Similar to your bank account you can add a nominee to your demat account. Here we are discussing how to add nominee in Motilal Oswal demat account?
Since your Demat account holds assets of lump sum amounts, stockbrokers allow you to assign nominees who can procure the securities on any kind of casualties.
How to Add Nominee in Motilal Oswal Account Online?
Keeping nominees to Demat accounts is not mandatory. You can open and operate your account individually, or jointly without assigning any nomination. But having the names of eligible nominees in your Demat account ensures that your assets holdings will be assigned to your nominee. In short, the nominee in demat account gets the right to use your demat account and make a trading and investment decision accordingly.
Step 2: In your “Profile”, choose any one of the “Personal details” or “Transaction details” tabs and click on the edit option.
Step 3: On clicking the edit option, you’ll be redirected to the company website on your browser.
Step 4: Out of the four buttons for “Home”, “Bank”, “Calls/Emails”, and “Nominee” respectively, select the “Nominee” button.
Step 5: Select your Client DP ID from the list already given and Add your nominee details
Step 6: Provide the PAN details and signatures of your nominees as proof for validation
Step 7: Assign the fixed percentage of your securities to each of your nominees
Step 8: Upload “Witness” details and validate with their PAN information and signatures
Step 9: Click on “Generate OTP” to receive the four-digit one-time password for validation in your registered mobile number
Step 10: Verify your OTP, click on “Final Submit” on your nominee form and wait for the verification of your nominee details from the stockbroker
Step 11: Look for the confirmation email in your registered email id for the successful updation of your nominee details.
Other than this, you can also add a nominee at the time of Motilal Oswal account opening. There at the basic details page, you can select the option to “Add Nominee” and fill the required field, like name, relationship and PAN card details of the Nominee.
Apart from the online process, the broker gives you the option to add nominee details offline. Here you can fill out the nomination form along with the Motilal Oswal account opening form or can request it later.
For the offline process, either you can visit the branch and download it from the website and send it to the head office or the nearest branch. Here are the steps involved in filling the nomination form in Motilal Oswal.
Start filling out the form by adding details like Name and Address. In case of a joint demat account, add details of both the holders in the space provided.
Now add the nominee details (you can add up to 3 nominees with the respective percentage share). Mention the relationship and address of each nominee in the box provided.
Also, you need to submit a few valid documents (PAN, Aadhaar, Bank Details, Demat Account ID, etc) to validate the details of the nominee.
In case, any of your nominees is minor then along with the minor’s detail, you need to add details of the guardian as well.
Now attach the self-attested copies of all the documents and get it signed by all the account holders.
Once done, send the form to the Motilal Oswal nearest branch or head office via courier or speed post. You can also submit it physically by visiting the branch.
Make sure that you fill in all the details correctly. In case you have selected more than one nominee that you need to get it signed by all of them respectively.
Adding a nominee to your demat account makes it easier for your closed one to access your holdings after you. To add a nominee to Motilal Oswal demat account you can opt any one of the methods discussed above and can easily inherit your savings in the form of your holdings and shares to your family member.
In case of any queries or doubts, you can reach out to Motilal Oswal customer care and get assistance in filling out the nomination form.
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