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NIDHI Company is a company incorporated under Companies Act, 2013 gone the mean of cultivating the dependence of thrift and addition among members. This means that a NIDHI Company can accept deposit and lend money to its members subject to sure restriction as may be imposed on it from epoch 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 dynamic 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 following conditions in order to save working:
- Must build up 200 members within 1 year of its incorporation.
- Must lend grant and accept deposit solitary to/from its members.
- Must not advertise not quite its facilities in any way of being what therefore ever.
- Must not entrйe office in additional district and a maximum of 2 new 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 assimilation prescribed by RBI for NBFC companies.
A company shall maintain 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 allowance in the form of money occurring front only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of incorporation charged on loan shall not in any suit exceed 7.5% of the highest rate of concentration provided by Nidhi upon Deposits.
Rate of Interest upon Loan shall be calculated by using reducing immersion method.
MEMBERS
Conditions for link 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 link 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 upholding or utility balance 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 explanation and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends similar to the word NIDHI LIMITED