Monday 26 September 2016
facebook.com/Outlookindia twitter.com/outlookindia digimag.outlookindia.com instagram.com/outlookindia youtube.com/user/OutlookMagazine

Balaji Temple Deposits 1,800 Kg Gold Offerings With SBI

Tirupati

A whopping 1,800 kg of gold offerings made by devotees of Lord Venkateswara at the famous hill shrine at Tirumala was today deposited with the State Bank of India, taking the total deposits made by it so far with various banks to more than 5,000 kg.

Executive officer of the Tirumala Tirupati Devasthanams (TTD), which manages the cash-rich temple, M G Gopal handed over the gold to State Bank of India (SBI) Chairperson Arundhati Bhattacharya at the TTD Headquarters here, in the first deposit of the precious metal by the temple in the last two years.

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, Gopal told reporters.

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

Bhattacharya said in terms of quantity, this was the largest single deposit of gold made with the bank in the entire country.

"We are fortunate to be a part of this divine mission. 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," she explained.

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, they added.

READ MORE IN:
© Copyright PTI. All rights reserved. Republication or redistribution of any PTI content, including by framing or similar means, is expressly prohibited without their prior written consent.
Thousands of Sudan Homes Destroyed in Floods Four Dead As Gunmen, Lebanon Forces Clash Near Syria
Download the Outlook ​Magazines App. Six magazines, wherever you go! Play Store and App Store

Post a Comment

You are not logged in, please Log in or Register
  • Daily Mail
THE LATEST ISSUE
CLICK IMAGE FOR CONTENTS
OUTLOOK ON TWITTER
POLLS

More than a decade after India first started the procurement process, it has finally inked an €8bn agreement to buy 36 Rafale fighter jets from France’s Dassault. The original deal was to buy 126 Rafales to replace the accident-prone Russian MiG-21s. Ultimately, the government offered to buy only 36 ready-to-fly planes.

POLL STARTED ON: Sep 26, 2016
Quiz
Brazil’s Rio de Janeiro is hosting the 31st Olympic Games from August 5 to 21. This is the first Olympics being held in South America and is going on even as a majority Brazilians are unhappy with their rulers. Here’s a quiz on some random Olympic facts and related trivia.
QUIZ STARTED ON: Aug 11, 2016
Advertisement