Without any doubt, Mutual funds are one of the best bets to give one excellent returns on the monetary investments down the line.Realising its benefits, even you might have decided to invest in mutual funds but sadly, are not sure how to start and where to start investing your hard-earned money. You have questions but don’t know whom to ask? Well, fret not, because there is an App which can guide you perfectly on how to go about it.
Today I will review an App, Groww (https://groww.app.link/5cVv7g0ScS) about which I learnt about few months back and today which has become my one stop shop for all my investment needs.
Headquartered in Bengaluru, Groww is India’s fastest growing online investment platform. It offers its customers a seamless and transparent approach to invest.
Let me begin the review by mentioning some of its features:
The App is simple to install. Just go on Google play store or IoS and download it. To invest in Mutual Fund you should be KYC compliant but if you are not, Groww will help to get KYC verified online. The App is simple to operate, there are no transaction charges applied and the when you withdraw, your money will be deposited to your bank account. The App recommends funds based on your requirements. When I started on this App, the first thing which caught my attention was the category “Investment” which is further sub-categorised according to your needs. One sub-category had an objective written “awesome vacation in 3 years” and the travel freak in me was immediately drawn towards it. I made my first investment in one of the funds listed in this category. The best part is once you select a fund, Groww App through its features like SIP calculator, Returns, Pros/Cons, Comparison and description about that fund, helps you make an informed decision.
The App’s Handpicked Collection makes it easy even for a beginner to select a desired Mutual Fund. This category is further divided into “Top Tax Saving Funds” “Top Low Risk Funds” “Top High Return Funds” “Large/small/mid Cap Funds” etc., giving one a better choice to pick and invest.
Another great feature is that they have Direct Mutual Fund scheme, facilitating the investors to get higher returns as compared to Regular plan where you buy a Fund through a broker, bank or an advisory and in which the mutual fund company pays commission to the intermediary.
The App also gives out the latest news and insights of the financial world.
Using the Dashboard, one can track his returns and check details of holdings and mutual fund NAV. Features such as Frequently asked questions, Help and Support section, YouTube videos and Community help makes it a smooth sail to invest in MF’s.
Is App safe and secure?
Like me If you are new at investing in Mutual Funds and that too through an online App, naturally you will be worried about the safety of your money. With this apprehension in mind, I managed to speak with the co-founder of Groww, Harsh Jain, to which he says,“Investing in mutual funds on Groww is completely safe. All transactions to and from AMC (Asset Management Company, that manages the Mutual Fund) is done via BSE. The dashboard has complete tracking of the money”.
He explains further, “When you invest in a Mutual Fund on our website, you are redirected to the BSE page where you make the payment. BSE then directs your money to the AMC. Similarly, when you redeem, you can request the same on our platform. The money redeemed is transferred from the AMC account to BSE following which BSE credits the amount to your account. This is the same account from which you made the initial payment to the AMC.”
Once my worries were put to rest, I went ahead with my investments on Groww.
List of Mutual Fund Companies on Groww Mutual Fund App.
ICICI PRUDENTIAL , HDFC , RELIANCE , ADITYA BIRLA SUN LIFE , SBI , UTI , FRANKLIN TEMPLETON , KOTAK MAHINDRA , IDFC , DSP BLACKROCK , AXIS , TATA , L&T , SUNDARAM , DHFL PRAMERICA , INVESCO , LIC , JM FINANCIAL , BARODA PIONEER , CANARA ROBECO , HSBC , IDBI , INDIABULLS , MOTILAL OSWAL , BNP PARIBAS , MIRAE ASSET , PRINCIPAL , BOI AXA , UNION KBC , TAURUS , EDELWEISS , ESSEL , MAHINDRA , QUANTUM , PPFAS , IIFL , ESCORTS.
While investing in Mutual funds through this App you will have similar experience which you get while shopping on any e-commerce website; simple, easy and right from the comfort of your home.
The App is designed keeping millennials in mind who are always on the go and thus can make investments, sell or monitor their Mutual Funds anytime from anywhere in the world. The App is easy to install, easy to operate and you can start with as low as 500 bucks, making it a low-risk option if you want to try the app before making it your go-to destination for Mutual Funds’ investments.
I have been using this App for past three months and has never faced any problem, whatsoever. In fact, I am enjoying my sojourn here.
Here is link to download Groww App.
Get it on Google Play- https://play.google.com/store/apps/details?id=com.nextbillion.groww
Download on the App Store- https://itunes.apple.com/us/app/groww-mutual-funds-app/id1404871703?ls=1&mt=8