Motilal Oswal Referral Code

Motilal Oswal's refer-and-earn is uncapped and reasonably generous. It also has three sequential conditions and a two-month payout lag, which together explain almost every referral people believe has failed.

Motilal Oswal pays between ₹300 and ₹500 for a successful referral depending on the campaign running. Getting to "successful" takes three separate things from your friend, and missing any one of them pays nothing.

They must open a demat and trading account using your referral link. They must transfer ₹1,000 of margin into it. And they must place their first trade. Opening the account is the step everybody assumes completes the referral, and it is the least of the three. A friend who signs up, completes KYC and leaves the account empty has done nothing that qualifies. So has one who funds it and never trades.

That ₹1,000 margin requirement is worth being upfront about when you pitch this. You are asking someone to move real money into a brokerage account, not to install an app. It is a reasonable thing to ask of someone who was already opening a trading account, and an unreasonable thing to ask of someone who was not.

Then the wait. Rewards are credited within 60 days of the conditions being met. Two months of nothing is the normal experience, not a sign of failure, and it is the reason people conclude the program is broken and stop.

Two details that matter in edge cases. If the same person is referred by two people, the reward goes to whoever's link was actually used to open the account — so if you and someone else are both pitching the same friend, only the link they click counts. And referral income of this kind may be taxable in India; on a page about a brokerage it is worth saying that you should treat rewards as income rather than a gift and take your own advice on it.

You need to be an existing, active, KYC-compliant Motilal Oswal customer to refer at all. There is no cap on how many people you can refer.