How to Add a Nominee in Groww?
If you’ve ever invested in stocks or mutual funds through Groww, you probably felt good about growing your money. But here’s a question most people forget to ask: What happens to your investments if something happens to you? It’s not something we like to think about, but it’s important. Because if there’s no nominee added to your account, your money could get stuck in a legal mess for months, or even years. Here we will know how to add a nominee in Groww.
What is a Nominee?
Imagine you bought shares of Reliance or invested in an SBI Mutual Fund. Now, think what happens to all that money if something happens to you (God forbid)? Scary, right? That’s where a nominee comes in. A nominee is the person who will get your money or investments if you're no longer around.
Adding a nominee is like keeping a “Plan B” ready. It ensures your wife, parents, or kids can easily claim your money if you’re not around. And the best part? It takes just 5 minutes on the Groww app or website.
Add a Nominee in Groww: Step-by-Step
Here are the steps on how to add a nominee in Groww:
- Open the Groww app/website.
- Tap on the Profile icon.
- Tap on the Account Details.
- Click on Add nominees.
- Enter all such details, and then save them.
Also Check - How to Check Profit and Loss in the Groww App.
Benefits of Adding a Nominee
Adding a nominee is not just a formality. It’s like locking your locker but also keeping the spare key safe with someone you trust. Here’s why adding a nominee on Groww is a smart and necessary move:
- Protects Your Investment: If you have ₹2 lakhs in the HDFC Mutual Fund, your family can claim it easily if you’re not around. No money will be stuck.
- Saves Time: Without a nominee, your family may have to run to courts or notaries. With one, they just need to submit basic documents.
- No Extra Cost: Groww doesn’t charge anything to add or change a nominee. It’s totally free, like adding a contact in your phone.
- Easy Tracking: Your nominee will get a direct path to your investments. No guessing game. No searching emails or passwords.
- Peace of Mind: You sleep peacefully knowing your money will go to your parents, spouse, or child, not into legal black holes.
What Happens if You Don't Add a Nominee?
Not adding a nominee is like buying a flat and not giving your family the key. If something happens to you, your investments become locked, and your family has to fight to get access.
Let's say you invested ₹5 lakhs in the SBI Bluechip Mutual Fund, but didn’t add a nominee. Now, if you’re gone, your wife or parents can’t claim it easily. They’ll have to deal with:
- Bank forms
- Court documents
- Legal heirs certificate
- A lot of emotional and financial stress
All this could have been avoided with a 5-minute step, which we have given above.
Conclusion
In conclusion, adding a nominee is like keeping a backup charger. You may not need it now, but if something goes wrong, it saves a lot of trouble. In 5 minutes, you can make sure your money doesn't die with you. If you've already added one, double-check it. If not, just open the Groww app and do it now. We hope our blog on how to add nominees in Groww is helpful.
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