Motilal Oswal NRI Account Review


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Motilal Oswal Financial Services Ltd (MOFSL) is a diversified financial service firm offering trading and investment services to NRIs. The company offers online trading services through a 2-in-1 account in Equity and Equity Derivatives to Non-Resident Indians. It also offers other products like Mutual Funds, IPOs, and Fixed Income products. MOFSL is widely recognized for its Portfolio Management Service (PMS).

Motilal offers a range of trading software for online trading to NRIs. NRIs get free access to an online trading website, desktop application, mobile trading app, and a smartwatch app.

Motilal Oswal is a full-service broker offering a range of services to NRI investors. The company's dedicated research division has published 30,000+ research reports across 260+ companies and 21+ sectors. It also has specialized research teams for large-cap, mid-cap & technical analysis.

Motilal Oswal has a physical presence across 2,200 locations in over 500 cities in India.

Motilal Oswal NRI Brokerage Charges are 0.50% for Equity Delivery trades. This is on the higher side in comparison to discount stock brokers.


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.

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 Account Charges

Motilal Oswal NRI brokerage charges for trading in Equity and Equity Derivatives.

TransactionFee
NRI Account Opening Charges
NRI Account AMC
Equity Delivery Brokerage0.50%
Equity Future Brokerage
Equity Options Brokerage
Other Charges

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

    MO Trader
  2. MO Investor

    MO Investor
  3. Desktop Trading Application

    Motilal Oswal Desktop Trading Application
  4. Smartwatch Application

    Motilal Smartwatch Application

Motilal Oswal Investment Options

The investment options available to an NRI at Motilal Oswal.

Investment OptionStatus
StocksYes
Mutual FundsYes
IPOYes
Others

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 doesn't need PIS permission or PIS enabled saving bank accounts.

Steps to open NRI Motilal Oswal Account

  1. Visit motilaloswal.com
  2. Click on 'Open an Account' tab available at the top menu
  3. Fill the online form
  4. Take a printout of the filled form and put your signature at the required places.
  5. Send it to the address provided in the form along with below-mentioned documents.

Motilal Oswal NRI Documents Required

Below is the list of Motilal Oswal NRI account documents for the individual. An NRI has to submit the notarized copy of all these documents.

Motilal Oswal NRI Account Opening Documents for Individual

  • PAN card Copy
  • Overseas address proof
  • Indian address Proof (optional)
  • Passport size photograph
  • Proof of bank account (cancelled cheque of NRE or NRO savings account)
  • FATCA Declaration Form
  • PIS permission letter (provided by the bank with whom you have NRE or NRO accounts)
  • FEMA Declaration form

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 Key Features

FeatureStatus
3-in-1 AccountNo
Free Research and TipsYes
Automated TradingNo
Other Features

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 Customer Care

Motilal Oswal NRI Support Desk contact information. Find Motilal Oswal NRI contact number.

Motilal Oswal NRI HelplineNumber
Motilal Oswal NRI Customer Care Number
Motilal Oswal NRI Customer Care Email ID

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.


Motilal Oswal Special Offer

Get Zero AMC for Lifetime

Motilal Oswal offers Zero AMC for Lifetime Demat Account (₹400 waived) with ₹25k margin or ₹3k prepaid value pack. Also avail ₹3k woth of discount vouchers, ₹1000 worth of Me-Gold, free access to research & advice and free use of trading platform.

This is a limited time offer. Simply leave your contact information with us and Motilal Oswal representatives will contact you.

Frequently Asked Questions

  1. 1. Does Motilal Oswal offer 3-in-1 account to NRIs?

    No, Motilal doesn't offer a 3-in-1 account to NRIs. It offers a 2-in-1 account combining a trading and a demat account. The company doesn't have a banking license nor is a part of a banking group like ICICI Direct, SBI CAP etc. So, it cannot open bank accounts for NRIs.

    NRIs who want to open a trading and a demat account with the company needs to first open PIS, NRE & NRO bank accounts with a bank.

     

  2. 2. Does Motilal Oswal offer online account opening facility to NRIs?

    No, the online account opening is not available to NRIs.

    The paperless account opening facility is only available to people with Aadhar card and current mobile number linked to it.

    NRIs need to take the following steps to open Motilal Oswal NRI Trading account-

    1. Visit the company's website and click on 'Open an account' tab
    2. Fill all the information asked
    3. Take a printout of the completed application form PDF
    4. Send it along with required documents to the company's address

    It will take 7 working days to open the account from the date of receipt of the application form.

     

Contact Motilal Oswal / Request Call Back

Get Zero AMC for Lifetime (with ₹25k margin or ₹3k Value Pack) for limited time. Get the offer

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Information on this page was last updated on Monday, January 27, 2020


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