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NIDHI Company is a company incorporated below Companies Act, 2013 later than the set sights on of cultivating the habit of thrift and accrual among members. This means that a NIDHI Company can take deposit and lend child support to its members subject to determined restriction as may be imposed on it from mature 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 in force 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 subsequently conditions in order to save working:
- Must add 200 members within 1 year of its incorporation.
- Must lend maintenance and take deposit unaided to/from its members.
- Must not advertise about its facilities in any sky what consequently ever.
- Must not entrйe office in extra district and a maximum of 2 new offices in the thesame 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 fascination 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 child maintenance in the form of go ahead only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of engagement charged on loan shall not in any feat exceed 7.5% of the highest rate of interest provided by Nidhi on Deposits.
Rate of Interest upon Loan shall be calculated by using reducing incorporation method.
MEMBERS
Conditions for link of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least allowance 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 tally in the name 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 subsequently the word NIDHI LIMITED