You successfully build a strong portfolio in your Motilal Oswal demat account but have you ever thought about who will take care of your holdings after you? Have you added a nominee in your demat account? If not, then here is the detail of how to add a nominee in Motilal Oswal.
Motilal Oswal Nomination Form
The basic practice of adding a nominee in Motilal Oswal is done through a form. The form is provided to you by the broker or you can download it from here. The same form is used for the addition and the cancellation of the nominee.
Now let’s know the steps involved in adding a nominee in Motilal Oswal:
- In the beginning, two options are given where you have to select one based on your requirement of adding or canceling the nominee.
- You can start by filling in the basic details like name, address, and guardian’s name(if the nominee is minor).
- Under this, you are required to put the details of the account holder.
- There are certain terms and conditions written under the table which you will have to agree to and sign.
- You are required to attach a PAN Card and Bank details along with the form.
- Once done, you can submit the form back to the broker or send it to any Motilal Oswal branch by yourself.
How to Add a Nominee in Motilal Oswal Online?
As the traditional form-filling method is outdated now, a new way is introduced by which you can add a nominee in Motiwal Oswal through their mobile application. All you need to do is to –
- Click on the app and open your profile.
- You will find an option here- “Trader account details”.
- Now click on the ‘Edit’ icon.
- You will get various icons as further options. Click on the fourth icon with a human sign on it.
- An online nominee form will be displayed where you are required to add details of the nominee.
- You just need to fill in the basic personal details of your nominee. While adding nominee details do not forget to add details like the percentage of share you want to give to the nominee.
- You can add more than one nominee with the corresponding share percentage details.
- In the end, it is essential to upload the PAN Card of the nominee/s.
- By the end of the process, you are required to do an E- signature after reading all the terms and conditions.
- For E-sign, fill in your aadhaar card number and an OTP will be sent to you. Fill in the OTP and you will be verified.
- Click on the ‘Submit’ button.
- After a few days, your request will be submitted and your nominee will be added.
How to Cancel Nominee in Motilal Oswal
The process of canceling or adding a nominee is more or less similar.
- For the offline process, you can take a form and fill in all the above-mentioned details and your nominee will be canceled. To make an addition, you can use the same form again.
- For the online addition process, the process is again similar to adding a nominee where you can cancel the nominee’s details by clicking on the Cancel button and then filling in all the required details.
So, you can add a nominee using offline or online modes. But here if you have a minor demat account, you are not allowed to add a nominee.
In the case of a Joint demat account, the signature of both parties is required to submit the nomination details.
If you have any more stock-market-related questions in your mind, feel free to drop your details and we will arrange a callback or an answer.