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NIDHI Company is a company incorporated under Companies Act, 2013 bearing in mind the seek of cultivating the dependence of thrift and accumulation among members. This means that a NIDHI Company can take deposit and lend maintenance to its members subject to determined restriction as may be imposed on it from era 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 on the go of NIDHI Company.
RBI has vide Notification Clarified that NIDHI Companies i.e. a non-banking financial company -notified under 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 similar to conditions in order to keep working:
- Must go to 200 members within 1 year of its incorporation.
- Must lend money and accept deposit unaccompanied to/from its members.
- Must not advertise just about its services in any spread what so ever.
- Must not get into office in other district and a maximum of 2 further offices in the similar 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 engagement prescribed by RBI for NBFC companies.
A company shall maintain not less that 10% of the sum 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 keep in the form of take forward only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of incorporation charged on loan shall not in any dogfight exceed 7.5% of the highest rate of amalgamation provided by Nidhi on Deposits.
Rate of Interest upon Loan shall be calculated by using reducing assimilation method.
MEMBERS
Conditions for association of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least share worth Rs.100/- of the NIDHI Company
- He must follow the terms and conditions as stipulated in his membership 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 statement or utility savings account 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 bill and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends behind the word NIDHI LIMITED