Groww Demat Account Review – Account Opening, Features, Charges, Offers & more

Opening a Demat account with a reliable depository participant is the first step to embark on your trading or investing journey. Regarding reliable DP in India, you must Open Groww Demat Account.

Established in 2016, this discount broker is successfully catering to over 51 lakh clients, and you can add to this figure by completing the Groww Account Opening process.

In this Groww Demat Account Review, we will learn what this CSDL and NSDL registered DP offer. Moreover, you will learn the procedure to create a Demat account & much more.

Groww Demat Account – Top Features

Let’s discuss some key features of the Groww account that can encourage you to make a favorable decision.

• The first exciting feature you can capitalize on is free-of-cost Groww Demat Account opening and maintenance services.
• After opening the Account, clients can freely invest in many financial assets.
• An account holder can quickly access the company’s robust trading platform, enabling you to level up your trading or investing game.
• Traders are not mandated to sign a Power of Attorney. Instead, they can sell their stocks using the brokerage house’s TPIN.
• The firm doesn’t specify any minimum balance requirement for the Demat account. Yes, you heard it right! You can start trading or investing by depositing as little as Rs. 10 in your demat account.
• Groww uses advanced security measures to ensure safe transactions via a demat account.

The first attractive benefit of opening a Demat account with Groww is that you don’t have to bear the headache of paying an upfront amount related to account opening.

In addition, the company doesn’t ask its account holders to pay any amount to maintain their account.

Therefore, Groww Demat Account Charges don’t include account opening and maintenance charges.

However, aside from account opening and Groww AMC, you might have to pay other fees. For example, you might have to bear demat postal and transaction costs.

Moreover, like any depositary participant in India, the broker also charges a fixed DP fee of 13.5 per scrip. The best part is that you only have to pay DP charges when selling your share.

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Groww Demat Account Opening Process – Step by Step

The most crucial part of this review is the Groww Demat Account Opening step-by-step guide.

It’s better to research Groww account opening eligibility criteria and application process to avoid discrepancies afterwards.

The brokerage house has come up with a straightforward online and offline process. We have outlined all the necessary steps to open the demat account. So, let’s take a look.

How to Open a Demat Account in Groww? – Online Process

Following this procedure will guarantee on How to Open a Demat Account in Groww within a few minutes:

1. Head to Groww’s official website or download the Groww app from the Google Play Store or Apple App Store. After heading to the website or app homepage, look for ‘Open Demat Account’ and tap on it.
2. Fill in your contact number and email address. Next, you will receive an OTP to verify your contact details.
3. Copy the OTP and input it in the asked field. Tap on the ‘Verify’ button.
4. It is vital as it requires you to submit copies of all mandatory documents to the broker for KYC. You can only move forward with How to Open a Demat Account if you submit your identity, bank, address, and income proof.
5. Once you submit the documents to complete KYC, fill in your name and DOB and click the ‘Proceed’ button.
6. The brokerage house will request your photo and e-signature via webcam.
7. Now, you should set up your demat account by creating a password and choosing your security questions.
8. Once the above steps are completed, Groww will create your demat account within minutes, and you can successfully start trading.

How to Open Groww Demat Account? – Offline Process

Don’t you know How to Open a Groww Demat Account via online mode? Don’t worry! Groww has got your back! The brokerage house has also crafted an offline account opening process.

1. Firstly, you should register on Groww’s official website by providing your name, phone number, and email.
2. After submitting the required details, you can expect a call from a representative to assist you in opening a demat account.
3. Next, download the ‘Demat Account Opening’ form from the website.
4. Fill in all the details, sign the form, and attach mandatory documents.
5. Courier your account opening form and documents to the nearest Groww branch.
6. Once the broker verifies the form and documents, your account can be opened within a few minutes or hours.

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You can find the mandatory documents to Open Groww Account on the company’s official website.

Alternatively, you can contact the firm’s representative via helpline to seek guidance on necessary documents.

Here is the list of essential documents you must submit for verification purposes.

• Identity proof copy
• Address proof copy
• Passport size photograph
• Bank proof copy
• Signature on white paper
• Income proof copy for F&O trading

In addition to these documents, the brokerage house asks potential users to upload an in-person verification (IPV) video.

How to Close Groww Demat Account?

If you are wondering How to close a Groww Demat Account, let us tell you that the broker facilitates a straightforward account closure process.

However, ensure your demat account is empty before applying for account closure. It means there shouldn’t be any assets or holdings in your account.

You can delete your Groww account by following this process.

1. Head to the official website or app and download the ‘Demat Account Closing’ form.
2. Take a printout of the form and fill in all required details.
3. Once all details are correctly entered, send the form to head office or the nearest branch.
4. You can expect your demat account to be closed within ten to twelve business days.

Groww Demat Account Review – Conclusion

In a nutshell, Groww Demat Account offers a user-friendly and convenient way to hold and trade your securities in dematerialized form.

Without any account opening and maintenance fees, the broker offers an excellent opportunity for individuals to open a Demat account by bearing the least financial burden.

In addition, you are not mandated to maintain a minimum balance in your demat to trade or invest with Groww.

What more can any trader or investor need? So, opening a demat account is your best decision to embark on your trading or investing journey.

FAQs on Groww Demat Account Review

Here are various FAQs related to the Groww Demat Account.

How to Create a Demat Account in Groww?

Groww has developed a straightforward online and offline demat account opening process. Before starting the account opening process, check its eligibility and document criteria.

In addition, you can seek the company’s executive help to guide you on creating a demat account.

How to Delete Groww Account?

To delete a Groww account, you need to download the account closing form, fill it out, and send it to the company’s head office. The firm will process your request within ten to twelve working days.

What is AMC in Groww?

Annual maintenance charges are zero. It means you don’t have to pay anything to the company to maintain your demat account.

What is Groww Account Opening Fees?

There is no Account Opening fee. You can open your demat account without incurring any charges.

How to find the demat account number in Groww?

To find your 16-digit demat account number, consisting of BO ID and DP ID, log in to your demat account, My Profile, and Demat.

How to get a Statement of Demat Holdings in Groww?

This step-by-step guide is an instant way to download the Demat Holding Statement in Groww:

1. Visit the Groww website to log into your demat and trading account.
2. After logging into your demat account, you can find the ‘Download Statement of Demat Holding’ option under the ‘Accounts’ or ‘Portfolio’ tab.
3. Next, you should select the desired date range for which you need a statement. It can be any financial year, month, or quarter.
4. Generate the report by hitting the ‘View’ button. Next, choose the specific format to download the statement.
5. Once the report is generated, you can download it as PDF or Excel.

What documents are required to open a demat account in Groww?

The mandatory documents to open a Demat account include a PAN card, passport-size photo, signature, bank account details, an Aadhaar card, and income proof.

How long does opening a Demat Account in Groww take?

You can expect to open your demat account within a few hours if the documents you submitted are correct.

On the other hand, sending your account opening form and documents by courier can take a day or two to open your account.

How to change your bank account in Groww?

Should a client wish to change his bank account, he can follow these steps:

1. Head to the Groww site and log into your demat account.
2. Click on ‘My Profile’> ‘My Bank Details’ to be redirected to the ‘Bank Details’ page.
3. Add new bank account details on this page by hitting the ‘Add New Bank’ button.
4. Next, you will be asked to enter your new bank account details.
5. You are required to e-sign the document and validate your e-sign.
6. You will be redirected to the confirmation page to accept the terms for changing your bank account.

How to Transfer Shares from a Demat Account to Groww Demat?

This procedure will help you transfer your shares.

1. The investor should complete the DIS (Delivery Instruction Slip).
2. Next, send this completed DIS to your current stock broker, i.e., Groww.
3. Groww will send your DIS form to your previous depository.
4. The depository will transfer the shares.
5. Once all shares are transferred, the new Demat account automatically reflects your updated shares.