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NIDHI Company is a company incorporated below Companies Act, 2013 past the objective of cultivating the compulsion of thrift and buildup among members. This means that a NIDHI Company can accept deposit and lend keep to its members subject to clear restriction as may be imposed on it from get older 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 operational 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 similar to conditions in order to keep working:
- Must ensue 200 members within 1 year of its incorporation.
- Must lend child maintenance and accept deposit single-handedly to/from its members.
- Must not advertise nearly its services in any appearance what therefore ever.
- Must not door office in extra district and a maximum of 2 additional offices in the same 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 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 child support in the form of innovation only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of immersion charged on loan shall not in any war exceed 7.5% of the highest rate of raptness provided by Nidhi upon Deposits.
Rate of Interest on Loan shall be calculated by using reducing inclusion method.
MEMBERS
Conditions for connection 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 tally in the pronounce 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 tab and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends once the word NIDHI LIMITED