You can close your Motilal Oswal Demat account by mailing a duly filled account closure form to “query@motilaloswal.com”. Let’s grab details on the full process of closing your demat and trading account with Motilal Oswal.
If you want to start your investment journey, then you must have a Demat or Dematerialised account. You can open it with any online broker. There are many options available for that.
However, it’s crucial to keep in mind that opening multiple Demat accounts just to test out different brokers’ services could end up being problematic for you in the future. This is because you will eventually start receiving emails and phone calls from those stock brokers demanding exorbitant fees, such as maintenance fees.
To avoid that, do thorough research before opening any Demat account or close your Demat accounts which are not in use.
Today, we’ll walk you through the process of closing your Motilal Oswal Demat account in the simplest way.
How to close Motilal Oswal Demat Account?
Step 1: Download the Motilal Oswal Demat account closure form their website.
Step 2: Then accurately fill out all the information. If more than one person holds the account, fill in their name also.
Step 3: Send a request for the account closure with the reason for closing the account to the Motilal Oswal team at “query@motilaloswal.com” and attach this form to the email.
Step 4: Your account will be successfully closed, and you will receive an email from the team within 7 days.
Step 5: To verify if your account has been successfully closed, try to log in; if you are unable to do so, that means your account has been closed.
Closing a Motilal Oswal Demat Account can happen in either of the two given ways:
1. Account Closure
If your account is completely squared off with zero holdings and pending payments then you just have to raise a request for account closure. Motilal Oswal allows you to close the account online.
2. Transfer & Account Closure
On the contrary if you have pending payments, some holdings then you have to follow a different route. First you have to initiate a transfer of all your holdings to a different demat account. Then you must clear all pending payments. Once all this is done, then and then only you can raise a request for account closure.
Close your Motilal Oswal Demat Account
Motilal Oswal Demat accounts can be closed by simply following the above steps, but it’s important to double-check that the information is accurate and that there are no pending shares, or past-due fees because if there are, your request will be rejected.