Where is SSMB Nidhi Limited located?
Head office situated in Jaipur
What does SSMB Nidhi Limited offer?
Short Term Loans and Deposits : Fixed Deposit / Recurring Deposit / Monthly Income Scheme / Money Back Plan / Daily Deposit Scheme / KBNY Scheme
Under what act SSMB Nidhi Limited is constituted?
A Nidhi Limited is notified under section 620-A of the Companies Act 2013 and is classified at present as "Mutual Benefit Financial Company" by RBI
Where is SSMB Nidhi Limited running its business/branches?
Running business in Rajasthan only
What are the legal obligations for SSMB Nidhi Limited?
Nidhi Limited is regulated by Ministry of Corporate Affairs MCA and Reserve Bank of India RBI. A Nidhi Limited is accountable to MCA and RBI for its entire operations. Entire range of operaions like Deposits and Loans are regulated by MCA and RBI. Audited report of Nidhi Limited is mandatory to be submitted to ROC.
How can I be assured of the security of my deposited fund?
Nidhi Limited is fully responsible to refund fully deposited amount on its maturity even in any case of liquidation, cancellation of license, merger and reconstruction. Whereas in the same case banks are responsible for an amount upto Rs.5 Lacs only
Why do I need to open a deposit account with SSMB Nidhi Limited before applying for loan?
As per the regulatory norms that govern Nidhi Limited, it has been made compulsory to lend funds only to the members of the Nidhi Company. For a loan, a person has to be a member of the Nidhi and by depositing any stipulated amount in any saving scheme of the Nidhi limited any person can become a member.
How is this different from a bank or NBFC?
NBFC is non-banking financial corporation engaged in lending and opened with huge capital. NBFC is not authorized for accepting deposits from public in any form or under any scheme.
Nidhi Limited is also a finance corporation but needs not huge capital. Nidhi is authorized to accept deposits and lend funds to its registered members.
Bank is the most typical form of financial institution. It requires 10 years of experience as a NBFC and minimum 5000cr of assets with a capital Rs.500 crores.