TTD deposits 1,800 kg gold with SBI

The Tirumala Tirupati Devasthanams (TTD) Executive Officer M G Gopal handed over 1,800 kg of gold deposits—belonging to the TTD—to State Bank of India (SBI) Chairperson Arundhati Bhattacharya in his chambers at TTD Administrative Building in Tirupati on Saturday.

Addressing the media, the TTD EO said the deposits included ornaments, articles, and gold on copper items. They have been deposited with the SBI under its Gold Deposit Scheme for a period of five years at the rate of interest of 1 per cent.

“The TTD has not made any gold deposit over the last two years as banks have stopped accepting gold due to the restrictions imposed by the RBI. After we negotiated with various banks, the SBI came forward to accept the gold deposits at the rate of 1 per cent per annum, and we welcomed it,” said Gopal.

Bhattacharya said in terms of quantity, this deposit is the first of its kind in the entire country, and “we are fortunate to be a part of this divine mission”. 

“The deposited gold will be taken to the Government Mint in Mumbai by the SBI, which will incur transportation charges, transit insurance, smelting and refining charges. Pure gold of 0.995 purity is taken as deposit,” she said.

The interest on the gold deposit is likely to be around 12 kg every year, and will be 60 kg after five years, which the TTD would again convert into gold deposit. 

At present, the TTD has around 4,335 kg of pure gold deposited with the SBI, Corporation Bank and Indian Overseas Bank-Tirupati. These deposits earn an annual interest of 70 kg to the TTD.