Groww and INDmoney are both app-first brokers, with about 1.34 crore and 7.2 lakh NSE active clients in September 2026. Both charge ₹20 or 0.1% per equity order, Groww with a ₹5 minimum and INDmoney with a ₹2 minimum, and ₹20 per F&O order. Both offer direct mutual funds and US stocks through GIFT City. Choose Groww for scale, 24x7 support and its own fund house. Choose INDmoney for a mature US-stocks service with UCITS ETFs and built-in tax filing.
How do Groww and INDmoney compare at a glance?
The table compares Groww and INDmoney as of October 2026. All fees are from each broker's published pricing.
| Feature | Groww | INDmoney |
|---|---|---|
| Regulator and exchanges | SEBI broker INZ000301838. NSE, BSE, MCX | SEBI broker INZ000305337 (INDstocks). NSE, BSE, MCX |
| Depository | CDSL and NSDL participant | CDSL participant |
| NSE active clients, September 2026 | About 1.34 crore, 29.2% share | About 7.19 lakh, 1.6% share |
| Account opening and AMC | ₹0 opening, ₹0 AMC | ₹0 opening, ₹0 AMC |
| Equity delivery brokerage | ₹20 or 0.1% per order, whichever is lower, minimum ₹5 | ₹20 or 0.1% per order, whichever is lower, minimum ₹2 |
| Intraday and F&O brokerage | ₹20 or 0.1% per intraday order, ₹20 per F&O order | ₹20 or 0.1% per intraday order, ₹20 per F&O order |
| DP charge per sell | ₹16.50 plus ₹3.50 depository fee, plus GST | ₹15 plus ₹3.50 depository fee, plus GST, per ISIN per day |
| Mutual funds | Direct plans at zero charges. Own AMC, Groww Mutual Fund | Direct plans at zero commission, 1,600+ schemes. No own AMC |
| US stocks | Relaunched September 2026 via GIFT City, phased rollout | Live via GIFT City entity. 10,000+ US stocks and ETFs plus UCITS ETFs, 0.25% per trade |
| Platforms and API | Groww app and web. Trade API ₹499 a month | INDmoney app and web. No trading API |
What is Groww, and what is INDmoney?
Groww is a Bengaluru investing app run by Groww Invest Tech Pvt Ltd, a SEBI-registered broker and a depository participant with both CDSL and NSDL. Groww started with mutual funds and added stocks in 2020. By September 2026 it had the most NSE active clients of any Indian broker, about 1.34 crore.
INDmoney is a Gurugram investing app founded in 2019 by Ashish Kashyap. Indian stock broking runs through INDstocks Pvt Ltd, a SEBI-registered broker and CDSL depository participant, and US stocks through INDmoney Global (IFSC) Pvt Ltd at GIFT City. INDmoney had about 7.19 lakh NSE active clients in September 2026.
What does each charge?
Groww and INDmoney price Indian stocks almost identically, and the differences sit in the minimums. Figures are as of October 2026, from each broker's published pricing.
| Charge | Groww | INDmoney |
|---|---|---|
| Account opening | ₹0 | ₹0 |
| Annual maintenance | ₹0 | ₹0 |
| Equity delivery | ₹20 or 0.1% per order, whichever is lower, minimum ₹5 | ₹20 or 0.1% per order, whichever is lower, minimum ₹2 |
| Equity intraday | ₹20 or 0.1% per order, whichever is lower, minimum ₹5 | ₹20 or 0.1% per order, whichever is lower, minimum ₹2 |
| Futures | ₹20 per order | ₹20 per order |
| Options | ₹20 per order | ₹20 per order |
| DP charge on each sell | ₹16.50 plus ₹3.50 depository fee, plus GST | ₹15 plus ₹3.50 depository fee, plus GST, per ISIN per day |
| Pledge | ₹20 per ISIN | ₹0 for margin pledge, ₹20 plus GST per ISIN for MTF pledge |
| Trading API | ₹499 plus taxes a month | Not offered |
Securities transaction tax, exchange transaction charges, SEBI turnover fees, stamp duty and GST are set by regulators and are identical at Groww and INDmoney. On a ₹1 lakh delivery buy, brokerage is ₹20 at both. On a ₹2,000 order, Groww charges its ₹5 minimum and INDmoney its ₹2 minimum.
Which products can I invest in on each?
Groww and INDmoney overlap heavily, and INDmoney reaches further abroad. Both offer NSE and BSE stocks, equity F&O, MCX commodities, ETFs, IPOs, direct mutual funds and US stocks. Groww also lists bonds and government securities and runs its own fund house, Groww Mutual Fund. INDmoney adds London-listed UCITS ETFs.
On US stocks INDmoney is the more established. It runs the service through INDmoney Global (IFSC), its IFSCA-authorised GIFT City entity, with trades cleared by Alpaca Securities or DriveWealth in the US. It lists 10,000+ US stocks and ETFs, fractional from USD 1, at 0.25% per trade with no account or withdrawal fee. Groww relaunched US stocks in September 2026 under its own Global Access Provider licence, in a phased rollout. Money sent to either counts against the USD 250,000 LRS limit each financial year, with TCS above ₹10 lakh, which Paasa's LRS guide explains.
How safe are my shares and money on each?
Indian shares bought through Groww or INDmoney sit in your own demat account at the depository, not with the broker. Groww is a participant with CDSL and NSDL, and INDmoney's INDstocks with CDSL. Both are SEBI-registered brokers that must settle unused client funds back to your bank under SEBI's running-account rules.
If a broker defaults, the NSE Investor Protection Fund pays up to ₹35 lakh per investor for claims after August 2024. Complaints against Groww or INDmoney that the broker does not resolve go to SEBI SCORES. US stocks bought through either broker's GIFT City route are held under IFSCA rules, outside SEBI's framework. INDmoney's disclosures say it, not you, is the account holder of record at its US clearing broker. Neither broker, and no protection fund, covers a fall in the value of what you buy.
What is day-to-day use like on Groww and INDmoney?
Groww is built for simplicity and INDmoney for one view of everything you own. Groww's app and web platform put stocks, mutual funds, commodities, IPOs and US stocks in one place, with 24x7 phone and in-app chat support. Its Trade API costs ₹499 plus taxes a month.
INDmoney's app and web put Indian stocks, mutual funds, US stocks and UCITS ETFs under one login. It moves money abroad under LRS inside the app through partner banks, shows the bank's forex markup before you confirm, and tracks LRS usage and TCS. INDmoney has no trading API, and call and trade costs ₹500 per order. Support runs through in-app chat and email, with a service desk open weekdays 9 am to 6 pm.
What reports do I get at tax time from Groww and INDmoney?
Both give you the reports an Indian return needs. Groww provides capital-gains and P&L statements and dividend records from its reports section. INDmoney's tax centre produces capital-gains reports and feeds them into free ITR filing inside the app, with Schedule FA pre-filled.
US stocks on Groww or INDmoney add one step. Foreign holdings go into Schedule FA of the Indian return every year, with peak and closing values, which Paasa's Schedule FA guide explains.
When is Groww the better choice?
Groww may suit you better than INDmoney if:
- You want India's largest broker, with round-the-clock phone and chat support.
- You invest mainly in Indian stocks and funds and value the simplest possible app.
- You want Groww's own fund house or a trading API for your own code.
When is INDmoney the better choice?
INDmoney may suit you better than Groww if:
- You want US stocks and UCITS ETFs today, with in-app LRS transfers and tracking.
- You want your capital gains pulled into free ITR filing, with Schedule FA pre-filled.
- You place small orders, where the ₹2 minimum and ₹0 margin pledge add up.
Should I choose Groww or INDmoney?
Choose Groww if your investing is mostly Indian and you want the biggest broker with support at any hour. Choose INDmoney if US stocks and tax filing matter as much as Indian stocks. On Indian brokerage alone the two are almost the same.
| If you want… | Better fit |
|---|---|
| The largest broker, with 24x7 support | Groww |
| The simplest app for Indian stocks and funds | Groww |
| A trading API | Groww |
| US stocks and UCITS ETFs today, with LRS handled in-app | INDmoney |
| Free ITR filing with Schedule FA pre-filled | INDmoney |
| Lowest minimum brokerage on small orders | INDmoney |
The choice is not permanent. Indian shares move between Groww and INDmoney demat accounts by an off-market transfer, online through CDSL Easiest or with a delivery instruction slip. They keep their original purchase date and price. Many investors keep a Groww account for Indian investing and an INDmoney account for US stocks.
Disclosures
Fees and client numbers are from Groww's and INDmoney's published pricing and NSE data as of October 2026 and may change. Advisory services under the Paasa brand are offered by Arc Spire Advisory Private Limited, a SEBI Registered Non-Individual Investment Adviser, INA000021058. This article is not investment advice. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
