Rule 14 Un-encumbered term deposits
Every Nidhi shall invest and continue to keep invested, in unencumbered term deposits with a Scheduled commercial bank (other than a co-operative bank or a regional rural bank), or post office deposits in its own name an amount which shall not be less than ten per cent of the deposits outstanding at the close of business on the last working day of the second preceding month:
Provided that in cases of unforeseen commitments, temporary withdrawal may be permitted with the prior approval of the Regional Director 1Words ins. by G.S.R. 301(E), dated 19th April, 2022 (Nidhi (Amendment) Rules, 2022), w.e.f. 19th April, 2022.by making application in Form NDH-2 alongwith fee specified in the Companies (the Registration Offices and Fees) Rules, 2014 for the purpose of repayment to depositors, subject to such conditions and time limit which may be specified by the Regional Director to ensure restoration of the prescribed limit of ten per cent.
1. Words ins. by G.S.R. 301(E), dated 19th April, 2022 (Nidhi (Amendment) Rules, 2022), w.e.f. 19th April, 2022.