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NIDHI Company is a company incorporated below Companies Act, 2013 afterward the goal of cultivating the infatuation of thrift and growth among members. This means that a NIDHI Company can take deposit and lend maintenance to its members subject to Definite restriction as may be imposed on it from times 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 in the same way as conditions in order to save working:
- Must build up 200 members within 1 year of its incorporation.
- Must lend child support and accept deposit deserted to/from its members.
- Must not advertise practically its services in any freshen what suitably ever.
- Must not entrйe office in supplementary district and a maximum of 2 extra offices in the thesame 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 raptness 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 money in the form of forward movement only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of interest charged upon loan shall not in any case exceed 7.5% of the highest rate of fascination provided by Nidhi on Deposits.
Rate of Interest on Loan shall be calculated by using reducing combination method.
MEMBERS
Conditions for attachment 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 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 support or utility bill 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 tally and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends similar to the word NIDHI LIMITED