Share your referral link/ code with your friends and we'll credit your friend’s account with Rs.2,000 as a cash reward upon the successful completion of their first investment. Your friend needs to register on Grip using your referral link. When they make their first investment, we will also credit your account with an Rs.2,000 cash reward for a successful referral.
GRIP wants you to share your referral link or code and earn Referral Rewards, but referral links or codes must be used only for personal and non-commercial purposes. This means that you can share your referral link or code only with people you know.
After your friend makes their first investment on the Grip platform the referral bonus will be added to your referral dashboard and you can redeem it from there anytime.
You can earn up to a maximum of the amount you have invested via GRIP or Rs.1 lakh, whichever is lower
As per the current policy, the maximum amount you can earn is a minimum of either Rs. 1 lakh or your total invested amount on Grip. But don't hold yourself from referring, the referral amount will be added but you won't be able to redeem it. Once the policy is changed and you are eligible to redeem, you can redeem the referral amount.
A referral made by you is successful when the person who has been referred by you, makes their first investment on Grip. Post their investment is when you and your referee get the referral rewards.
You can refer as many people you want, but rewards will be applicable to the first 100 invested referrals.
The Government of India introduced Section 194R in the Income Tax Act, 1961 with effect from July 1, 2022. The referral and reward income that you earn from Grip falls under the purview of the said section. This section mandates that TDS shall be deducted at the rate of 10% on the referral amount paid by the company if the total of such payouts to an individual in a financial year is more than Rs. 20,000.
To comply with the above law, we shall be deducting TDS at the rate of 10% on all the payouts made to you from July’22 till date and adjusting it against your Vault balance. This TDS will reflect in your 26AS and can be adjusted against your tax liabilities while filing your Income Tax Return.