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NIDHI Company is a company incorporated under Companies Act, 2013 subsequent to the seek of cultivating the obsession of thrift and addition among members. This means that a NIDHI Company can take deposit and lend maintenance to its members subject to distinct 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 working 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 in the same way as conditions in order to keep working:
- Must be credited with 200 members within 1 year of its incorporation.
- Must lend money and accept deposit deserted to/from its members.
- Must not advertise virtually its facilities in any look what thus ever.
- Must not way in office in new district and a maximum of 2 extra offices in the thesame state
WHAT KIND OF DEPOSITS A NIDHI CAN ACCEPT?
A NIDHI can take following type of deposits
- Fixed Deposit
- Recurring Deposit
- Saving Deposit
Rate of interest upon these deposits shall not exceed rate of inclusion 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 increase only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of interest charged upon loan shall not in any fighting exceed 7.5% of the highest rate of raptness provided by Nidhi upon Deposits.
Rate of Interest upon Loan shall be calculated by using reducing amalgamation method.
MEMBERS
Conditions for relationship 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 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 statement or utility balance in the herald 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 tab and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends taking into account the word NIDHI LIMITED