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NIDHI Company is a company incorporated under Companies Act, 2013 similar to the seek of cultivating the dependence of thrift and increase among members. This means that a NIDHI Company can take deposit and lend money to its members subject to positive 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 involved 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 later than conditions in order to keep working:
- Must go to 200 members within 1 year of its incorporation.
- Must lend child support and take deposit deserted to/from its members.
- Must not advertise more or less its facilities in any flavor what fittingly ever.
- Must not read office in new district and a maximum of 2 extra 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 upon these deposits shall not exceed rate of concentration 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 grant in the form of go ahead only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of assimilation charged on loan shall not in any prosecution 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 immersion method.
MEMBERS
Conditions for membership 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 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 verification or utility tally 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 savings account and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends gone the word NIDHI LIMITED