Get the app
Personal Finance
Personal Finance
on
ZestyBagel
ZestyBagel
Zomato

Switch To Groww from Coin

I am planning to switch my MF from coin to groww. Is there any other option rather than withdrawing my fund from coin and investing it into groww.

9mo ago
Talking product sense with Ridhi
9 min AI interview5 questions
Round 1 by Grapevine
GigglyBiscuit
GigglyBiscuit
Stealth9mo

Ok this may be a noob question but if you withdraw all ur MF from Coin and reinvest in Grow wouldn't that get your profits taxed?
AFAIK unlike real estate you dont have a option of reinvest tax free in MF or stocks

ZestyBagel
ZestyBagel
Zomato9mo

Me too noob in this. My mf portfolio is of 80k ( 60k invested + 20k profit). For some units STCG will be applied and for some LTCG. The reason behind switching is coin MF are demat form. Not able to find out proper pros and cons of demat and folio form

DancingLlama
DancingLlama
Uber9mo

You don’t need to withdraw all mfs, you can simply track external funds on grow, and move your future sips there.

PeppyBagel
PeppyBagel
Stealth9mo

Groww and coin are both demat based MF platforms, try ET money which is folio based, the MF units are with the depository and not with the demat provider. Easy to transact later.

ZestyBagel
ZestyBagel
Zomato9mo

Are you sure? Because what I checked was groww doesn't hold MF in demat form

BouncyPickle
BouncyPickle
Career Break9mo

I'm not 100% sure but there is an option in Groww to import your external MF so you can try that out before withdrawal.

Or I would recommend you to get in touch with the groww customer support to get help or clarifications.

ZestyBagel
ZestyBagel
Zomato9mo

Yes, Grow has the option to import the funds. But the MF in the coin are in demat folio. That is the issue

Discover more
Curated from across