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NIDHI Company is a company incorporated below Companies Act, 2013 with the take aim of cultivating the habit of thrift and growth among members. This means that a NIDHI Company can take deposit and lend child support to its members subject to certain restriction as may be imposed on it from era 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 considering conditions in order to save working:
- Must grow 200 members within 1 year of its incorporation.
- Must lend child support and take deposit by yourself to/from its members.
- Must not advertise virtually its services in any reveal what appropriately ever.
- Must not admittance office in extra district and a maximum of 2 supplementary offices in the same 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 combination 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 development only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of inclusion charged upon loan shall not in any conflict exceed 7.5% of the highest rate of raptness provided by Nidhi on Deposits.
Rate of Interest upon Loan shall be calculated by using reducing amalgamation 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 membership 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 credit in the proclaim 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 like the word NIDHI LIMITED