Groww and INDmoney both offer 10,000+ US stocks through GIFT City routes. Groww, open to all users since 23 October 2026, charges 0.1% with a USD 1 minimum and no cap. INDmoney, running since 2019, charges 0.25% capped at USD 25. Groww is cheaper between USD 400 and USD 25,000 an order, INDmoney outside that band, and INDmoney adds UCITS ETFs and free tax filing. On Indian delivery both charge up to ₹20.
How do Groww and INDmoney compare for US stocks at a glance?
Here is how Groww and INDmoney's US-stock services compare as of October 2026, from their published pricing and help pages.
| Feature | Groww | INDmoney |
|---|---|---|
| GIFT City route | Own IFSCA Global Access Provider approval | INDmoney Global (IFSC), an IFSCA Global Access Provider |
| US broker and custody | Alpaca Securities | Alpaca or DriveWealth, INDmoney is holder of record |
| Availability | All users since 23 October 2026 | All users, since 2019 |
| Stocks and ETFs | 10,000+ | 10,000+, plus UCITS ETFs |
| Brokerage per order | 0.1%, minimum USD 1, no cap, plus 18% GST | 0.25%, capped at USD 25, plus GST |
| Forex markup on transfers | Your bank's rate, no range published | 0.5% to 1.2%, charged by the bank |
| SIPs in US stocks | Not listed | Yes |
| Tax reports | Form 1042-S from the US broker | Tax centre, Schedule FA pre-filled, free ITR filing |
| Indian delivery brokerage | ₹20 or 0.1% per order, minimum ₹5 | ₹20 or 0.1% per order, minimum ₹2 |
What is Groww, and what is INDmoney?
Groww is a Bengaluru investing app founded in 2016, run by SEBI-registered Groww Invest Tech Pvt Ltd. It was India's largest broker in September 2026, with about 1.34 crore NSE active clients. Groww closed an earlier US-stock service in 2024 and relaunched in September 2026 under its IFSCA approval at GIFT City, with Alpaca as US broker.
INDmoney is a Gurugram investing app founded in 2019 by Ashish Kashyap. Indian stocks run through INDstocks Pvt Ltd, a SEBI-registered broker with about 7.19 lakh NSE active clients in September 2026. US stocks run through INDmoney Global (IFSC), an IFSCA-registered Global Access Provider at GIFT City, clearing through Alpaca or DriveWealth.
What does each charge on a US trade?
Groww is cheaper than INDmoney for mid-sized orders and INDmoney at both ends. Figures are in dollars before GST, as of October 2026.
| Charge | Groww | INDmoney |
|---|---|---|
| Brokerage | 0.1% of trade value | 0.25% of trade value |
| Minimum per order | USD 1 | None stated |
| Cap per order | None | USD 25 |
| Other fees | SEC, FINRA and CAT fees passed through | Not shown on its pricing page |
| Order size | Groww brokerage | INDmoney brokerage |
|---|---|---|
| USD 100 | USD 1.00, the minimum | USD 0.25 |
| USD 2,000 | USD 2.00 | USD 5.00 |
| USD 10,000 | USD 10.00 | USD 25.00, the cap |
| USD 50,000 | USD 50.00 | USD 25.00 |
The two match at USD 400 and again at USD 25,000. Between those sizes Groww costs less, outside them INDmoney does.
What does it cost to send money and bring it back?
Currency conversion, not brokerage, is the main cost of buying US stocks on Groww or INDmoney. Money goes out under the RBI's Liberalised Remittance Scheme, up to USD 250,000 a financial year, which Paasa's LRS guide explains. TCS is nil on the first ₹10 lakh remitted in a year and 20% above that, adjustable in your return, as Paasa's TCS guide covers.
Groww converts at your bank's rate with no charge of its own, from up to three linked banks, and publishes no markup. INDmoney remits in-app through six partner banks at a bank forex charge of 0.5% to 1.2%, shown before you confirm.
| Amount sent | Groww, at an assumed 1% bank markup | INDmoney, 0.5% to 1.2% |
|---|---|---|
| ₹5 lakh | About ₹5,000 | ₹2,500 to ₹6,000 |
| ₹10 lakh | About ₹10,000 | ₹5,000 to ₹12,000 |
| ₹25 lakh | About ₹25,000 | ₹12,500 to ₹30,000 |
Groww's column is an illustration at 1%, since it publishes no range. Neither charges its own fee on deposits or withdrawals, and the bank sets the rate when dollars come back.
Which US stocks and ETFs can I buy on each?
Groww and INDmoney both list 10,000+ US stocks and ETFs with fractional buying from USD 1. INDmoney adds SIPs and London-listed UCITS ETFs.
| What you can buy | Groww | INDmoney |
|---|---|---|
| US stocks and ETFs | 10,000+ on NYSE and Nasdaq, with S&P 500 and Nasdaq 100 index ETFs | 10,000+ on NYSE and Nasdaq |
| Fractional shares | Yes, from USD 1 | Yes, from USD 1 |
| SIPs in US stocks | Not listed | Yes |
| UCITS ETFs | No | Yes, London-listed |
UCITS ETFs can cut dividend tax drag, which Paasa's UCITS guide explains.
How safe is my money on each?
US stocks bought through Groww or INDmoney sit with a US broker, not in your Indian demat account. Both run under IFSCA rules at GIFT City, each under its own Global Access Provider approval. Groww's holdings sit with Alpaca Securities, a regulated US broker-dealer. INDmoney's disclosures say INDmoney, not you, is the holder of record at Alpaca or DriveWealth, and you hold a beneficial interest on its books.
Groww's FAQ points to SIPC protection of up to USD 500,000 per customer if the US broker fails. INDmoney says SIPC applies at the company level under its consolidated account. Neither covers a fall in prices. Indian shares sit in your own CDSL demat account at both, with unresolved complaints going to SEBI SCORES.
What do I get at tax time from each?
INDmoney does the most filing work of any broker here and Groww the least so far. INDmoney's tax centre pre-fills Schedule FA, prepares Form 67 data and files your ITR free in the app. Groww credits dividends net of US withholding and points to the US broker's Form 1042-S, with reports and tax filing grouped in its US help centre.
The rules are the same on both. Gains on US shares held over 24 months are taxed at 12.5%, shorter holdings at your slab rate. The US withholds 25% on dividends once your W-8BEN is on file, and you claim it back in India through Form 67. Paasa's Schedule FA guide and foreign stock tax guide walk through each step.
How does the Indian stock side compare?
Groww and INDmoney charge the same headline brokerage on Indian stocks, and neither charges AMC. Both show US and Indian holdings in one app.
| Charge | Groww | INDmoney |
|---|---|---|
| Equity delivery | ₹20 or 0.1% per order, minimum ₹5 | ₹20 or 0.1% per order, minimum ₹2 |
| Intraday | ₹20 or 0.1% per order | ₹20 or 0.1% per order |
| Futures and options | ₹20 per order | ₹20 per order |
| AMC | ₹0 | ₹0 |
| DP charge per sell | ₹16.50 plus ₹3.50 depository fee, plus GST | ₹18.50 plus GST per ISIN per day |
| Platforms and API | Groww app and web, own fund house, Trade API ₹499 a month | INDmoney app and web, free ITR filing, no API |
When is Groww the better choice for US stocks?
Groww may suit you better than INDmoney if:
- Your orders fall between USD 400 and USD 25,000, where 0.1% costs less.
- You already hold mutual funds and Indian stocks on Groww.
- You want a per-customer SIPC position rather than a consolidated account.
When is INDmoney the better choice for US stocks?
INDmoney may suit you better than Groww if:
- You buy small lots or SIPs under USD 400, or single orders above USD 25,000.
- You want UCITS ETFs alongside US stocks.
- You want Schedule FA pre-filled and your ITR filed in the app.
Should I choose Groww or INDmoney for US stocks?
Choose Groww for mid-sized orders and a single app that already holds your funds and Indian stocks. Choose INDmoney for small SIPs or very large orders, UCITS ETFs and tax filing done for you.
| If you want… | Better fit |
|---|---|
| Orders between USD 400 and USD 25,000 | Groww |
| Mutual funds, Indian and US stocks in one app | Groww |
| A per-customer SIPC position | Groww |
| Small SIPs or orders above USD 25,000 | INDmoney |
| UCITS ETFs alongside US stocks | INDmoney |
| Schedule FA pre-filled and free ITR filing | INDmoney |
Switching later is harder than with Indian shares. US holdings cannot move between Groww and INDmoney by a CDSL off-market transfer. Selling to switch is a taxable event, so ask both about an in-kind transfer first, as Paasa's transfer guide explains. Many investors keep both and route new money by order size.
Disclosures
Fees are from Groww's and INDmoney's published pricing as of October 2026 and may change. Groww publishes no forex markup, so its conversion figures are an illustration. 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.
