What is NIDHI ?
Why ALCHEMY Software?
Alchemy is the brand name of Nidhi software owned by IGNOSI, We are veterans in FINTECH managing all the kind of financial enterprises like Nidhi Business, Gold Loan Business, Chitty Business, Cooperative Banking and NBFCs, we are managing more than 850 Nidhi companies all over. We are veterans in this industry because we are:
- USER RESPONSIVE NIDHI SOFTWARE
- START SIMPLY- TOP UP FACILITATED SOFTWARE
- FULL OPTION SERVICE ACCESSIBLE FROM BASE PACKAGE
- EXPERTS IN FINTECH
- LOW-PRICED SOFTWARE IN INDIA
- PEN FREE APPLICATIONS AND VOUCHERS
01UNLIMITED CUSTOMIZABLE DEPOSIT SCHEMES
• SAVINGS DEPOSIT – WITH INTEREST ACCUMULATION OPTION
• FIXED DEPOSIT – INTEREST ON MATURITY WITH PRECLOSURE OPTION
• FIXED DEPOSIT – INTEREST PERIODICALLY PAY OUT WITH PRECLOSURE OPTION
• FIXED DEPOSIT – SIMPLE INTEREST WITH PRECLOSURE OPTION
• FIXED DEPOSIT – COMPOUND INTEREST WITH PRECLOSURE OPTION
• RECURRING DEPOSIT – SIMPLE INTEREST WITH PRECLOSURE OPTION
• RECURRING DEPOSIT – COMPOUND INTEREST WITH PRECLOSURE OPTION
• DAILY DEPOSIT – PERIOD WISE LOCKING INTEREST WITH PRECLOSURE OPTION
02 UNLIMITED CUSTOMIZABLE LOANS SCHEMES
• GOLD LOAN – SLAB WISE INTEREST WITH OTHER CHARGES OPTION
• SECURED LOAN – SLAB WISE INTEREST WITH OTHER CHARGES OPTION (Property / Government Debentures)
• LOAN ON DEPOSIT – LOAN BASED ON DEPOSIT LIEN
03 TO GROW BETTER - OUR CUSTOMISED R&D PRODUCTS AS PER RULE
• DAILY DEPOSIT SCHEME - PERIOD WISE LOCKING INTEREST WITH PRECLOSURE OPTION
• DD LOAN SCHEME- PIGMY COLLECTION & ZERO INTEREST LOAN MIXED SCHEME
• MDS- RECCURRING DEPOSIT & LOAN MIXED SCHEME
• RECURRING DEPOSIT & FIXED DEPOSIT MIXED SCHEME
WHAT MAKES ALCHEMY NIDHI SOFTWARE DIFFERENT ?
ALCHEMY NIDHI SOFTWARE FEATURES
- AUTOMATED KYC PRINT FROM- PAPER FREE MEMBERSHIP – TAB FRIENDLY
- System Generated FD, RD, LOAN Forms- Upload & Download feature
- Automatic Share management Facility along membership creation
- Signature, image, Fingerprint captures- Security Management
- Accounts- Day Book Balance Sheet, Profit and Loss Account
- TDS Deduction warnings and Auto deduction facility
- Quick view - Services taken by customers.
- Bank statement/passbook report creation
- NDH 3 and Supporting Report Generation
- Due Remind POPUPS and Reports
- Mobile Pass Book
- HR Management – Employee creation, Attendance creation
- All Product report- Excel, PDF, CSV Download option
- Due Management on All loans & Deposits
- Accounts- Expense, income, Journal
- User – Power Delegation facility
- Corporate Accounting Software
- Amazon Cloud- Highly Secure
- Accounts - All Ledger Books
- Auto generated SMS facility
- Accounts- Trial Balance
Frequently Asked Questions
What is Nidhi company?
Nidhi Company is incorporated with an intent to implant the habit of thrift and saving among the members for their mutual benefits. The incorporation of Nidhi Company comes under Section 406 of the Companies Act, 2013. All the Nidhi Companies should work in accordance with the Nidhi Rules, 2014 created by the Central Government of India. It is a form of NBFC on the basis of business. It aims to increase the saving habit and utilization of funds in its members. Nidhi Company is formed to increase the habit of savings for the mutual benefit among its members only. The main source of funding for the Nidhi Company is the contribution from the members. The formation of Nidhi Company requires less capital as compared to other forms of finance companies. Also, the incorporation process is simple, as well as easy. The popularity of Nidhi Company has soared high in recent years.
SPECIALITIES OF NIDHI COMPANY?
• The Name of Company should end with NIDHI LIMITED.
• Only individuals can become members in a NIDHI Company.
• Only Equity share can be offered to its Members.
• Every NIDHI shall, within a period of one year from the commencement date should ensure that it has- not less than 200 members and a Net Owned Fund of 10 lakh rupees or more.
• It’s mandatory that a 10 % of the Total Outstanding Deposit should be deposited in a Scheduled Commercial Bank or Post Office Savings as Unencumbered Deposit.
SHARE CAPITAL & MEMBERSHIP?
• Every Share Value should not be less than 10 rupees.
• No Service Charges can be levied on Share Issue process.
• Every Member Should Purchase a minimum of 10 Rupees Share.
• For Fixed Deposit One should take a minimum of 10 shares.
• No Companies or Trust or Any institution can be a member of NIDHI.
• No Minor can be a member in a NIDHI Company unless he has an Appointee.
• One member can Vote according to the Number of Shares he hold but Limited to 5 % of total Vote
What are the Rules and Regulations Concerning Incorporation of Nidhi Company?
Nidhi Company must get registered as a public company as per the Nidhi Rules, 2014. The minimum paid-up equity share capital must be at least five lakh INR. The name of the Nidhi Company must end with the word ‘Nidhi Limited.‘ Preference shares can’t be issued by Nidhi Companies according to the Companies Act 2013. The Memorandum of Nidhi Company must specify that their objects must revolve around the cultivation of saving habits amongst its members, deposits acceptance from as well as lending to its members for the sake of mutual benefit. A Nidhi Company need to have a minimum of three directors along with seven shareholders for getting registered as a Nidhi Company. From incorporation within a one-year time limit, Nidhi Company must accumulate 200 members. The Net Owned Funds should be at least 10 lakh or more. Deposits must not be more than 20 times of Net Owned Funds. Nidhi Rules, 2014 specifies that unencumbered term deposit need to be equal to or more than 10% of the outstanding deposits.
Mandatory Documents for Nidhi Company Registration in India?
a) ID proofs of all Directors and Shareholders
b) Proof of address of registered office in India
c) Residential Proof of Directors and Shareholders
d) Passport Size Photographs of all Directors and Shareholders
e) Digital signature of all Directors and Shareholders
f) Copy of PAN of Directors and Shareholders
What are the Rules Regarding the Opening of Branches by Nidhi Company?
As given in Rule 10 of Nidhi Rules 2014, a Nidhi Company can go for opening branches only if it has managed to gain a net profit after tax continuously within the last three financial years. According to the provisions prescribed in sub-rule 1, a Nidhi Company can open upto three branches in the areas of the district. A Nidhi Company should take the Regional Director’s permission to open more than three branches either in the district or outside the district.
What are the services under Nidhi Company Rules and Regulations?
A Nidhi Company is liable to grant deposits and loans only to its respective members. Given below are the details concerning it:
Fixed Deposit :
Minimum 6 months to maximum 60 Months Fixed Deposits are Possible for Nidhi.
The interest offered to fixed deposit by a NIDHI company would not exceed above the applicable interest offered by RBI to NBFCs.
Recurring Deposit :
Minimum Period of Recurring Deposit should be 12 months.
Maximum period of recurring deposit should be 60 months.
The interest offered to recurring deposit by a NIDHI company would not exceed above the applicable interest offered by RBI to NBFCs.
Savings Deposit :
A Savings Deposit can avail interest only up to a maximum of 1 lakh Rupees.
A NIDHI can offer a 2% Additional interest than interest offered by existing nationalized banks.
TERMS ON FIXED DEPOSIT
There are certain regulations applicable to withdraw a Fixed Deposit
• A depositor cannot withdraw a deposit from his Account within the First Three Months’ Time.
• If one depositor withdraws his deposit after Three Months but within 6 Months, he is not qualified to collect his Interest for the locked period.
• If A depositor withdraws his deposits after 6 months but before the maturity Period, the Nidhi has the right to Charge 2 % Lesser Interest on the promised Interest rate.
ABOUT NIDHI LOANS
A maximum amount of 2 lakh can be given to a member as loan, if the total collected deposits are 2 Crores.
Gold & Silver Loan :
• A total of 80% On Market Gold & Silver rate can be given as Loan .The maximum period of a gold loan will be 1 Year.
Loan on Immovable Property :
• A total of 50% on market rate can be given as loan on immovable property. The maximum period of the loan will be 7 years (But should registere the mortgage loan).
Loan on Security :
• Loan can be given to any FD certificates from an approved bank, Government securities and Insurance policies.
Locker Facility :
• NIDHI can provide Locker facility for its Members by applying charges
• The Locker facility services should not exceed 20 % of total revenue earned.
What are the restrictions and limitations on Nidhi Company?
• A Nidhi cannot do business with an institution.
• A Nidhi cannot do a chitty business.
• A Nidhi cannot do Microfinance.
• A Nidhi cannot do Vehicle loans , Higher purchase loans and insurance/acquisition of securities issued by any of the body corporate.
• A Nidhi should not perform business operations other than lending and borrowing business in their own name.
• A Nidhi cannot start a current account with their members or institutions.
• No Nidhi Company shall be involved in the issuance of preference shares and debentures along with other debt instruments in any name.
• None of the Nidhi Companies should go ahead for deposits acceptance or lending to any party or individual other than their members/shareholders.
• Nidhi Company should not become a part of the partnership agreement related to borrowing or lending actions.
• Nidhi Company should not pledge any asset lodged by the members of the Nidhi Company as securities.
• Nidhi Company should not issue any advertisement in any other form for tempting deposits.
• Nidhi Companies should not pay any incentive or brokerage for funds deployment or for rendering loans.