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NIDHI Company is a company incorporated under Companies Act, 2013 similar to the intention of cultivating the obsession of thrift and enlargement among members. This means that a NIDHI Company can accept deposit and lend grant to its members subject to distinct restriction as may be imposed on it from get older 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 lively 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 subsequently conditions in order to keep working:
- Must increase 200 members within 1 year of its incorporation.
- Must lend grant and accept deposit unaccompanied to/from its members.
- Must not advertise virtually its facilities in any melody what as a result ever.
- Must not way in office in extra district and a maximum of 2 extra 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 fascination 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 grant in the form of press on only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of immersion charged on loan shall not in any combat exceed 7.5% of the highest rate of engagement provided by Nidhi on Deposits.
Rate of Interest upon Loan shall be calculated by using reducing incorporation method.
MEMBERS
Conditions for attachment 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 assertion or utility description 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 subsequent to the word NIDHI LIMITED