There are a plethora of brokerage firms (including stockbrokers) who offer Demat account services. But to avail 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.
The broker 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.
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.
Demat opening account: 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 Demat Account Annual 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
Groww Demat Account Charges
Demat Account Opening Charges
Trading account opening charges
Rs.25/month + GST, charged quarterly
DP charges – Buy order
Free on Groww
DP charges – Sell order
Rs.8 + Rs.5.50 (CDSL charges) per ISIN (company/ETF) per day on Groww regardless of quantity sold
0.00325% of order amount on NSE – 0.003% of order amount on BSE (applicable on both buy and sell)
SEBI turnover charges
Securities Transaction Tax (STT)
0.1% of order amount in case of equity delivery – 0.025% of order amount in case of equity intraday
18% applied on charges wherever applicable
How to Close the Demat Account in Groww?
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:
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
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:
In the Groww mobile app, download the account remove/closed-form and fill all the required details.
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
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.
Is Groww Demat Account Safe?
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.