Legal & Compliance
Acceptance of deposits:
A Nidhi shall not accept deposits exceeding 20 mes of its Net Owned Assets as per last audited
financial statements.
The fixed deposits shall be accepted for a minimum period of 6 months and a maximum period of
60 months.
Recurring deposits shall be accepted for a minimum period of 12 months and a maximum period
of 60 months.
In case of recurring deposits rela ng 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 me qualifying for interest shall
not exceed Rs.1,00,000/- and the interest shall not exceed 2% above the rate of interest payable to
savings bank account by na onalized banks.
Interest for fixed and recurring deposits shall be at a rate not exceeding the maximum rate of
interest prescribed by RBI which the NBFC can pay on their public deposits.
Every Nidhi shall invest and con nue to keep invested, in unencumbered term deposits with a
scheduled commercial bank or post office deposits in its own name an amount which shall not be less
than 10% of the deposits outstanding at the close of the business on the last working day of the second
preceding month.
In case of unforeseen commitments, temporary withdrawal may be permi ed with the prior approval
of the Regional Director for the purpose of repayment to depositors, subject to such condi ons and me
limit which may be specified by the Regional Director to ensure restora on of the prescribed limit of 10%
Loan:
A Nidhi shall provide loans only to its members. The loans given to a member shall be subject to the
following limits:
Rs.2,00,000/- where the total amount of deposits from members is less than Rs.2 crores;
R s.7,50,000/- where the total amount of deposits from its members more than Rs.2 crores but
less than Rs.20 crores;
R s.12,00,000/- where the total amount of deposits from its members is more than Rs.25 crores
but less than Rs.50 crores;
R s.15,00,000/- where the total amount of deposits from its members is more than Rs.50 crores.
NOTE:
A Nidhi shall give loans to its members only against the following securi es, namely:
Loans to the members shall be given against the securi es of gold, silver and jewellery and
immovable property.
R epayment period of such loan shall not exceed one year in case of gold, silver and jewellery.
I n case of immovable property the loan shall not exceed 50% of the value of the property offered
as security and the period of repayment of such loan shall not exceed 7 years.
L oan may be given against the fixed deposit receipts, Na onal Savings Cer ficates and other
Government securi es and insurance policies.
www.Venture-Care.com/Magazine
October 2017
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