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Why does Groww ask me for my bank account details?

I understand you need PAN card for investing in mutual funds. But why do you need my bank account number?

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1 Approved Answer

Ishan

Its not on Groww but whenever you start investing in mutual funds you need to provide your bank account details.

The main reason is:

Mutual funds need your bank account details to repay your money when you redeem and also to verify that the money invested is coming from your account only. You are only allowed to invest from your own account (Name on PAN and Name on cheque should match).

This is regulatory requirement by SEBI (Securities Exchange Board of India). 

Also, you don't need to worry about these details as these details are secured and no one can do anything with these details.

Mutual fund investments are subject to market risks. Please read the scheme information and other related documents carefully before investing.
Past performance is not indicative of future returns. Please consider your specific investment requirements, risk tolerance, investment goal, time frame, risk and reward balance and the cost associated with the investment before choosing a fund, or designing a portfolio that suits your needs.
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