Jana Nidhi
 
 

With the objective of rebuilding the nation through youth empowerment, NYCS considers cooperatives as a model of business enterprise and is making every effort to promote entrepreneurship through the same. Financial activity is the main stay of any business. In this direction, NYCS India has set up centres across the country under the name of Jana Nidhi to provide need based finances to the youth for taking up income generating activities and opportunities through self-employment and entrepreneurship. The major activity of Jana Nidhi is to mobilize deposits from public and lending them short term loans and advances. Jana Nidhi has successfully raised deposits from general public in form of short and long term deposits and has distributed loans to more than 10000 youths. This has helped them to come out of the clutches of money lenders who charge heavy interest otherwise.
 
There are over 23 centres and 3 sub centres of Jana Nidhi across Kerala, Maharashtra, Delhi, Himachal Pradesh, Tamil Nadu, Gujrat, Madhya Pradhesh, Chandigarh, and few more coming up in Jharkhand and Orissa too. The operations are computerized to maintain uniformity and accountability across all the branches. Financial empowerment, sound financial returns, instant cash in need and small savings for big growth are the objectives of Jana Nidhi.
 
Why Microfinance?

Financial inclusion is generally defined as the availability of banking services at an affordable cost to disadvantaged and low-income groups. In India the basic tool of financial inclusion is having a saving or current account with a bank. But how many underprivileged people actually hold a bank account? How many are encouraged to do so? Even if they do hold an account, do they have an access to credit and advisory fascilities? To achieve inclusive growth in the country, expanding the scope of financial inclusion initiatives like immediate credit facilities, insurance facilities, financial advisory services etc. to reach out to people at the grass-root level is instrumental. Access to affordable credit, cultivating the habit to save money and face to face financial advices are the most beneficial aspects of financial inclusion. Microfinance is a gateway to achieve this financial inclusion that we are talking about
 
Lack of collateral or guarantors, inability to communicate the need and the high transaction costs in the banks make it difficult for the potential but financially restricted entrepreneurs to forge ahead with their ideas. On other hand, heavy rate of interests and unjust conditions by moneylenders make it difficult to raise the capital. Microfinance serves as a tool for providing financial services to the low-income population., which do not have access to the mainstream financial services.
 

 
 
Microfinance recognizes that poor people can be remarkable reservoirs of energy and knowledge. Often the Beneficiaries are from low income group and require Loans are of small amount. These loans are for short duration and offered without collateral. Loans are generally taken for income generation purposes, NYCS believes in empowering every capable person to contribute to the national economy after his own economic needs are satisfied. JanaNidhi is a dedicated division of NYCS that will encourage entrepreneurs to create or expand their business by providing them microfinance. 
 
 
Rate of Interest for Deposits & Loans 
 

Below the revised (w. e. f 01.04.2017 ) rate of interest chart for your reference

 

Period

Regular

Senior Citizens

16 to 45 Days

5.00%

5.50%

46 to 90 Days

6.00%

6.50%

91 to 180 Days

6.50%

7.00%

181 to 270 Days

7.00%

7.50%

271 to 364 Days(Up to 1 Year)

8.00%

8.50%

365 to 730 Days(Up to 2 Years)

9.00%

9.50%

731 to 1080 Days(Up to 3 Years)

7.50%

8.00%

1081 Days & above (above 3 Years)

7.00%

7.50%

 
 
 
1. This rate of interest chart is applicable for deposits already created under the heading Fixed Deposit, Cumulative Deposit, and Monthly Interest Schemes.
2. There shall be no compounding interest on deposits and Simple Rate of Interest only would be applicable for all kind of Deposit Schemes w.e.f. 01.04.2017
3. The penalty of premature closure is 1%
4. This rates of interests shall be applicable to both new deposits and renewal of deposits w.e.f. 01.04.2017
 
 
Rate of Interests for Recurring Deposits w.e.f. 01.04.2017  
 
 

Period

Rate of Interest

Up to 24 Months

8.00%

24 Months & Above

9.00%

 
1. This rate of interest applicable for Recurring Deposit with quarterly compounding.
2. No senior citizen will benefit for this scheme.
3. The Penalty for premature closure is 1%
 
Revised rate of interest for Loan & Advances w.e.f.01.04.2017
 
The revised rate of interest on Loans & Advances would be 16.00% for Kerala, Maharashtra, Delhi, Chandigarh, and Himachal Pradesh region.
 
Revised Rate of interest o Loans & Advances for Gujarat region shall be 15%