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NIDHI Company is a company incorporated below Companies Act, 2013 in imitation of the wish of cultivating the dependence of thrift and bump among members. This means that a NIDHI Company can accept deposit and lend keep to its members subject to certain 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 effective 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 in the same way as conditions in order to save working:
- Must amass 200 members within 1 year of its incorporation.
- Must lend maintenance and take deposit lonesome to/from its members.
- Must not advertise just about its services in any declare what for that reason ever.
- Must not entrance office in new district and a maximum of 2 new offices in the thesame 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 combination 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 expand only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of combination charged upon loan shall not in any prosecution exceed 7.5% of the highest rate of interest provided by Nidhi on Deposits.
Rate of Interest on Loan shall be calculated by using reducing assimilation method.
MEMBERS
Conditions for link of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least part 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 declaration or utility balance in the proclaim 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 balance and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends like the word NIDHI LIMITED