Vested vs IndMoney vs Groww 2026: which platform should an Indian resident use for US stocks?

You've decided to invest in US stocks as an Indian resident. The natural next question: which platform? Vested, IndMoney, and Groww are the three leading LRS-based platforms used by Indian retail. This article compares them honestly — what each does well, what each does poorly, and which user types match which platform.

The 30-second answer: All three platforms operate under LRS and provide access to US stocks for Indian retail. Vested has the widest stock selection and best US-stock-specific UX. IndMoney offers the most integrated personal-finance dashboard combining Indian and US assets. Groww is best for users already on Groww for Indian markets who want minimal cognitive switching. None of the three is purpose-built for RSU consolidation from US employer brokers — that's a different use case, served by Rovia. Pricing differences are dominated by FX spreads (0.5-0.8% on USD conversion at deposit and withdrawal), not per-trade commissions.

Filing for AY 2026-27? This piece is part of the Tax filing season 2026 master guide — start there for the full ITR-2 roadmap covering Schedule FA, Form 44/67, and the July 31 deadline workflow.

The architecture every Indian outbound platform shares

Before comparing the three, understand the common architecture. All Indian-resident-facing US-stock platforms (Vested, IndMoney, Groww, plus others like Cube, Stockal, ICICI Direct Global) work the same way structurally:

1. You sign up with the Indian platform using your PAN, Aadhaar, and Indian bank account
2. You deposit INR to the platform, which uses LRS to remit to a US partner broker (typically Drivewealth)
3. USD lands in your US sub-account at the partner broker, in your name
4. You trade US stocks through the Indian platform's UI; orders route to the partner broker
5. Holdings sit in the partner broker's omnibus or segregated account structure, in your name
6. At withdrawal, the platform sells positions, converts USD to INR, and remits to your Indian bank

Key implications:

• The legal title to your US stocks is held through the US partner broker
• Schedule FA disclosure applies to your US-broker-held assets regardless of which Indian platform you used
• TCS at 20% applies on deposits above Rs 7 lakh per FY, by the Indian platform/bank at remittance
• FX spread is the dominant cost (commission is usually zero on retail trades)
• Tax responsibility is yours — the platform provides data, you file

Quick comparison table

Dimension	Vested	IndMoney	Groww
Stock selection	Wide (most major US stocks + ETFs)	Wide	Narrower
Fractional shares	Yes	Yes	Yes
Per-trade commission	$0 typical	$0 typical	$0 typical
FX spread (USD/INR)	~0.5-0.8%	~0.5-0.8%	~0.5-0.8%
Annual platform fee	Has premium tier	Tiered pricing	Minimal
Mobile app quality	Good	Excellent (integrated dashboard)	Good
Web platform	Yes	Yes	Yes
Indian + US in one app	No (US-focused)	Yes	Yes
Goal/budget features	Limited	Strong	Limited
RSU/ESPP support	No (LRS only)	No (LRS only)	No (LRS only)
Year-end tax statement	Provided	Provided	Provided
Schedule FA helper	Limited	Limited	Limited
Withdrawal experience	Smooth	Generally good	Smooth
Customer support	Decent	Decent	Decent
Partner US broker	Drivewealth	Drivewealth	Drivewealth
SEBI / RBI compliance	Yes	Yes	Yes

Vested — the US-stock specialist

Vested.co.in launched in 2018 with a singular focus: making US stocks accessible to Indian residents through LRS. As the longest-standing player in this niche, it has the widest stock selection and the most mature US-stock-specific features.

Strengths:

• Widest US stock catalog among the three (includes many small/mid-cap names)
• Strong educational content about US investing (Vested's own blog)
• Decent app UX focused on US stock investing
• Mature LRS workflow with predictable execution
• Premium tier offers ETF baskets, advisory features
• Reasonable customer support

Weaknesses:

• US-stocks-only (not integrated with Indian investments)
• App is functional but not the prettiest in the cohort
• Premium tier is paid; free tier has occasional UX friction
• Year-end tax statement is basic — usable for Schedule FA but not autofill-ready

Best for:

• Active US stock investors who want maximum selection
• Users who plan to focus US allocation specifically (not unified dashboard)
• Users comfortable maintaining separate apps for Indian + US investing

IndMoney — the unified financial dashboard

IndMoney positions itself as a complete personal finance platform: it offers US stocks via LRS, but also tracks your Indian mutual funds, bank accounts, EPF, NPS, and credit cards in one dashboard. The US stocks feature is one product within a broader app.

Strengths:

• Best integrated personal finance experience — see all your money in one app
• Strong app UX with budgeting, goal-tracking, and net worth dashboard
• Decent US stock selection
• Auto-categorization of expenses tied to investment goals
• Tax filing support for Indian taxes (limited US stock tax help)
• Active user community

Weaknesses:

• US stocks feature is good but not best-in-class
• KYC and verification flows occasionally have friction
• Withdrawal flow has had reported delays during high-volume periods
• US tax statement format is functional but not specialized

Best for:

• Users who want a single app for everything (Indian + US + budgeting + tracking)
• Users newer to US investing who appreciate hand-holding
• Users who value goal-based investing and net-worth tracking

Groww — the comfort-of-Indian-investing extension

Groww built its reputation in Indian mutual funds and equity. It later extended to US stocks via LRS as a feature within its broader Indian investing app. Users already familiar with Groww for Indian markets get one-app convenience.

Strengths:

• Smooth UX for users already on Groww
• Integrated with Indian mutual funds, stocks, futures
• Minimal platform fee — among the cheapest
• Easy onboarding if Indian KYC is already done
• Stable platform with established reliability

Weaknesses:

• Narrower US stock catalog (focus is on popular names)
• US stocks feature is more limited than Vested or IndMoney
• US tax statement support is basic
• Less US-stock-specific content/education

Best for:

• Existing Groww users who want one-app simplicity
• Users investing in popular US stocks (MAG-7, big-name ETFs)
• Users prioritizing cost minimization

Pricing — beware the FX spread

All three platforms advertise "zero commission" on US stock trades. The actual cost is in the FX spread, which most users don't notice. Here's how to think about it:

Inbound spread (when you deposit INR → USD):

• Platform quotes you a rate, say 1 USD = Rs 95.80
• The actual interbank rate at that moment might be 1 USD = Rs 95.30
• The 50 paise spread is the platform's revenue (≈ 0.5% on the conversion)
• Plus the bank may add another 0.1-0.2% on the LRS remittance

Outbound spread (when you withdraw USD → INR):

• Platform quotes you a rate, say 1 USD = Rs 94.80
• The actual interbank rate might be 1 USD = Rs 95.30
• The 50 paise spread is again the platform's revenue (≈ 0.5%)

Round-trip FX cost: ~1.0-1.6% of your principal. For a Rs 5 lakh deposit, you "lose" Rs 5,000-8,000 in FX spread alone over a buy-and-sell cycle.

TCS is NOT a cost — it's collected at deposit and creditable against your final Indian tax liability. But it ties up cash. On Rs 5 lakh annual remittance, TCS at 20% = Rs 1 lakh held by the IT Department until your tax return is processed.

The three platforms have similar FX spreads. Differences are typically 5-15 basis points — material on large trades but not the decisive factor for retail.

Tax reporting quality

None of the three platforms generate ITR-2-ready output. Here's what they DO provide:

Vested year-end statement:

• USD cost basis per holding
• USD sale proceeds per trade
• USD dividends received
• Account balance at year-end (USD)
• Some platforms now include INR conversion using their own internal rates (not SBI TTBR)

IndMoney year-end statement:

• Similar to Vested
• Plus integration with Indian investment tracking
• Tax filing assistance leans Indian-side; US stock specifics are less developed

Groww year-end statement:

• Similar format
• Less comprehensive than Vested or IndMoney

Critical caveat for ITR-2 filing:

Indian tax law requires SBI TT Buying Reference Rate on the transaction date for INR conversion — NOT the platform's internal rate. If you rely on the platform's INR figures, you'll have a mismatch against AIS data the IT Department receives. Practical workflow:

1. Take the platform's USD figures (date, ticker, quantity, USD price/amount)
2. Look up SBI TTBR for each date
3. Compute INR amount yourself: USD × SBI TTBR
4. Use these INR figures for ITR-2 Schedule CG, Schedule OS, Schedule FA

This is mechanical work; none of Vested, IndMoney, or Groww automates it cleanly.

→ Deep guide: How RSU double-taxation actually works

→ Deep guide: The 7 most expensive ITR-2 mistakes

Schedule FA disclosure

All three platforms hold your US stocks with a US partner broker (Drivewealth typically). For Schedule FA purposes, this counts as a "foreign asset held with a foreign financial institution." Disclosure is mandatory if you're a Resident and Ordinarily Resident (ROR).

For Schedule FA Part A3 (foreign equity & debt interest), you'll need:

• Country: US
• Name of entity: the underlying company (Apple Inc., etc.)
• Address of entity: from the company's 10-K filings or annual report
• Date of acquisition: date you bought
• Initial value (INR): cost basis at acquisition × SBI TTBR
• Peak value (INR): max value during calendar year × SBI TTBR
• Closing value (INR): Dec 31 value × SBI TTBR
• Total income (INR): gross dividend × SBI TTBR

None of Vested, IndMoney, or Groww autofills these fields for Schedule FA. The data is there but you transcribe.

→ Deep guide: Schedule FA step-by-step for AY 2026-27

Which platform for which user

Your situation	Best pick
Active US stock investor, wants wide selection	Vested
Wants single app for Indian + US + budgeting	IndMoney
Already on Groww for Indian markets	Groww
Cost-minimizer, popular US stocks only	Groww
RSU holder consolidating from US broker	None (try Rovia)
HNI with $100K+ US allocation	None of three is optimal — consider Interactive Brokers India + tax advisor
Returning NRI with US stock holdings	None of three handles US-side custody well — keep US broker + use one of these for new India-funded purchases

The Rovia angle — when none of the three fits

If your primary US holdings come from RSUs vested with a US employer broker (Morgan Stanley StockPlan Connect, Schwab Equity Awards, E*Trade Stock Plans, Fidelity NetBenefits), Vested/IndMoney/Groww don't help you consolidate. They're built for LRS-funded purchases — not for accepting transfers from existing US accounts.

Rovia is built specifically for Indian residents with US RSUs and stocks. Transfer your RSU holdings from your traditional US broker to Rovia and you get:

• Cost basis tracking with SBI TTBR conversion native
• Schedule FA-ready year-end statements
• Section 112(1)(c) classification at sale
• Form 67/44 helper for dividend withholding
• Diversification tools that traditional US brokers don't offer

For users whose situation matches — RSU consolidation, India-resident-specific tax compliance, ongoing equity comp tracking — Rovia is the purpose-built alternative. Vested/IndMoney/Groww work for direct LRS purchases; Rovia handles the RSU side.

Common questions

Can I use multiple platforms simultaneously?

Yes. Many Indian retail users have accounts at multiple platforms for different purposes. Each platform tracks your assets independently. For Schedule FA purposes, you must disclose holdings across all platforms.

Which platform has the cheapest FX?

Differences are typically 5-15 bps. Vested, IndMoney, and Groww are competitive. Wise (for separate USD remittance) sometimes offers tighter spreads but introduces complexity. For most retail volumes, FX spread differences across the three platforms are not the decisive factor.

What happens if a platform shuts down?

Your US assets are held with the US partner broker (Drivewealth typically), not the Indian platform. If the Indian platform shut down, you should be able to retrieve your holdings through the US broker directly (though the process would be cumbersome). Holdings are not held in escrow by the Indian platform itself.

Are these platforms RBI-regulated?

The Indian platforms are SEBI-registered as outbound investment intermediaries. The LRS remittance flows through your Indian bank under RBI's LRS framework. The US partner broker (Drivewealth) is SEC-regulated in the US.

Can I buy individual US stocks or only ETFs?

All three support individual US stocks AND US ETFs. Vested has the widest selection. All support fractional shares (you can buy $50 of Berkshire Hathaway A-class even though one share is $700K+).

The closing read

For Indian residents looking to buy US stocks via LRS in 2026, the three leading platforms — Vested, IndMoney, Groww — are similar in core mechanics and pricing. The differentiation is in adjacent features:

• Vested for wide US-stock selection and US-investing focus
• IndMoney for unified personal finance dashboard
• Groww for one-app-with-Indian-markets convenience

None of the three is purpose-built for US-broker RSU consolidation, where Rovia fills the gap. None autofills Schedule FA or Form 67/44 — that compliance work remains yours.

The single most important takeaway: pick based on your existing setup and adjacent needs, not on platform-specific feature lists. All three handle the core "buy US stocks via LRS" workflow competently. Optimize for the broader fit with your financial life.

Cross-references

• Tax filing season 2026 master guide
• How US stocks are taxed in India
• LRS, TCS, Schedule FA — the compliance trifecta
• Schedule FA step-by-step for AY 2026-27
• Section 112 vs 111A for US stocks
• The 7 most expensive ITR-2 mistakes
• The rupee-dollar lens for US stock returns
• How to invest in US stocks from India 2026

Critical disclaimer: platform features, pricing, and policies change over time. The comparison reflects publicly available information and our practical observations as of June 2026. Verify current details with each platform before opening an account. This article is informational, not commercial advice; we do not receive affiliate commissions from Vested, IndMoney, or Groww.