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NIDHI Company is a company incorporated under Companies Act, 2013 past the aspire of cultivating the habit of thrift and layer among members. This means that a NIDHI Company can accept deposit and lend child support to its members subject to determined 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 practicing 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 similar to conditions in order to save working:
- Must increase 200 members within 1 year of its incorporation.
- Must lend money and accept deposit unaided to/from its members.
- Must not advertise about its facilities in any impression what for that reason ever.
- Must not contact office in new district and a maximum of 2 other offices in the same 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 raptness 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 keep in the form of evolve only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of raptness charged upon loan shall not in any deed exceed 7.5% of the highest rate of raptness provided by Nidhi on Deposits.
Rate of Interest upon Loan shall be calculated by using reducing fascination method.
MEMBERS
Conditions for relationship 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 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 support or utility bill in the publicize 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 financial credit and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends subsequently the word NIDHI LIMITED