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NIDHI Company is a company incorporated below Companies Act, 2013 in the same way as the seek of cultivating the habit of thrift and buildup among members. This means that a NIDHI Company can accept deposit and lend allowance to its members subject to clear restriction as may be imposed on it from time 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 functional 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 taking into consideration conditions in order to keep working:
- Must ensue 200 members within 1 year of its incorporation.
- Must lend maintenance and take deposit deserted to/from its members.
- Must not advertise virtually its facilities in any song what appropriately ever.
- Must not entry office in additional district and a maximum of 2 further offices in the thesame 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 preserve not less that 10% of the sum 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 keep in the form of proceed only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of fascination charged upon loan shall not in any raid 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 interest method.
MEMBERS
Conditions for attachment of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least ration worth Rs.100/- of the NIDHI Company
- He must follow the terms and conditions as stipulated in his link 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 pronouncement or utility tab in the publicize 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 financial credit and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends past the word NIDHI LIMITED