Saturday, August 2, 2014

Gold Deposits back in flavor - TTD deposits 1,800 kg gold offerings with SBI

  TTD ( Tirumula Tirupati  Devasthanams) is the official Board which manages the activities in the India’s richest temple i.e Lord Sri Venkatewara(also called Lord Srinivasa) temple on the Tirumala hillock.

            There is a never ending stream of visitors to seek the Lord’s blessings. eDarshans are available but majority of the pilgrims prefer to soak in the religious atmosphere on the hillock.

            Traditionally, on fulfillment of vows pilgrims make their offerings at the temple hundi. Over the years, the rich and mighty prefer to offer GOLD to the Lord.

            To safeguard the gold, periodically the Gold is deposited with Banks. After a gap of two years, the TTD made a whopping 1,800 kg of gold was deposited with State Bank of India.

            With this 1,800 kg gold deposits, the gold deposits with various banks has crossed 5,000kgs.

The gold offered by devotees in the hill temple hundi was deposited under SBI Gold Scheme for a period of five years at the rate of interest of one per cent, which effectively would mean addition of 12 kg of gold per year.

In a mega publicity program, the gold was handed  over by Executive officer of the Tirumala Tirupati Devasthanam (TTD) M G Gopal handed over the gold to State Bank of India (SBI) Chairperson Arundhati Bhattacharya at the TTD Headquarters.

The deposited gold will be taken to Government Mint at Mumbai by SBI by incurring transportation charges, transit insurance, melting and refining charges and pure gold of 0.995 purity is taken as gold deposit.

            The interest on gold deposit was likely to fetch TTD around 12 kg of pure gold every year, netting a total of around 60 kgs in the five year period, temple sources said.

Since 2010, on maturity of gold deposits, TTD has been converting the interest earned also into gold which would again be kept as deposits, they said.

Excluding today’s deposit, TTD was having around 4,335 kg of pure gold under gold deposits with the SBI, Corporation Bank and Indian Overseas Bank.

These gold deposits earn an interest of 70 kg of pure gold approximately every year to the TTD coffers.