How to Use the Same Folio Number for SBI Mutual Fund Investments Across Groww and SBI Mutual Fund Apps
When it comes to modern financial management, using intermediary apps can often streamline investment processes. If you have recently purchased an SBI Mutual Fund through the Groww app and are wondering whether you can use the same folio number to access your investment on the SBI Mutual Fund app, the answer is yes. This guide will walk you through the process and provide you with the necessary information to ensure a seamless transfer and management of your mutual fund investments.
Understanding the Role of Groww as an Intermediary App
The Groww app serves as a versatile platform that helps users buy, track, and manage mutual fund investments. While it is designed to be user-friendly and efficient, it functions as an intermediary by facilitating transactions on behalf of the user. When you make a purchase or manage an investment through Groww, the transaction is processed through SBI Mutual Fund, but the intermediary app plays a significant role in the ease of access and management of your investments.
Using the Same Folio Number with SBI Mutual Fund App
What is a Folio Number in SBI Mutual Fund?
A folio number is a unique identifier assigned to an investor who has made a mutual fund investment through SBI Mutual Fund. This number is used to track the performance of your investment and can be accessed by transferring the folio number to the SBI Mutual Fund app.
The folio number remains the same across both platforms, ensuring that your investment remains intact and continues to accrue benefits after the transfer. This transfer can be made easily and securely to ensure you continue to manage your investment effectively through the SBI Mutual Fund app.
Steps to Transfer Your Folio Number from Groww to SBI Mutual Fund App
Log in to your Groww account and navigate to the investment summary or your portfolio section to find your SBI Mutual Fund investment.
Note down the folio number associated with your SBI Mutual Fund investment from the Groww app.
Install and log in to the SBI Mutual Fund app.
Go to the section related to investment management or folio management.
Follow the on-screen instructions to add an existing folio number. This typically involves entering the folio number, account holder's name, and other necessary details.
Once you have completed the verification process, your folio number will be successfully added to the SBI Mutual Fund app.
Benefits of Using the Same Folio Number
Convenience: By using the same folio number, you avoid the need to create a separate account or manage multiple folio numbers for different platforms. This simplifies your financial management and allows for a more consolidated view of your investments.
Continuous Tracking: Using the same folio number ensures that your investment is continuously tracked and managed efficiently through the SBI Mutual Fund app. You can access all your investment details and performance metrics in one place.
Enhanced Security: Although the folio number remains the same, using the same app for all your SBI Mutual Fund investments ensures that you benefit from the security features of the SBI app, which may offer an additional layer of protection.
Conclusion
It is indeed possible to use the same folio number for SBI Mutual Fund investments across the Groww app and the SBI Mutual Fund app. This feature allows you to maintain a seamless and efficient investment management process. With the steps outlined above, you can easily transfer your folio number and continue to monitor and manage your investments with ease.
For further assistance, it is always recommended to consult the official customer service or support teams of both apps for any specific queries or assistance. By leveraging the convenience of the intermediary app while maintaining the security and benefits of the fund provider's app, you can optimize your investment management experience.