How to Add Nominee in Groww?
Investing in mutual funds and stocks can be a smart way to secure your financial future. But have you considered what happens to those investments in the unfortunate event of your passing? This is where nominating a beneficiary comes in. A nominee is someone you authorize to inherit your holdings, ensuring a smooth transition and avoiding complications for your loved ones.
Understanding Nominees on Groww
Groww allows you to designate a nominee for your investments. This can be a spouse, child, parent, or anyone close to you. By adding a nominee, you simplify the process for them to inherit your mutual funds or stocks upon your demise.
Adding a Nominee for Future Investments
The good news is that adding a nominee for future investments on Groww is a simple online process:
- Log in to your Groww account.
- Navigate to the “You” section and select “Account details“.
- Click on “Declare Nominee” next to your current nominee details (if any).
- Select “Add Nominee” and provide the nominee’s details, including name, relation to you, and date of birth.
- Confirm the information and proceed with the e-sign process using your Aadhaar OTP.
Adding a Nominee for Past Investments
If you’ve already made investments and haven’t added a nominee, fret not! Groww offers options for this scenario as well. However, the process differs slightly depending on the type of investment:
- Contact Groww support by emailing support@groww.in.
- Request nomination forms for the specific Asset Management Companies (AMCs) you’ve invested in.
- The forms will be emailed to you. Fill them out with details like your name, folio number, nominee’s information, and allocation percentage.
- Affix your signature and the nominee’s signature (if they are an adult).
- Courier the completed forms along with self-attested copies of your PAN card and Aadhaar card to the address provided by Groww support.
- Similar to mutual funds, email Groww support requesting a nomination form for your trading and Demat account.
- Fill out the form with the required information and sign it.
- Include self-attested copies of your PAN card and Aadhaar card.
- Courier the completed documents to the address provided by Groww support.
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Important Considerations
- You can only add one nominee on the Groww platform.
- If you’ve already declared a nominee, you cannot modify the details online. Contact Groww support for any updates.
- The entire process for adding a nominee for past investments usually takes around 10 working days.
By taking these steps to add a nominee in Groww, you ensure peace of mind and a simplified process for your loved ones in the event of your passing. Remember, investing is about securing your future, and adding a nominee is a crucial step in ensuring a smooth transition for those who matter most.