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NIDHI Company is a company incorporated under Companies Act, 2013 taking into account the direct of cultivating the craving of thrift and deposit among members. This means that a NIDHI Company can accept deposit and lend maintenance to its members subject to distinct 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 lively 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 afterward conditions in order to keep working:
- Must accumulate 200 members within 1 year of its incorporation.
- Must lend child support and accept deposit unaccompanied to/from its members.
- Must not advertise roughly its facilities in any reveal what so ever.
- Must not right to use office in extra district and a maximum of 2 supplementary 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 raptness prescribed by RBI for NBFC companies.
A company shall preserve 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 maintenance in the form of momentum only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of incorporation charged on loan shall not in any engagement exceed 7.5% of the highest rate of captivation provided by Nidhi upon Deposits.
Rate of Interest on 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 allowance worth Rs.100/- of the NIDHI Company
- He must follow the terms and conditions as stipulated in his membership 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 bill in the read out 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 bill and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends considering the word NIDHI LIMITED