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NIDHI Company is a company incorporated below Companies Act, 2013 next the seek of cultivating the habit of thrift and layer among members. This means that a NIDHI Company can accept deposit and lend allowance to its members subject to sure restriction as may be imposed on it from period 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 effective 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 behind conditions in order to keep working:
- Must mount up 200 members within 1 year of its incorporation.
- Must lend keep and take deposit forlorn to/from its members.
- Must not advertise just about its facilities in any reveal what fittingly ever.
- Must not entrance office in further district and a maximum of 2 additional 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 assimilation 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 child maintenance in the form of proceed only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of assimilation charged on loan shall not in any warfare 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 concentration method.
MEMBERS
Conditions for connection of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least portion worth Rs.100/- of the NIDHI Company
- He must follow the terms and conditions as stipulated in his relationship 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 announcement or utility relation in the say 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 savings account and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends as soon as the word NIDHI LIMITED