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NIDHI Company is a company incorporated below Companies Act, 2013 taking into account the wish of cultivating the need of thrift and mass among members. This means that a NIDHI Company can accept deposit and lend keep to its members subject to determined restriction as may be imposed on it from become old 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 on the go 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 later conditions in order to save working:
- Must ensue 200 members within 1 year of its incorporation.
- Must lend keep and accept deposit single-handedly to/from its members.
- Must not advertise virtually its services in any spread what as a result ever.
- Must not contact office in extra district and a maximum of 2 new 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 immersion prescribed by RBI for NBFC companies.
A company shall maintain not less that 10% of the total 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 maintenance in the form of enhancement only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of amalgamation charged upon loan shall not in any battle exceed 7.5% of the highest rate of immersion provided by Nidhi upon Deposits.
Rate of Interest upon Loan shall be calculated by using reducing incorporation method.
MEMBERS
Conditions for link 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 attachment 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 statement or utility description in the herald 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 report and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends subsequent to the word NIDHI LIMITED