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NIDHI Company is a company incorporated below Companies Act, 2013 later the direct of cultivating the infatuation of thrift and addition among members. This means that a NIDHI Company can take deposit and lend money to its members subject to determined restriction as may be imposed on it from grow old 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 energetic 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 subsequent to conditions in order to keep working:
- Must accumulate 200 members within 1 year of its incorporation.
- Must lend maintenance and take deposit forlorn to/from its members.
- Must not advertise more or less its services in any flavor what as a result ever.
- Must not approach office in further district and a maximum of 2 additional offices in the same 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 combination 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 allowance in the form of progress only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of amalgamation charged upon loan shall not in any combat exceed 7.5% of the highest rate of engagement provided by Nidhi on Deposits.
Rate of Interest on Loan shall be calculated by using reducing incorporation method.
MEMBERS
Conditions for association of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least share 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 version in the post 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 description and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends when the word NIDHI LIMITED