For opening an NRI Demat account with Motilal Oswal, the process differs from opening a resident individual account, as it can only be done offline. The required documents depend on the type of NRI account:

Portfolio Investment Scheme (PIS) account: This account requires a permission letter from the RBI to trade shares in Indian markets. The permission letter must be through one of Motilal Oswal's bank partners.

Both NRO (non-repatriable) and NRE (repatriable) bank accounts can be used to invest in this account.

Non-PIS account: This account does not need an RBI permission letter. Only funds from an NRO bank account can be used for investments in this account. The Non-PIS account is often preferred due to fewer restrictions, lower costs, and a simpler investing experience.

Clients wanting to open an NRO-Non-PIS account, NRE-PIS account, or both can fill out the application form online and submit it for review before sending it via courier to Motilal Oswal.

For opening an NRI Demat account with Motilal Oswal, the required documents are:

• Application form
• Aadhaar Card
• NRI account opening form
• Demat Debit and Pledge Instruction (DDPI)
• FATCA Declaration
• P.O. Box Declaration
• FEMA Declaration
• Supporting Documents:
• Passport-size photograph
• Client details and declaration form
• Self-attested and notarized copy of the passport
• Self-attested and notarized copy of the PAN card
• Self-attested and notarized copy of overseas address proof
• Self-attested copy of Indian address proof (if available)
• Canceled cheque from NRO or NRE bank account
• Income proof: Bank statement, latest salary slip, Form 16 or ITR acknowledgement, net worth certificate, or statement of demat holdings.
• Additional documentation is required if opening a PIS account, including an NRE or NRO bank account with specified banks and a copy of the PIS letter from the bank.