TTD’s huge gold deposits with SBI

• The stock amounts to 1,800 kg gold and ornaments
• 1 per cent interest on deposits to earn 12 kg gold annually
• Highest deposit of its kind: SBI chairperson Arundhati Bhattacharya
• At present TTD has a total of 4,335 kg gold deposits with various banks

Tirupati: Tirumala Tirupati Devasthanams (TTD) Executive Officer M G Gopal on Saturday handed over 1,800 kg of TTD gold deposits to the chairperson of State Bank of India, Arundhati Bhattacharya, here on Saturday.

Gopal told the media later that the gold deposits included ornaments, articles, gold on copper items. They were deposited in the SBI for five years at one per cent rate of interest.

“TTD has not made any gold deposits for the last two years, as banks have stopped accepting gold due to restrictions imposed by the RBI. After negotiations with various banks, the SBI has come forward to accept the gold deposits at the rate of one per cent per annum and we welcomed it,” he added.

Bhattacharya said that in terms of quantity, the gold deposit was the first of its kind in the country. “We are fortunate to be part of this divine mission.” The deposited gold will be taken to the Government Mint in Mumbai by SBI by incurring transportation, transit insurance, melting and refining charges. Pure gold of 0.995 purity will be taken as deposit, she stated.

The interest on gold deposit is likely to earn around 12 kg every year and 60 kg after five years. This will be again converted into a gold deposit.

At present, TTD has around 4,335 kg of pure gold under deposits in SBI, Corporation Bank, Indian Overseas Bank, Tirupati. The gold deposits earn an interest of 70 kg approximately every year. Since 2010 on maturity of gold deposits, TTD converted the interest earned on gold deposits and added 85 kg to the stock.

Additional FACAO O Balaji and Deputy Executive Officer Varalakshmi were present at the press meet.