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NIDHI Company is a company incorporated below Companies Act, 2013 once the set sights on of cultivating the compulsion of thrift and increase among members. This means that a NIDHI Company can accept deposit and lend money to its members subject to determined restriction as may be imposed on it from get older 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 operational 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 account conditions in order to keep working:
- Must go to 200 members within 1 year of its incorporation.
- Must lend maintenance and take deposit deserted to/from its members.
- Must not advertise more or less its facilities in any freshen what appropriately ever.
- Must not entry office in extra district and a maximum of 2 other offices in the similar 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 raptness prescribed by RBI for NBFC companies.
A company shall preserve 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 money in the form of enhancement only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of inclusion charged upon loan shall not in any achievement exceed 7.5% of the highest rate of concentration provided by Nidhi upon Deposits.
Rate of Interest on Loan shall be calculated by using reducing amalgamation method.
MEMBERS
Conditions for connection 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 association 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 pronouncement or utility version 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 checking account and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends once the word NIDHI LIMITED