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January 10, 2022

How To Activate KYC In Groww App?

Want to know how to do KYC in Groww app? KYC is necessary before using this app for stocks or mutual funds. Here's a step-by-step guide to complete online KYC on Groww!

With the increase in popularity of controlling one’s personal finance, various apps have popped up in the digital space. One such app that stands out from it’s competition is Groww. With the numerous choices it provides including Stocks, Mutual Funds, US Stocks and FDs, Groww is quickly growing into the leading personal finance app. 

Importance of Activating KYC 

Any company that provides financial services, be it a bank, a lending institution, or an investment platform is required to do a background check of its customers. Groww falls in this category and thus needs a robust system to check whether its customers are actually who they say they are. KYC is another name for these background checks. 

For the customer identification process your photo identification, address proof, and other identification documents are required. 

To ensure the investments made on the app are not fictitious, KYC is mandatory. This helps in preventing cases of money laundering and fraud. 

There are two types of KYC activations on Groww, both of which we will go through in this article. 

Offline KYC

Offline KYC with KRA (KYC Registration Agency)

The KYC process in the mutual funds industry is done by CDSL Ventures Ltd. The customer profiling and record-keeping are taken care of by CVL. The steps to be followed are:

  1. Download the KYC application from the CDSL website. 
  2. Fill in the details and attach copies of the necessary documents that include an attested photograph, ID proof, address proof, and PAN card.
  3. Submit all the documents to the mutual fund house or intermediary office. 

Offline KYC with an intermediary

  1. Your fund house or intermediary platform will provide you with a KYC registration form. 
  2. After filling in the form, your KYC for your PAN card number will be generated with a KRA by the fund house/intermediary platform. 

Online KYC 

Online KYC with KRA

The only difference between offline and online KYC is that you need to fill the form and upload the documents online instead of going physically to the company office.

  1. Log on to the website of any KRA.
  2. Create an account and fill in all the details on the online form.
  3. Provide your registered phone number, PAN card, and other identification details. 
  4. Upload self-attested documents online.

Aadhar based KYC: Providing Aadhar isn’t compulsory. However, Most fund houses and investment platforms provide Aadhaar based KYC systems.

Online KYC with Groww

The entire online KYC process on Groww is extremely simple. Follow these 10 easy steps for a quick and hassle-free KYC process experience: 

  1. Go to Groww’s website: www.groww.in
  2. Sign up for an account
  3. Provide a mobile number and enter the OTP sent to the registered mobile number
  4. Provide your PAN details
  5. Provide necessary details (date of birth, nationality, gender, etc.)
  6. Enter income details and names of family members
  7. Enter nominee details
  8. Provide bank account details
  9. Upload a picture of yourself and your PAN card
  10. Submit your signature and your account will be ready

That’s it! It is just that easy to complete your KYC process and dive into your investment journey on Groww. Compared to the other options, Groww makes it an extremely easy and hassle-free process with your account being ready in 5 minutes. 

Documents required for KYC 

Apart from the KYC application form and a passport-size photograph, there are two other documents that must be submitted. These include: 

  1. ID Proof: Users can submit their driver’s license, a photocopy of their passport, a PAN card, Aadhaar card, Voter ID card, or their bank passbook. 
  2. Proof of Address: In addition to the documents above (except PAN card), users can submit their most recent landline/mobile bill, energy bill, Demat account statement, ration card, or rental agreement.

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