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NIDHI Company is a company incorporated below Companies Act, 2013 in the same way as the point toward of cultivating the obsession of thrift and addition among members. This means that a NIDHI Company can take deposit and lend grant to its members subject to sure 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 keen 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 when conditions in order to save working:
- Must increase 200 members within 1 year of its incorporation.
- Must lend keep and accept deposit lonesome to/from its members.
- Must not advertise more or less its services in any proclaim what so ever.
- Must not gate office in extra district and a maximum of 2 other 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 upon these deposits shall not exceed rate of amalgamation 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 grant in the form of onslaught only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of raptness charged upon loan shall not in any case exceed 7.5% of the highest rate of amalgamation provided by Nidhi on Deposits.
Rate of Interest on Loan shall be calculated by using reducing amalgamation 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 association 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 story 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 financial credit and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends as soon as the word NIDHI LIMITED