TERMS AND CONDITIONS
To become a user of Lydia Nidhi Limited, the applicant must meet the following eligibility criteria
The applicant must be at least 18 years of age at the time of applying for membership. Membership will not be granted to individuals under the age of 18.
The applicant must be a resident of India. Membership is only available to Indian citizens and resident Indians as per the applicable laws.
Non-resident Indians (NRIs) or foreign nationals are not eligible for membership.
To become a member of Lydia Nidhi Limited, the applicant must subscribe to a minimum of 10 shares, each with a face value of ₹10,
totaling a minimum investment of ₹100.These shares are non-transferable and are only valid as long as the individual is a member of the
Nidhi company.The applicant is required to pay the subscription amount at the time of application.In case of any future share increases or
additional capital subscriptions, the member will be notified, and it will be their responsibility to subscribe to additional shares (if
applicable) in accordance with the company’s regulations.
The applicant must comply with the Know Your Customer (KYC) norms as mandated by the Reserve Bank of India (RBI). The applicant
must provide original KYC documents along with self-attested photocopies for verification. These documents include Proof of Identity
(Aadhaar Card, Passport, Voter ID, Driver’s License, etc.) Proof of Address (Aadhaar Card, Utility Bill, Passport, etc.) Photograph
(Passport-sized recent photograph) PAN Card (for individuals applying for loan products or investment) Income proof (Salary slips, ITR,
Bank statement, etc.), where applicable. The documents will be verified as part of the application process, and the membership will only be
granted after successful KYC verification.
The applicant must have a sound financial standing and must be capable of fulfilling their financial obligations to the company, including
repayment of any loans or dues. Lydia Nidhi Limited may conduct a credit assessment or reference check as part of the eligibility
process. The Company reserves the right to refuse membership to any applicant if they have a history of poor creditworthiness or
unresolved financial obligations, as determined by internal policies or credit bureau reports.
The applicant must agree to and comply with all the rules, regulations, and guidelines set forth by the Company, as well as by applicable
Nidhi company regulations as per the Ministry of Corporate Affairs (MCA) and Reserve Bank of India (RBI).Membership is contingent on
abiding by the principles of mutual benefit, with the objective of promoting the habit of saving and providing financial support to its
members. Members must actively participate in the growth of the company and adhere to the ethical standards and operating procedures.
The applicant must not have been previously disqualified or terminated from membership in Lydia Nidhi Limited or any other Nidhi
Company or financial institution due to fraud, misconduct, or violation of any financial laws or regulations. The Company reserves the right
to reject applications from individuals with a prior history of defaulting on financial obligations or involvement in illegal activities.
The applicant must be committed to using the services offered by the company responsibly and in good faith, and must adhere to the
terms and conditions set forth for any loans, deposits, or investments availed through the Company.
Minors are not eligible to become members. However, a joint membership can be considered, where one member is the primary applicant,
and the other is a joint holder (who must meet the eligibility requirements).In case of joint accounts or loans, both applicants will be
equally responsible for obligations and liabilities associated with the account or loan.
If at any time a member fails to maintain eligibility criteria or violates the rules of Lydia Nidhi Limited, the Company reserves the right to
suspend or terminate membership, subject to the applicable terms and conditions. The member will be informed of any such decision, and
any outstanding dues or obligations will need to be cleared before termination of membership.