13/12/2017 Other Services
Mandatory Requirements for Nidhi Company
It requires seven people to start the Nidhi Company in India. Further, the initial capital required for Nidhi Company registration is Rs.5 lakh.However, company needs to abide by four important compliances:
• Net Owned fund to Deposit should not exceed 1:20.
• 200 Members should have been added by the company within one year.
• Rs.10 lakh capital should be raised by the end of first year.
• Company should keep at least 10% in the fixed deposit in any scheduled commercial bank.
Acceptance of deposits is one of the major feature for Nidhi Company and hence, one must adhere to Nidhi rules so that Nidhi can run smoothly. Here are following important points:
• Fixed deposits can be accepted for minimum 6 months and maximum 60 months.
• Recurring deposits can be accepted for minimum 12 months and maximum 60 months.
• The maximum balance on which interest is given under saving account cannot exceed 1,00,000/-
• Further following point are also important for repayment of deposits:
• a) No deposits shall be repaid within 3 months of deposits.
• b) If deposits are repaid after three months, then he shall not be liable for interest upto 6 months.
• c) If deposits are repaid before maturity, then interest provided shall be reduced by 2 percent.
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