Register your Nidhi Company

"Accumulate funds from members for their benefit"

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About Nidhi Company

Nidhi Company is a type of Company in the Indian Non-Banking Finance Sector, recognized under section 406 of the Companies Act, 2013. Its core business is borrowing and lending money between its members and for the benefit of the members of the Company. Therefore, they are also known as Mutual Benefit Funds or Mutual Benefit Companies.
Nidhi means a company that has been incorporated with the object of developing the habit of thrift and reserve funds amongst its members and also receiving deposits and lending to its members only for their mutual benefit. The basic concept of Nidhi Company is the “Principle of Mutuality”




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Know more about it...

What provisions are applicable to Nidhi Companies?
The following provisions are applicable to Nidhi Companies.
1. As they are incorporated into the nature of a Public Company so rules and regulations of the Companies Act, 2013 are applicable.
2. RBI provisions related to Interest rate payable on deposit are applicable to Nidhi Companies. But the core provisions of RBI are not applicable to Nidhi Companies as RBI has exempted the Nidhi Companies from the same.
3. Section 403 of the Companies Act, 2013, and Nidhi Rules, 2014.
What are the requirements for registration of Nidhi Company in India?
Nidhi Company is to be registered as a Public Limited Company. So, to incorporate a Nidhi Company it is necessary to fulfill the following criteria:
1. It should have at least 3 Directors.
2. It should have at least 7 Members.
3. The main objective to be written in the MOA should be to cultivate the habit of thrift and savings among its members. And it can accept deposits and lend money only to its members and shall work for the mutual benefit of its members.
What are post incorporation requirements of a Nidhi Company?
Once the Nidhi Company is incorporated it must fulfill the following requirements within a period of one year from the date of incorporation:
1. It must have at least 200 members/shareholders.
2. Minimum Net Owned Fund should be Rs. 10 Lakhs.
3. Unencumbered term deposit must be at least 10% of the term deposit.
4. The ratio of Net Owned Fund to term deposit should not be more than 1:20.
5. A return of statutory compliances has to be filed within a period of 90 days from the close of the first financial year
What are the advantages offered by Nidhi Company?
The exclusive advantage which is offered by Nidhi Companies are:
1. It is a single office institution governed exclusively by its members with no involvement of the third party.
2. Provide loans at minimal interest rates and minimum documentation.
3. Secured investments are guaranteed by such companies.
How the Nidhi Company utilizes the Funds procured by it?
The Nidhi Company uses the funds in lending to shareholders as per Nidhi Rules. It lends such money in the form of small loans for business and finance.
Can a Minor be a Member of Nidhi Company?
A minor shall not be admitted as a member in a Nidhi company, but deposits may be accepted in the name of the minor, if they are made by a natural or legal guardian who is a member of the respective Nidhi.
Whether Nidhi Company can issue Preference Share?
Nidhi can’t issue preference shares.
What is the requirement of minimum number of Members in Nidhi Company?
Every Nidhi shall, within a period of one year from the commencement of these rules, ensure that it has not less than two hundred members.