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.
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.
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:
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.
Aadhar based KYC: Providing Aadhar isn’t compulsory. However, Most fund houses and investment platforms provide Aadhaar based KYC systems.
The entire online KYC process on Groww is extremely simple. Follow these 10 easy steps for a quick and hassle-free KYC process experience:
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.