In this time of economic slowdowns, global recessions, and bank shutdowns, it’s very much important for people to diversify their investments. Thinking about this, many of us invest in gold, real estate, stocks, bonds and even in Fixed Deposits (FD). But to be the most effective way of investment in mutual funds.
I say so because the risk to return factor is marginally low in this. For gold people have to go through a lot of hassle, for real estate also the chances of fraud are high and also brokerage fees are needed. Many of us especially the older generation people consider FDs to be the best way to save money and grow it. But returns in FDs are way too low compared to the current market scenario and inflation rate. Considering all the points I think that mutual funds are the best way of investment and are already very popular among youngsters.
Nowadays many apps to invest in mutual funds have started to come and among them, I have been using Groww for 6 months now(so I think I can write on “Groww App Review”). So I can say that I am a happy customer. Before you ask, it’s totally free of any brokerage fee or any kind of commission. I am writing Groww app review considering all the issues.
Some Basic Details:
Groww is an app that is developed by ex-employees of Flipkart. This is a big thing because indirectly this somehow helps in the polishing and refining of the app. At the time of writing this blog, Groww has more than 50 lakh customers. For starters, it’s very easy to use the app with simple and clean UI. Don’t worry, it has an inbuilt dark mode too. The app lets you surf through different funds, shows each and every detail of the fund in a structured manner.
The details of the fund manager are also provided so you can look and check about him/her. The most intuitive thing is that a graph is provided whose time range can be changed accordingly. It is very useful to see the previous returns of the fund. Both SIP and one-time investment plans are available. The app also has an option to track external mutual funds. The “Dashboard” tab of the app gives you personalised view of your investments. This helps you to monitor your funds in a better way. In the recent update, the app helps to monitor and invest in different stocks too. The app also has a feature which lets you choose and monitor some selected funds based on your liking.
How to get started with Groww app?
To get started with the app, the user needs to provide and give his PAN details along with a valid email and phone number. After successful verification of KYC, an account is opened in Groww. The app is secured by PIN/Password or Fingerprint of the user. Based on the user data, the app has recommendations too. There are various options to choose from different categories of funds such as High Returns, Tax saving, Low Risk, Top Companies, etc. In addition to that, the lower portion of the “Explore” tab also houses some daily news of the market and some tutorial videos for beginners. The videos are from Groww’s own YouTube channel. The YouTube channel regularly gets updated with new videos about investment tips and other useful stuff.
The only thing that bugged me is that while paying for a mutual fund, the amount first gets into my Groww wallet and then to the respective fund. I don’t know the reason behind it. But I was not charged extra for this. All I wanted was to pay directly for the fund through my mode of payment. Another thing I want to mention is that the Customer Support of the platform is not very good. The only way I could get in touch with them was through email. I mean it’s 2020, at least an online chat support or a Customer Care Helpline number is something big to ask for. But it’s understandable that Groww works with a limited number of employees to keep its operation cost low in order to remain commission less. Know more about the app here.
Want to get started?
So, if you want to get started with mutual funds then Groww can be a very good option. But it’s important to note that in no way I am suggesting that you should invest in mutual funds through Groww only. There are other options available in the market.
You should also know that mutual fund investments are subject to market risks. Taking all the things into consideration Groww app review is not an easy job. Please read the scheme information and other related documents before investing. Past performance is not indicative of future returns. Please consider your specific investment requirements before choosing a fund, or designing a portfolio that suits your needs. The recommendations and reviews do not guarantee fund performance, nor should they be viewed as an assessment of a fund’s, or the fund’s underlying securities’ creditworthiness. In no way, P&S or Groww is responsible for anything.
Read about our latest DBS digibank review.