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NIDHI Company is a company incorporated under Companies Act, 2013 similar to the aspire of cultivating the compulsion of thrift and increase among members. This means that a NIDHI Company can accept deposit and lend money to its members subject to determined restriction as may be imposed on it from epoch 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 dynamic 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 when conditions in order to save working:
- Must accumulate 200 members within 1 year of its incorporation.
- Must lend maintenance and accept deposit isolated to/from its members.
- Must not advertise nearly its facilities in any ventilate what suitably ever.
- Must not admittance office in additional district and a maximum of 2 further offices in the similar state
WHAT KIND OF DEPOSITS A NIDHI CAN ACCEPT?
A NIDHI can take following type of deposits
- Fixed Deposit
- Recurring Deposit
- Saving Deposit
Rate of interest on these deposits shall not exceed rate of interest prescribed by RBI for NBFC companies.
A company shall preserve 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 child support in the form of progress only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of inclusion charged on loan shall not in any raid exceed 7.5% of the highest rate of combination provided by Nidhi upon Deposits.
Rate of Interest upon Loan shall be calculated by using reducing fascination method.
MEMBERS
Conditions for membership of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least allowance worth Rs.100/- of the NIDHI Company
- He must follow the terms and conditions as stipulated in his association 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 announcement or utility description in the pronounce 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 credit and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends when the word NIDHI LIMITED