TTD Deposits 1,800 Kg Gold in SBI

Published: 03rd August 2014 07:37 AM  |   Last Updated: 03rd August 2014 08:44 AM   |  A+A-


TIRUPATI: In a first-of-its-kind in the history of the TTD as also the banking sector, gold ornaments weighing a staggering 1,800 kg were handed over to the State Bank of India (SBI) as gold deposits. TTD Executive Officer MG Gopal handed over the gold to chairperson of SBI Arundhati Bhattacharya at the TTD Administrative Building here on Saturday.

Speaking to media later, Gopal said the deposits include ornaments, articles and gold on copper items. These are deposited in the SBI under its Gold Deposit Scheme for a period of five years and fetch an interest of 1 per cent per annum.

The TTD has not made any gold deposits for the last two years as banks have stopped accepting gold due to restrictions imposed by the Reserve Bank of India. “The SBI has come forward to accept the gold deposits and we welcome it,” Gopal said.

Arundhathi Bhattacharya said, “In terms of quantity, this is the first of its kind in the 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 incurring transportation charges, transit insurance, melting and refining charges and pure gold of 0.995 purity is taken as gold deposit, she explained.

The interest on the deposits is likely to fetch the TTD enough income to buy 12 kg of the yellow metal after five years. That will be converted into a gold deposit again. At present, the TTD has around 4,335 kg of pure gold in gold deposits in the SBI, Corporation Bank and the Indian Overseas Bank-Tirupati.

These gold deposits earn interest equivalent to approx 70 kg of gold every year. Since 2010, on maturity of gold deposits, the TTD has converted the interest earned on them into gold and added 85 kg to its deposits.


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