Deposits in Nidhi Company – One Person Company Registration in Coimbatore

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Deposits in Nidhi Company

The fixed deposits shall be accepted for a minimum period of six months and a maximum period of sixty months. Recurring deposits shall be accepted for a minimum period of twelve months and a maximum period of sixty months. In case of recurring deposits relating to mortgage loans, the maximum period of recurring deposits shall correspond to the repayment period of such loans granted by Nidhi. The maximum balance in a savings deposit account at any given time qualifying for interest shall not exceed one lakh rupees at any point of time and the rate of interest shall not exceed two per cent above the rate of interest payable on savings bank account by nationalized banks.

deposits

A Nidhi may offer interest on fixed and recurring deposits at a rate not exceeding the maximum rate of interest prescribed by the Reserve Bank of India which the Non-Banking Financial Companies can pay on their public deposits. A fixed deposit account or a recurring deposit account shall be foreclosed by the depositor subject to the following conditions, namely:-

a) A Nidhi shall not repay any deposit within a period of three months from the date of its acceptance;

b) Where at the request of the depositor, a Nidhi repays any deposit after a period of three months; the depositor shall not be entitled to any interest up to six months from the date of deposit.

 c) Where at the request of the depositor, a Nidhi makes repayment of a deposit before the expiry of the period for which such deposit was accepted by Nidhi, the rate of interest payable by Nidhi on such deposit shall be reduced by two percent from the rate which Nidhi would have ordinarily paid, had the deposit been accepted for the period for which such deposit had run:

Provided that in the event of death of a depositor, the deposit may be repaid prematurely to the surviving depositor or depositors in the case of joint holding with survivor clause, or to the nominee or to legal heir with interest up to the date of repayment at the rate which the company would have ordinarily paid, had such deposit been accepted for the period for which such deposit had run.

Un-encumbered term deposits

Every Nidhi shall invest and continue to keep invested, in unencumbered term deposits with a Scheduled commercial bank (other than a co-operative bank or a regional rural bank), or post office deposits in its own name an amount which shall not be less than ten per cent of the deposits outstanding at the close of business on the last working day of the second preceding month:

Provided that in cases of unforeseen commitments, temporary withdrawal may be permitted with the prior approval of the Regional Director for the purpose of repayment to depositors, subject to such conditions and time limit which may be specified by the Regional Director to ensure restoration of the prescribed limit of ten per cent.

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Application form for deposit

Every application form for placing a deposit with a Nidhi shall contain the following particulars, namely:-

(a) Name of Michigan;

(b) Date of incorporation of Nidhi;

(c) The business carried on by Nidhi with details of branches, if any;

(d) Brief particulars of the management of Nidhi (name, addresses and occupation of the directors, including DIN);

 (e) Net profits of Nidhi before and after making provision for tax for the preceding three financial years;

(f) Dividend declared by Nidhi during the preceding three financial years;

(g) Mode of repayment of the deposit;

(h) Maturity period of the deposit;

(i) Interest payable on the deposit,

(j) The rate of interest payable to the depositor in case the depositor withdraws the deposit prematurely;

(k) The terms and conditions subject to which the deposit may be accepted or renewed;

(l) A summary of the financials of the company as per the latest two audited financial statements as given below:

(i) Net Owned Funds

(ii) Deposits accepted

(iii) Deposits repaid

(iv) Deposits claimed but remaining unpaid

(v) Loans disbursed against-

(a) Immovable property:

(b) Deposits; and

(c) Gold and jewellery

(vi) Profit before tax

(vii) Provision for tax

(viii) Profit after tax

(ix) Dividend per share

(m) Any other special features or terms and conditions subject to which the deposit is accepted or renewed.

(2) The application form shall also contain the following statements, namely:-

(a) In case of Non-payment of the deposit or part thereof as per the terms and conditions of such deposit, the depositor may approach the Registrar of companies having jurisdiction over Nidhi;

(b) In case of any deficiency of Nidhi in servicing its depositors, the depositor may approach the National Consumers Disputes Redressal Forum, the State Consumers Disputes Redressal Forum or District Consumers Disputes Redressal Forum, as the case may be, for redressal of his relief;

(c) a declaration by the Board of Directors to the effect that the financial position of Nidhi as disclosed and the representations made in the application form are true and correct and that Nidhi has complied with all the applicable rules;

(d) a statement to the effect that the Central Government does not undertake any responsibility for the financial soundness of Nidhi or for the correctness of any of the statement or the representations made or opinions expressed by Nidhi,

(e) The deposits accepted by Nidhi are not insured and the repayment of deposits is not guaranteed by either the Central Government or the Reserve Bank of India;

(f) a verification clause by the depositor stating that he had read and understood the financial and other particulars furnished and representations made by Nidhi company in his application form and after careful consideration he is making the deposit with Nidhi at his own risk and volition.

3) Every Nidhi shall obtain proper introduction of new depositors before opening their accounts or accepting their deposits and keep on its record the evidence on which it has relied upon for the purpose of such introduction.

4) For the purposes of introduction of depositors, a Nidhi shall obtain documentary evidence of the depositor in the form of proof of identity and address as under:

a) Proof of Identity (any one of the following)

i) Passport

ii) Unique Identification Number

iii) Income-tax PAN card

iv) Elector Photo Identity Card

v) Driving licence

vi) Ration card

b) Proof of address (any one of the following)

i) Passport

ii) Unique Identification Number

iii) Elector Photo Identity Card

iv) Driving licence

v) Ration card

vi) Telephone bill

vii) Bank account statement

viii) Electricity bill

(Documents referred to serial numbers (vi), (vii) and (viii) above shall not be more than two months old)

Loans

deposits

1) A Nidhi shall provide loans only to its members.

2) The loans given by a Nidhi to a member shall be subject to the following limits, namely:-

(a) Two lakh rupees, where the total amount of deposits of such Nidhi from its members is less than two crore rupees;

(b) Seven lakh fifty thousand rupees, where the total amount of deposits of such Nidhi from its members is more than two crore rupees but less than twenty crore rupees;

(c) Twelve lakh rupees, where the total amount of deposits of such Nidhi from its members is more than twenty crore rupees but less than fifty crore rupees; and

d) Fifteen lakh rupees, where the total amount of deposits of such Nidhi from its members is more than fifty crore rupees:

Provided that where a Nidhi company has not made profits continuously in the three preceding financial years, it shall not make any fresh loans exceeding fifty percent of the maximum amounts of loans specified in clauses (a), (b), (c) or (d). Provided further that a member shall not be eligible for any further loan if he has borrowed any earlier loan from the Nidhi and has defaulted in repayment of such loan.

3) For the purposes of sub-rule (2), the amount of deposits shall be calculated on the the last audited annual financial statements.

4) A Nidhi shall give loans to its members only against the following securities, namely:-

(a) Gold, silver and jewellery: Provided that the re-payment period of such loan shall not exceed one year.

(b) Immovable property:

Provided that the total loans against immovable property [excluding mortgage loans granted on the security of property by registered mortgage, being a registered mortgage under section 69 of the Transfer of Property Act, 1882 shall not exceed fifty per cent of the overall loan outstanding on the date of approval by the board, the individual loan shall not exceed fifty per cent of the value of property offered as security and the period of repayment of such loan shall not exceed seven years.

c) Fixed deposit receipts, National Savings Certificates, other Government Securities and insurance policies: Provided that such securities duly discharged shall be pledged with Nidhi and the maturity date of such securities shall not fall beyond the loan period or one year whichever is earlier:

Provided further that in the case of loan against fixed deposits, the period of loan shall not exceed the unexpired period of the fixed deposits.

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Rate of interest

The rate of interest to be charged on any loan given by a Nidhi shall not exceed seven and half per cent above the highest rate of interest offered on deposits by Nidhi and shall be calculated on reducing balance method: Provided that Nidhi shall charge the same rate of interest on the borrowers in respect of the same class of loans and the rates of interest of all classes of loans shall be prominently displayed on the notice board at the registered office and each branch office of Nidhi.

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