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NIDHI Company is a company incorporated below Companies Act, 2013 later the goal of cultivating the infatuation of thrift and growth among members. This means that a NIDHI Company can take deposit and lend keep to its members subject to determined 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 working of NIDHI Company.
RBI has vide Notification Clarified that NIDHI Companies i.e. a non-banking financial company -notified below 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 with conditions in order to save working:
- Must mount up 200 members within 1 year of its incorporation.
- Must lend keep and accept deposit single-handedly to/from its members.
- Must not advertise approximately its services in any tell what suitably ever.
- Must not admission office in extra district and a maximum of 2 other 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 preserve 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 support in the form of loan only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of combination charged on loan shall not in any encounter exceed 7.5% of the highest rate of assimilation provided by Nidhi upon Deposits.
Rate of Interest upon Loan shall be calculated by using reducing raptness method.
MEMBERS
Conditions for relationship 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 encouragement or utility report 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 story and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends taking into account the word NIDHI LIMITED