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NIDHI Company is a company incorporated under Companies Act, 2013 similar to the point of cultivating the craving of thrift and layer among members. This means that a NIDHI Company can accept deposit and lend money to its members subject to clear 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 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 taking into consideration conditions in order to keep working:
- Must build up 200 members within 1 year of its incorporation.
- Must lend maintenance and take deposit only to/from its members.
- Must not advertise virtually its services in any tell what so ever.
- Must not entrance office in additional 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 on these deposits shall not exceed rate of immersion 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 move ahead only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of assimilation charged upon loan shall not in any encounter exceed 7.5% of the highest rate of immersion provided by Nidhi upon Deposits.
Rate of Interest upon Loan shall be calculated by using reducing inclusion method.
MEMBERS
Conditions for membership of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least portion 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 declaration or utility bill in the broadcast 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 balance and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends similar to the word NIDHI LIMITED