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NIDHI Company is a company incorporated under Companies Act, 2013 in the look of the purpose of cultivating the compulsion of thrift and increase among members. This means that a NIDHI Company can take deposit and lend allowance to its members subject to sure restriction as may be imposed on it from get older to time.
IS NIDHI COMPANY REQUIRED TO APPLY FOR NBFC LICENSE OR ANY OTHER RBI REGISTRATIONS?
No, NIDHI Company is solely governed by the provisions of Companies Act, 2013 and Nidhi Rules, 2014 and RBI has interference in the vigorous of NIDHI Company.
RBI has vide Notification Clarified that NIDHI Companies i.e. a non-banking financial company -notified below section 620A of the Companies Act, 1956 (Act 1 of 1956), as NIDHI Company shall be exempt from the provisions of Chapter III B of the RBI Act, 1934.
RESTRICTIONS ON NIDHI COMPANY?
After Registration NIDHI Company must fulfill next conditions in order to keep working:
- Must ensue 200 members within 1 year of its incorporation.
- Must lend money and accept deposit on your own to/from its members.
- Must not advertise just about its facilities in any broadcast what so ever.
- Must not door office in supplementary district and a maximum of 2 supplementary offices in the same state
WHAT KIND OF DEPOSITS A NIDHI CAN ACCEPT?
A NIDHI can accept following type of deposits
- Fixed Deposit
- Recurring Deposit
- Saving Deposit
Rate of interest on these deposits shall not exceed rate of immersion prescribed by RBI for NBFC companies.
A company shall preserve not less that 10% of the total deposits in the form of unencumbered term deposit, in the form of Fixed Deposit at any Nationalized Bank or Post Office.
LOAN
A Nishi can lend allowance in the form of progress only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of combination charged on loan shall not in any engagement exceed 7.5% of the highest rate of concentration provided by Nidhi on Deposits.
Rate of Interest upon Loan shall be calculated by using reducing captivation method.
MEMBERS
Conditions for connection of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least allocation worth Rs.100/- of the NIDHI Company
- He must follow the terms and conditions as stipulated in his relationship agreement.
Documents/Information Required for Incorporating a NIDHI Company
Members (Minimum 7)
- A copy of PAN
- A copy of Voter ID or Driving License or Aadhar Card
- Up to date bank passbook or bank pronouncement or utility financial credit in the broadcast of members
- 2 Passport size photograph
- Mobile Number and E mail Id
- For Registered Office
A copy of Electricity Bill or A copy of Gas tally and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends bearing in mind the word NIDHI LIMITED