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NIDHI Company is a company incorporated under Companies Act, 2013 in imitation of the goal of cultivating the craving of thrift and addition among members. This means that a NIDHI Company can take deposit and lend grant to its members subject to determined restriction as may be imposed on it from time 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 in force 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 behind conditions in order to save working:
- Must go to 200 members within 1 year of its incorporation.
- Must lend grant and take deposit single-handedly to/from its members.
- Must not advertise more or less its services in any vent what correspondingly ever.
- Must not right to use office in supplementary 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 upon these deposits shall not exceed rate of inclusion 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 child support in the form of forward movement only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of immersion charged on loan shall not in any raid 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 immersion method.
MEMBERS
Conditions for link 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 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 upholding or utility bill in the make known 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 version and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends considering the word NIDHI LIMITED