Terms & Conditions


Applied since : 30/07/2015

  1. A person is to be a member once in the company during his life period. A person has to affix his passport size photograph along with identity proof in the member application form, wich are mandatory.
  2. Minors cannot be a member of the company. The lunatics are also not eligible for membership in the company. The membership fee is Rs. 10 for saving/Recurring deposit Account holders & Rs. 100 for fixed deposit holders.A member can open Savings/Recuring/Fixsd deposit Accounts in the company.
  3. Loan only granted to the members on their deposit.No person shall be eligible for loan against security without membership.A member can avail loan on KVP/NSC/RD/FD/Govt. Bonds/Golds/Property from the company.
  4. Every officer shall maintain good conduct, discipline, punctuality and show courtesy and attention to all persons in their transactions or dealings with the nidhi company.
  5. Every officer shall discharge his duties with utmost integrity, honesty, devotion and diligence and do nothing which is unbecoming of him or which is likely to tarnish the image of the organization. Cases of fraud and dishonesty will attract penalty of dismissal and legal action.
  6. An officer shall maintain secrecy about the affairs of the nidhi company and its members and will sign a declaration of fidelity and secrecy in the prescribed form.
  7. No officer shall engage in any trade or business or accept employment or fee for any work done by him outside the organization.
  8. No officer shall take an active part in politics and stand for election anywhere outside and inside the nidhi company.
  9. No officer shall indulge in gambling or speculative activities in any shares, stocks, securities, commodities or valuables. He can, however, make bonafide investment of his own funds in such securities as he may wish to buy.
  10. An officer shall not enter into any personal dealings with its members or service providers (including contractors, consultants and vendors) of the nidhi company which may result in undue pecuniary advantages to the officer.
  11. No officer shall guarantee in his private capacity the pecuniary obligations of another person or agree to indemnify in such capacity another person from loss except with the prior approval of the nidhi company.
  12. An officer shall so manage his private affairs as to avoid insolvency or habitual or excessive indebtedness. Issue of cheques by officers on their personal accounts without keeping sufficient balance therein is an act of serious misconduct and will attract stringent disciplinary action.
  13. No officer shall indulge in sexual harassment which includes such unwelcome sexually determined behavior (whether directly or by implication) as :
    • Physical contact and advances;
    • A demand or request for sexual favours;
    • Sexually coloured remarks;
    • Showing pornography, and
    • Any other unwelcome physical, verbal or non-verbal conduct of sexual nature.

    Whether or not such conduct constitutes an offense of sexual harassment will be determined by a Complaints Committee formed for this purpose, who would receive and deal with the complaints lodged by the aggrieved staff.

    Any violation of the code of conduct would constitute an act of misconduct for which disciplinary action may be taken by the nidhi company and would be punishable under the provisions for penalties.

  14. Every officer on first appointment and as on 31st March each year , shall submit a return of assets and liabilities giving full details of:
    • The immovable property owned or acquired or held by the officer in his/her name or in the name of any member of his / her family* or in the name of any other person;
    • All financial securities and bank deposits including cash balances owned or acquired or held by the officer;
    • Debts and other liabilities incurred by the officer directly or indirectly, including loans from the Bank or other financial institute.

    • For the purpose of this Rule "Family" means
    • Spouse, whether residing with the officer or not, but does not include a legally separated spouse
    • Children or step children or adopted children of the officer whether residing with the officer or not and dependent wholly on such officer but does not include children or step children of whose custody the officer has been deprived of by or under any law;
    • Any other person related to, by blood or marriage to the officer or to the officer's spouse and wholly dependent upon such officer.
    • Any other person related to, by blood or marriage to the officer or to the officer's spouse and wholly dependent upon such officer. The nidhi company may also, at any time, by general or special order, require an officer to furnish within a period to be specified in the order, a statement of moveable or immoveable property owned, held or acquired by the officer or on the officer's behalf or by any member of the officer's family as may be specified in the order. Such a statement shall, if so required by the nidhi company include the details of the means by which or the sources from which such property was acquired.

    The above statement of Asset and Liabilities should be furnished in the enclosed format on or before 30th June every year.

    Non-submission of the above annual statements by officers would constitute an act of misconduct under the nidhi company’s Staff Rules for which disciplinary action may be taken by the nidhi company.

    Officers posted in branches and zonal offices should submit the form to their respective Zonal Heads. Zonal Heads and officers in Central Office should submit their forms to the Seceratry, Vice chairman and chairman.

  15. An officer, as a general rule, shall not accept gifts or other benefits other than of nominal value from any individual or concern having official dealings with the nidhi company or from any officer junior to him/her so as to avoid any possibility of such gifts or benefits even appearing to compromise business or official relationships. Officers must use their discretion in being satisfied that the gifts are indeed of nominal value.
  16. No officer shall take or give or attempt to take or give any undue assistance or use or attempt to use any unfair methods or means in respect of any examination or test conducted or held by the nidhi company or any other authority or institution.
  17. An officer shall comply with all the terms and conditions in respect of any loan, advance or other facility granted by the nidhi company.
  18. No officer shall use his position or influence directly or indirectly, to secure employment for his son, daughter or any other member of his family in any private undertaking having official dealings with the nidhi company (this will include the nidhi company's borrowers, contractors, consultants and vendors).
  19. No officer shall grant on behalf of the nidhi company any loan or advance to himself or his spouse, a Joint Hindu Family of which he or his spouse is a member or a partnership with which he or his spouse is connected in any manner or a trust in which he or his spouse is a trustee, or a private or public limited company, in which he or his spouse hold substantial interest. ("Substantial interest" as defined in clause (ne) of Section 5 of the Banking Regulation Act 1949).
  20. No officer shall grant on behalf of the nidhi company any loan or advance to (a) a family member; (b) an individual who is the guarantor of a family member or an individual who is a partner in business of a family member; (c) a Joint Hindu Family in which a family member is a member; (d) a firm in which a family member is a partner, manager or guarantor; and (e) a company in which a family member holds substantial interest or is interested as director manager or guarantor, without prior permission of the nidhi company.
  21. Officers may not contribute the nidhi company's funds or assets to any political candidate, party, charity, or similar organization, unless such contribution is expressly permitted by law/ regulation / directive and has been preapproved by the appropriate authorized representative of the nidhi company.
  22. An officer shall comply with all lawful and reasonable directions which may from time to time be given to him by an officer under whose control he may be placed.
  23. Officers who suspect violations of the letter or spirit of the Bank's laid down systems, procedures or staff rules have an obligation to report their concerns to the nidhi company's designated Vigilance Officer,seceratry, vice-chairman and chairman.


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