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NIDHI Company is a company incorporated under Companies Act, 2013 afterward the mean of cultivating the dependence of thrift and addition among members. This means that a NIDHI Company can take deposit and lend allowance to its members subject to clear restriction as may be imposed on it from era 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 working 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 similar to conditions in order to keep working:
- Must amass 200 members within 1 year of its incorporation.
- Must lend grant and accept deposit only to/from its members.
- Must not advertise very nearly its facilities in any vent what as a result ever.
- Must not admission office in other district and a maximum of 2 new 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 engagement 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 press forward only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of concentration charged upon loan shall not in any encounter exceed 7.5% of the highest rate of interest provided by Nidhi upon Deposits.
Rate of Interest upon Loan shall be calculated by using reducing captivation method.
MEMBERS
Conditions for membership 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 attachment 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 assertion or utility story 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 bill and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends afterward the word NIDHI LIMITED