Beginner's Tutorial: Starting SIP in Groww App

Why Groww is the Beginner's Favorite

Groww has captured millions of users because it removes jargon. It is clean, fast, and purely focused on ease of use. Like Zerodha, it offers Direct Plans (0% commission), but unlike Zerodha, it holds units in SOA (Statement of Account) format by default.

SOA vs Demat: Why it matters

Since Groww uses SOA format (unless you also open a Demat with them for stocks), you don't pay any DP charges on selling mutual funds. This makes it slightly cheaper for frequent withdrawals.

Setting Up Autopay (The Crucial Step)

The most common hurdle for new investors is setting up the bank mandate. Groww simplifies this with UPI Autopay.

Select Fund & Amount: Choose "Start SIP".
Payment Options: You will see Net Banking (OTM) and UPI Autopay.
Choose UPI: Enter your UPI ID. You will get a request on PhonePe/GPay/Paytm.
Approve Mandate: This is NOT a payment. You are authorizing future deductions. Enter your UPI PIN to confirm. NB: UPI Autopay limit is usually ₹15,000 or depending on your bank. For higher SIPs, use Net Banking OTM.

Unique Features of Groww

1. Track External Funds

Have you invested in funds through a bank agent or another app years ago? Groww allows you to import your entire external portfolio by simply reading your CAS (Consolidated Account Statement) sent to your email. You can see all your investments in one dashboard.

2. Switch to Direct

Once you import external "Regular" funds, Groww will prompt you to "Switch to Direct". This action sells the regular units and buys direct ones, saving you commissions instantly.
Warning: switching counts as a redemption; check for capital gains tax!

3. Family Portfolio

You can track investments made for your family members if you have their login details added, giving a holistic view of household finances.

How to Manage Groww SIPs

Skipping an Installment

Groww allows you to "Skip" just the next instalment if you are short on cash, without canceling the entire SIP.

Cancelling

Dashboard -> SIPs -> Select SIP -> Cancel.
Note: Canceling a SIP only stops future investments. Your existing money remains invested and continues to grow until you decide to "Redeem".

Frequently Asked Questions

Q: Does Groww charge for account opening?

Account opening on Groww is free. There are no annual maintenance charges (AMC) for mutual fund-only accounts.

Q: Is my money safe with Groww?

Yes. Your money goes directly from your bank to the Mutual Fund House (AMC). Groww is just a facilitator (technology platform). Even if Groww shuts down tomorrow, your investments are safe with the AMCs (like HDFC, SBI, Axis) and can be accessed directly.