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NIDHI Company is a company incorporated below Companies Act, 2013 bearing in mind the point toward of cultivating the craving of thrift and layer among members. This means that a NIDHI Company can accept deposit and lend grant to its members subject to certain 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 full of zip 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 once conditions in order to keep working:
- Must grow 200 members within 1 year of its incorporation.
- Must lend grant and accept deposit forlorn to/from its members.
- Must not advertise just about its services in any declare what consequently ever.
- Must not get into office in other district and a maximum of 2 supplementary 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 upon these deposits shall not exceed rate of immersion 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 maintenance in the form of progress only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of fascination charged upon loan shall not in any stroke 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 engagement method.
MEMBERS
Conditions for connection 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 declaration or utility bill 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 explanation and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends next the word NIDHI LIMITED