How to open demat account in Groww?
Similar to a bank account that holds account holders money, a Demat account (Dematerialized account) is a storage tool that holds investor's shares and other securities such as exchange-traded funds, bonds, and mutual funds in a digital format. Prior to demat accounts, investors used to recive their shares in physical formats (Papers).
In this article on how to open a demat account in Groww, we would be discussing the following details.
Documents required to open demat account in Groww
While registering for demat account via Groww, users have to provide thier photo via selfie as well as verify their sign digitally. However along with picture and signature you will also require following documents.
Pan Card
Adhar Card
Bank details
Mobile phone number registered with Pan & Adhar card
Steps to Open a demat account in Groww
Step 1: Downlaod Groww app and register/log in
For mobile users the Gorww app is available on playstore: Groww app link
Desktop users can access groww using following website: Groww Home
a . As soon as you download the Groww app, click on "Continue with google" button
b. Choose the prefered google account. Please select the google account that is linked to your Gpay or Paytm
Step 2: Provide basic personal inofrmation
a. Select your gender (if prompted)
b. Select your marital status
c. Select your occupation
d. Select your annual income
Step 3: Select trading experience & Add Mother's as well as Father's name for KYC
While adding your parents name follow this format - First name (space) Last name
Step 4: Verify your bank details
As you have added the gmail account linked to your gpay, Groww app will automatically detetct your Gpay or paytm account and redirect you to verify the account.
If you use gmail account which is not linked to any gpay/paytm, Groww will automatically detect the payments app installed on your phone and would ask permission to verify the same. The name of the bank account has to be same as the name on your Id proofs.
For verification:
a. Select your prefered payments app
b. Click on "send ₹1 to verify bank" button
c. Groww will redirect you to selected payments app for payment of Rs 1 towards Groww, complete te transaction in the payments app by providimg your UPI pin.
Step 5: Add documents from digilocker for KYC
After compleitng the 1 rs transaction, Groww will open the Digio web page and ask for documents from digilocker.
a. Accept the terms on clicking on the check box on the bottom that says "By proceeding further I herby allow digio to share documents with Groww"
b. Click on the "authenticate adhar" button. This will redirect you to digilocker.
c. On digilocker page enter your "Adhar number" and Captcha and Click on Next
d. Enter OTP sent by UIDAI to the phone number linked to your adhar card and click on "Continue".
e. Once digilocker verification is complete click on "Proceed to KYC"
Step 6: Upload your selfie
After completing adhar card authentication with Digilocker, Goww will ask your to upload a selfie for the applicant.
a. Click on the "Camera" button
b. Allow permissions to access your camera
c. Capture your picture (Selfie must look formal, simialr to a passport photo)
Step 7: Verify Signature
After successfully uploading your photo, Groww will ask you to provide digital signature
a. Read and accept the applicable terms & conditions present on signature verification page and click on "Proceed to signature" button
b. A new window for signing on your mobile device would appear. Hold your mobile device in landscape mode and sign on the screen.
c. Click on submit
Step 8: Add nominee to Groww
After uploading all the details now its time to add a nominee for your investments.
Although adding nominee details is an optional step we recommend you to spend some time and complete this step.
In case of investor's death, the investments can be transfered to the nominee.
To add nominee follow these steps.
a. When the question "Would you like to add nominee to groww" is displayed on your screen, click on "Yes procees"
b. Add nominee name, relationsip with investor, date of birth and adhar number.
c. Unselect the "nominiee address is same as your box" if you wish to change the details
c. You can also add multiple nominees by clicking on the "Add another nominee" option
d. Click on finish nominee addition
Step 9: eSign account opening form
On competion of nominee details the next window will ask you to proceed for Aadhar eSign for which your aadhar card must be linked to your mobile phone number.
a. Check the term & condition box that says" I wish to recive ECN and other communication on my email"
b. Click on proceed to Aadhar esign
c. Now a account oppening form would be displayed with all your details along with your picture. cross verify all the details and click on "Sign now"
d. You will be redirected to NSDL eGOV website. Here eneter your aadhar number and click send otp.
e. Provide the OTP recived on your mobile number linked to aadhar card.
f. You will recive the document signing confirmation
Step 10: (Optional) Add money
After completing the above steps your account would be successfully activated within 48-72 hours.
You can also add money via online payement sources sucha s UPI to proceed with investment.
Congratulations, You have successfully opened your account. Please refer to following video for more details:
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