Motilal Oswal NRI Account Review

Motilal Oswal is one of the most trusted and experienced financial services companies in India. With over three decades of experience, the financial services provider offers comprehensive financial solutions to NRIs across the globe. Motilal Oswal offers a wide range of services such as NRI demat accounts, stock trading, mutual fund investments, portfolio management and NRI banking. Furthermore, the company also provides research-based advice and insights to help NRIs make the best investment decisions.

Key USPs about Motilal Oswal NRI Account Opening

• One-stop financial store
• Dedicated NRI Advisory Desk 24 x 7
• Account Opening in just 2 Days
• Strong research and daily advice
• Portfolio restructuring
• Diversified investment options
• Flexibility
• No Language barrier
• Door-step account opening assistance

Motilal Oswal NRI Account

Motilal offers a 2-in-1 NRI Trading Account that combines a trading and a demat account. NRIs need to open NRE & NRO bank accounts as well as get a PIS letter before opening Motilal Oswal NRI trading account. Motilal Oswal has tied-up with HDFC Bank for NRI bank accounts.

Those interested in derivative trading needs to get a Custodial Account (CP Code). IL&FS Securities is the third party custodian that provides CP Code to Motilal Oswal's NRI customers. All your assets are under the custody of IL&FS.

The NRI Motilal Oswal Account includes:

1. NRI Demat Account
2. NRI Trading Account

Motilal Oswal NRI Demat Account

The demat account holds all the securities purchased by the NRIs in electronic format. The demat account helps in faster online transactions (buy/sell) securely.

Motilal offers NRI demat accounts through its NSDL and CDSL membership.

Read NRI Demat Account Explained for more details about Demat Account for NRIs.

Benefits of opening NRI DEMAT Account with Motilal Oswal

• Easy Access to investments from anywhere around the globe
• Low Maintenance Fees
• Tax Benefits on investments
• Ease of transfer of funds
• Security
• Expertise of more than 3 decades in equity trading and investment

Motilal Oswal NRI Trading Account

The trading account allows a customer to access BSE & NSE and trade across various securities like stocks, mutual funds and bonds etc. The NRI trading account is a mandatory account for NRIs to trade/invest in India. It is linked with demat account and bank account.

Motilal Oswal NRI Trading Process

Once you have opened NRI Bank accounts and Motilal 2-in-1 trading account, you're set for online trading. Following is the step-by-step Motilal Oswal NRI trading procedure for trading-

1. Fund Allocation

   You need to first transfer funds from NRE or NRO bank account to your PIS Bank Account. The bank will inform MOFSL on the funds you have in your PIS account. Your trading account is then updated with the available limit.

2. Place Order

   Use any trading software (i.e. Motilal Oswal App or website) to place an order to buy/sell shares.

3. Fund Settlement

   At the end of the day, Motilal Oswal sends a contact note to your bank. Based on the contract note, the bank debits fund from the PIS account and credits it to MOFSL. For a Sell order, Motilal Oswal sends a sell contract note to the bank. Motilal Oswal also credits the PIS bank account with the sale proceeds. Note that two separate contract notes, each for all buy and sell transactions, are sent to the bank at the end of the day for onward reporting to RBI.

4. Stocks Settlement

   Motilal Oswal debits/credits the stock in the NRI demat account. It takes T+2 days, with T being the day of trading, for the settlement process to complete.

Motilal Oswal NRI Trading Software Review

The trading platforms offered to NRIs by Motilal Oswal is the same as it is offered to the resident accounts. Motilal Oswal offers a range of online trading software and tools:

1. MO Trader

   

2. MO Investor

   

3. Desktop Trading Application

   

4. Smartwatch Application

   

Motilal Oswal NRI Account Opening Process

MOFSL account opening process for NRIs is simple. However, the paperless online account opening is not yet available.

Note: Motilal Oswal doesn't offer NRI 3-in-1 account as it doesn't have a banking license.

Motilal Oswal NRI Account Opening Prerequisites

Before opening a Motilal trading and demat account, an NRI has to open the following accounts:

1. NRI Bank Account (NRE or NRO Saving Bank Account)
2. PIS Bank Account (NRE or NRO)
3. Custodial Account (For F&O trading only)

Note: NRIs who are only looking to trade in F&O don't need PIS permission or PIS-enabled saving bank accounts.

Steps to open an NRI Demat Account with Motilal Oswal

To open an online NRI DEMAT Account with Motilal Oswal, you will have to follow the given steps:

1. Go to NRI Demat Account.
2. Enter the details
3. Submit all relevant documents for identity proof
4. Link the NRE/NRO Account
5. Sign-up the application with Video Verification
6. To open an offline NRI DEMAT Account with Motilal Oswal, you will have to visit the nearest branch and contact their customer service agent to assist you.

Motilal Oswal NRI Documents Required

Before an NRI can proceed with the opening of his/her DEMAT Account, he/she is required to submit relevant documents for KYC purposes. These documents act as a proof of evidence for the identity and nationality of the individual. The documents required for processing an NRI Demat Account are:-

• Valid Indian Passport/PIO Card
• PAN Card
• Proof of Residence Status (Visa, Work Visa, Resident Card)
• Overseas Address Proof (Driver's License, Electricity/Phone Bill)
• Indian Address Proof (only in case of African Nations)

Note:

• It takes 7 days to open an account after reception of the completed application form along with documents.
• NRIs can open both NRE and NRO bank accounts. However, only one of the accounts (NRE or NRO) can be linked with your Motilal Oswal NRI Trading account.
• Mapping your NRO account with the trading account will enable you to trade in Equity & Equity Derivatives segment whereas, by mapping an NRE account, you can trade only in Equity segments. To map both NRE & NRO accounts, you need to open 2 trading accounts.
• NRIs can trade only in Equity and Equity F&O.
• Intraday trading is not permitted to NRIs. Trading in currency and commodities is also not permitted.

Motilal Oswal NRI Mutual Fund

For NRI investors, Motilal Oswal offers convenient online Mutual Fund investment. Below are key facts:

• NRIs can invest in over 10k MF Schemes across 35 AMCs in India.
• Choose from a range of funds- equity, debt, and liquid funds.
• Buy, redeem or switch online.
• Invest in SIPs or lump sum.
• Offers PMS strategies.
• Expert assistance and advice.

Motilal Oswal NRI Trading Account Advantages

1. Full-service broker with a range of trading & investment services.
2. A strong research team that provides investment advice and trade recommendations.
3. Presence across 2,200 locations in over 500 cities in India.

Motilal Oswal NRI Trading Account Disadvantages

1. MOSFL doesn't offer 3-in-1 account services. So, NRIs have to first transfer money from PIS account to trading account before placing an order.
2. It doesn't have offices in any foreign locations.
3. Brokerage is higher in comparison with discount stock brokers like Zerodha and Prostocks.

Conclusion

Motilal Oswal is a popular name in the financial services industry in India. The company offers a range of online trading and investment services to NRIs. NRIs get free access to the trading platform and dedicated research team that provides market insights through published reports on the economy, market trends, and sectors. Higher brokerage makes it expensive for investors/traders who don't need advisory services.

Frequently Asked Questions

Motilal Oswal Competitors Review

Information on this page was last updated on Saturday, November 18, 2023