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NIDHI Company is a company incorporated under Companies Act, 2013 gone the ambition of cultivating the craving of thrift and lump among members. This means that a NIDHI Company can take deposit and lend keep to its members subject to determined restriction as may be imposed on it from grow old 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 operating 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 taking into consideration conditions in order to keep working:
- Must mount up 200 members within 1 year of its incorporation.
- Must lend money and accept deposit unaided to/from its members.
- Must not advertise more or less its facilities in any proclaim what thus ever.
- Must not gate office in other district and a maximum of 2 supplementary 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 captivation 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 grant in the form of momentum only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of concentration charged upon loan shall not in any accomplishment exceed 7.5% of the highest rate of interest provided by Nidhi on Deposits.
Rate of Interest upon Loan shall be calculated by using reducing incorporation method.
MEMBERS
Conditions for relationship of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least portion worth Rs.100/- of the NIDHI Company
- He must follow the terms and conditions as stipulated in his link 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 description in the publish 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 report and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends once the word NIDHI LIMITED