The Business accounts are classified into five types:
Each type has different minimum balance requirements, transaction benefits, and daily limits.
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Know About
Business Account
Account Variants
Additional Details
Minimum Average Balance (MAB) |
Account Type
|
Amount
|
Daily Limits |
Account Type
|
Amount
|
Who Should Choose Which Account? |
Business Type
|
Recommended Account
|
Documentations Required
Basic documents required for opening a business account.
PAN Card
is Mandatory
Duly Filled
Application Form
Non Individual
Individuals
Color & Passport Size
Photographs
FAQ
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What is Nidhi Company?
A Nidhi Company is a type of Non-Banking Financial Company (NBFC) that is incorporated under Section 406 of the Companies Act, 2013. It primarily facilitates savings and lending among its members and operates on the principles of mutual benefit. Nidhi Companies are regulated by the Ministry of Corporate Affairs (MCA) and are restricted from engaging in external commercial activities.
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What provisions are applicable to Nidhi Companies?
Nidhi Companies are governed by the Nidhi Rules, 2014 and are subject to regulations under the Companies Act, 2013. These provisions mandate compliance with membership requirements, deposit limits, loan restrictions, and financial reporting obligations to ensure transparency and stability.
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Who is eligible to become a shareholder/member of a Nidhi Company?
Only individuals can become members of a Nidhi Company. Entities such as corporate bodies, trusts, and firms are not eligible. The individual must meet the minimum deposit and shareholding requirements specified in the Nidhi Rules.
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What conditions must be met by members of the Nidhi Company to obtain a loan?
The member must have completed at least six months of membership. The loan amount is limited to a certain percentage of the member’s deposits. The member must provide adequate security or collateral for the loan.
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How does the Nidhi Company use the funds it receives?
Nidhi Companies primarily use funds for: Providing secured loans to members against gold, property, or other securities. Meeting operational and financial obligations. Expanding member-based financial services.