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NIDHI Company is a company incorporated under Companies Act, 2013 past the aspiration of cultivating the compulsion of thrift and deposit among members. This means that a NIDHI Company can accept deposit and lend child maintenance to its members subject to distinct restriction as may be imposed on it from mature 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 vigorous 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 as soon as conditions in order to keep working:
- Must amass 200 members within 1 year of its incorporation.
- Must lend child maintenance and accept deposit forlorn to/from its members.
- Must not advertise not quite its services in any aerate what correspondingly ever.
- Must not gain entry to office in extra district and a maximum of 2 further offices in the similar 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 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 allowance in the form of enhancement only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of combination charged upon loan shall not in any proceedings exceed 7.5% of the highest rate of captivation provided by Nidhi on Deposits.
Rate of Interest upon Loan shall be calculated by using reducing concentration method.
MEMBERS
Conditions for association 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 declaration or utility credit in the pronounce 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 version and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends afterward the word NIDHI LIMITED