Groww waives account maintenance charges on demat account

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Groww app investors are relieved of paying maintenance charges for their demat cum trading account. The new pricing policy that came into effect from November 23rd provides the investors the flexibility to invest without worrying about monthly or quarterly or annual maintenance charges. Groww is an investment platform focused on millennials and first-time users, through which one can invest in stocks and mutual funds.

The news is very relieving because users don’t have to worry about fixed charges to keep their account active. The only charge would be brokerage which is RS. 20 or 0.05% of the transaction for every order placed, whichever is low. The app introduced a feature for intraday trading and ETFs recently. The company launched stock investing in June this year and saw a raise in demat account by more than 6 lakhs. Investors can subscribe to IPOs through Groww. Now in invite-only mode, the users could soon invest in US equities as well. The company is planning to launch F&O and other advanced options in the coming year on the platform.

Lalit Keshre, Co-founder and CEO – Groww, said that the company attempt to remove all possible barriers in the way of investors to start investing. Maintenance charge is one such barrier for investors. In India, only 3% of the population invests in stocks. By taking away maintenance charges one could use the platform as and when they want and don’t have to bother about the fixed costs that may incur without using the account.

Groww app claims to be a fast, easy, and transparent investing platform. It has over 90 lakh customers and more than 100 teams across the country. In 2019 September, the fintech company raised USD 21.4M as part of its series B funding from Ribbit Capital, Sequoia, and Y Combinator. The company claimed that since the launch of stock investing, it saw 100% week over week growth in transacting users. The platform was launched in 2017, and it introduced stockbroking services in April of this year. While creating an account on the app, there is a one-time e-KYC system that asks the users their PAN, Aadhaar card, and photo after verification their account will be created.

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