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NIDHI Company is a company incorporated under Companies Act, 2013 like the aspiration of cultivating the obsession of thrift and bump among members. This means that a NIDHI Company can take deposit and lend child support to its members subject to sure restriction as may be imposed on it from era 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 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 when conditions in order to save working:
- Must ensue 200 members within 1 year of its incorporation.
- Must lend maintenance and accept deposit single-handedly to/from its members.
- Must not advertise very nearly its services in any announce what appropriately ever.
- Must not gain right of entry to office in additional district and a maximum of 2 other 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 immersion 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 maintenance in the form of enhance only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of combination charged upon loan shall not in any act exceed 7.5% of the highest rate of captivation provided by Nidhi on Deposits.
Rate of Interest upon Loan shall be calculated by using reducing immersion method.
MEMBERS
Conditions for connection of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least share worth Rs.100/- of the NIDHI Company
- He must follow the terms and conditions as stipulated in his relationship 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 verification or utility report in the say 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 taking into consideration the word NIDHI LIMITED