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NIDHI Company is a company incorporated below Companies Act, 2013 in the circulate of the direct of cultivating the need of thrift and layer among members. This means that a NIDHI Company can take deposit and lend money 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 vigorous 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 next conditions in order to keep working:
- Must accumulate 200 members within 1 year of its incorporation.
- Must lend grant and accept deposit lonely to/from its members.
- Must not advertise practically its services in any tune what in view of that ever.
- Must not get into office in additional district and a maximum of 2 supplementary 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 incorporation prescribed by RBI for NBFC companies.
A company shall maintain 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 keep in the form of momentum only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of fascination charged on loan shall not in any clash exceed 7.5% of the highest rate of raptness provided by Nidhi upon Deposits.
Rate of Interest on Loan shall be calculated by using reducing inclusion method.
MEMBERS
Conditions for relationship of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least part 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 avowal or utility bill in the make known 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 report and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends in imitation of the word NIDHI LIMITED