1. Eligibility Criteria for Membership

• Only individual persons are allowed to become members of a Nidhi Company.
  
• Companies, trusts, partnership firms, and other artificial entities are not eligible.
  
• The person must be a resident of India with valid identity and address proof.
  
• Foreign nationals, Non-Resident Indians (NRIs), and minors are generally not permitted.
  
• The individual must not be declared insolvent or of unsound mind by a court.
  

2. Shareholding Requirement for Membership

• Every member is required to subscribe to a minimum number of equity shares.
  
• The number of shares to be held is defined in the Articles of Association.
  
• Shareholding grants the member the right to participate in the company’s financial services.
  
• The shares must be fully paid up before the member is allowed to deposit or borrow.
  
• This shareholding serves as the basis for their eligibility and rights in the company.
  

3. Admission Procedure for New Members

• The applicant must fill out a prescribed membership form.
  
• Know Your Customer (KYC) documents such as PAN, Aadhaar, and address proof must be submitted.
  
• The Board of Directors or an authorized officer must approve the membership.
  
• Upon approval, equity shares are allotted, and the member is registered in the member register.
  
• Only after formal admission can the person participate in deposits and loan schemes.
  

4. Rights and Responsibilities of Members

• Members can make deposits and avail loans as per the rules of the company.
  
• They have the right to attend general meetings and vote on key matters.
  
• Members must comply with the internal rules, terms of lending, and repayment schedules.
  
• They are required to maintain minimum deposit balances as per company policy.
  
• Misuse of services or non-compliance may result in the cancellation of membership.
  

5. Limits and Exclusions on Membership

• Membership is limited to individuals only; legal entities cannot apply.
  
• A person cannot be a member if he or she intends to use the platform for business finance.
  
• Dual or multiple memberships in violation of company policy may be restricted.
  
• Individuals blacklisted for financial frauds or non-performance are barred.
  
• The company reserves the right to refuse or terminate membership with proper justification.