When you opened the Motilal Oswal Demat account the broker asked you to add bank details for seamless transactions to and from the trading account. But what if you need to update the details later. Well, the broker provides a simple process for this too. Here is detailed information on how to change bank accounts in Motilal Oswal.
How to Change Bank Account in Motilal Oswal Online?
While you have to submit your bank details and link your primary account at the time of the Motilal Oswal account opening, you can amend your bank details anytime through the MO Investor App later as well.
Here are some of the basic steps that you need to follow to change the bank account in Motilal Oswal:
Step 1: Log in to your MO Investor App with your credentials given by Motilal Oswal.
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 “Bank” button.
Step 5: The list of your existing bank account details will open, click on the “Add Bank” option and fill in the IFSC / MICR of your new bank account.
Step 6: Click on the “Search” button. Your new bank details will automatically be updated.
Step 7: Now choose the account which will act as your “Default” bank account registered with your transaction accounts. And you’re done!
Like any other services, you can request the broker to change the bank account details offline as well. Here is a detail you need to fill in to request the update.
Enter your basic details (name, client id, etc). If you have a joint demat account with Motilal Oswal then fill details of all the applicants.
Fill in the details of your old bank account and new bank account.
Now to validate the above information, submit a few documents as mentioned in the list for both old and new bank accounts.
Sign the documents in the space provided and send it to the head office or submit it to the nearest branch.
Conclusion
Changing your primary bank account in your stock market transaction profile is easy with the MO Investor app. Whether your existing bank account is closed or non-functional, you can eventually amend your bank details in your Motilal Oswal mobile app and move on in your trading journey.
To avoid any hassle, fill all the details correctly and submit the self-attested copy of documents as mentioned by the stockbroker.
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