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NIDHI Company is a company incorporated below Companies Act, 2013 behind the try of cultivating the obsession of thrift and lump among members. This means that a NIDHI Company can accept deposit and lend money to its members subject to distinct restriction as may be imposed on it from period 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 functioning 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 like conditions in order to keep working:
- Must ensue 200 members within 1 year of its incorporation.
- Must lend child maintenance and accept deposit without help to/from its members.
- Must not advertise roughly its services in any manner what suitably ever.
- Must not edit 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 concentration 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 child maintenance in the form of move forward only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of assimilation charged on loan shall not in any war exceed 7.5% of the highest rate of concentration provided by Nidhi on Deposits.
Rate of Interest upon Loan shall be calculated by using reducing interest method.
MEMBERS
Conditions for membership 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 confirmation or utility tab in the say 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 relation and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends behind the word NIDHI LIMITED