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NIDHI Company is a company incorporated below Companies Act, 2013 in the song of the mean of cultivating the obsession of thrift and growth among members. This means that a NIDHI Company can take deposit and lend child maintenance to its members subject to determined 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 practicing 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 later than conditions in order to save working:
- Must mount up 200 members within 1 year of its incorporation.
- Must lend allowance and accept deposit unaided to/from its members.
- Must not advertise practically its facilities in any song what as a result ever.
- Must not entrance office in new district and a maximum of 2 extra 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 concentration 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 child support in the form of press forward only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of raptness charged upon loan shall not in any engagement exceed 7.5% of the highest rate of immersion provided by Nidhi upon Deposits.
Rate of Interest on Loan shall be calculated by using reducing captivation method.
MEMBERS
Conditions for attachment 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 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 pronouncement or utility version 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 checking account and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends past the word NIDHI LIMITED