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NIDHI Company is a company incorporated under Companies Act, 2013 like the object of cultivating the compulsion of thrift and bump among members. This means that a NIDHI Company can take deposit and lend allowance to its members subject to distinct 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 functioning 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 keep working:
- Must add 200 members within 1 year of its incorporation.
- Must lend money and take deposit on your own to/from its members.
- Must not advertise approximately its facilities in any look what so ever.
- Must not edit office in other district and a maximum of 2 extra 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 on these deposits shall not exceed rate of inclusion prescribed by RBI for NBFC companies.
A company shall preserve 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 allowance in the form of further only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of fascination charged upon loan shall not in any charge 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 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 portion worth Rs.100/- of the NIDHI Company
- He must follow the terms and conditions as stipulated in his membership 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 assertion or utility tally in the name 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 description and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends in the way of being of the word NIDHI LIMITED