How to close Motilal Oswal demat account? What are the steps to be taken to close the account?
- Asked By
- Updated On:02-Apr-2024
- Replies:3
Short Answer
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.
Detailed Answer
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.
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Discussion (2)
Motilal Oswal's account closure process is not described properly by the company itself. After coming across this article, I mailed their filled account closure form and my account wad closed at once after submission! Thank You!
Trade Smart demat account cannot be closed online. To close Trade Smart demat account, fill out the Trade Smart demat closure form and then courier it to the office address of Trade Smart.
To close the Prostocks demat account, you need to submit the Prostocks demat account closure form in offline mode. It cannot be closed in online mode.
You can close an IIFL Securities demat account by submitting the demat account closure form to the head office or to the nearest branch. Your account will be closed within 7 to 10 working days after you submit the closure request.
The process to close a demat and trading account with Angel Broking stock broker is quite simple. Follow few easy steps, submit the account closure form and you will be done with the requirements.
To close your Groww Demat account, go to your profile, click on "Help & Support," then type "I want to close Groww Demat account," then click on "Contact Us." From there, you can call or submit a ticket to the team, and they will assist you further.
Although everything the Stock broker offers is fantastic, there are a few downfalls of using Groww. These include the exception of trading in the commodity segment, doesn’t have a savings account in 2-in1 accounts that it offers, popular financial tools such as cover orders bracket order aren’t available, and more.
Reliance Securities demat accounts can be closed in both offline and online modes, but the offline mode is more formal and authentic. You can download the closure form from their website and send it to the address mentioned on the closure form.
The Indiabulls or Dhani demat account can be closed by submitting the closure form. You just download the form from the broker's website, fill it out, and mail it to the broker's office address.
To close a 5paisa account, you will have to contact customer support and then download the closure form. Fill in all the details along with a signed copy of your PAN card. Send it to the designated address, and you should get a confirmation of the closure of your account.
To close an Axis Direct Account one has to download and Print the Axis Direct Account Closure Form, Fill it with the correct details and go to their nearest Axis Bank branch with the necessary documents such as An Identity Proof & Address Proof and an Axis Bank official will verify all the mentioned details and start the process on completion of successful verification.
harina.cj1998
The process of account closure in Motilal Oswal is a bit unclear. You need to be very careful with little pieces of information mentioned. Otherwise your form will be rejected.