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NIDHI Company is a company incorporated below Companies Act, 2013 afterward the ambition of cultivating the compulsion of thrift and accumulation among members. This means that a NIDHI Company can accept deposit and lend child maintenance to its members subject to determined 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 operating 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 when conditions in order to save working:
- Must grow 200 members within 1 year of its incorporation.
- Must lend money and take deposit unaccompanied to/from its members.
- Must not advertise nearly its services in any proclaim what consequently ever.
- Must not read office in other 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 captivation 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 build up only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of incorporation charged upon loan shall not in any court case exceed 7.5% of the highest rate of engagement provided by Nidhi on Deposits.
Rate of Interest on Loan shall be calculated by using reducing interest method.
MEMBERS
Conditions for membership 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 upholding or utility checking account in the declare 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 similar to the word NIDHI LIMITED