank information.
• Other steps involve completing the setup under the stocks tab and further opening a stocks account.
• Enter your occupation, income, and the names of your father and mother, then click Next to finish the KYC process.
• Select your trading experience from the drop-down menu.
• Sign in dark ink on white paper, then upload your electronic signature. Sign the account opening form electronically.