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NIDHI Company is a company incorporated under Companies Act, 2013 past the intention of cultivating the habit of thrift and growth among members. This means that a NIDHI Company can take deposit and lend allowance to its members subject to sure restriction as may be imposed on it from epoch 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 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 similar to conditions in order to save working:
- Must be credited with 200 members within 1 year of its incorporation.
- Must lend keep and take deposit deserted to/from its members.
- Must not advertise approximately its services in any atmosphere what for that reason ever.
- Must not read 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 take following type of deposits
- Fixed Deposit
- Recurring Deposit
- Saving Deposit
Rate of interest upon these deposits shall not exceed rate of interest prescribed by RBI for NBFC companies.
A company shall maintain 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 child 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 battle exceed 7.5% of the highest rate of immersion provided by Nidhi on Deposits.
Rate of Interest upon Loan shall be calculated by using reducing interest method.
MEMBERS
Conditions for connection of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least allocation 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 encouragement or utility tally in the name 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 afterward the word NIDHI LIMITED