Thursday, August 7, 2014

Tirumala Tirupati Temple Deposits 1,800 kg Gold

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From IBTimes

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Tirumala Tirupati Devasthanams (TTD) has created record for the biggest gold depositor in State Bank of India (SBI) on Saturday, when it deposited devotees' gifts to deity Sir Venkateswara Swamy, including 1,800 kgs of gold.

TTD already has pure gold deposits of 4,335 kgs in SBI, Corporation Bank and Indian Overseas Bank. Saturday's gold deposit in SBI is for a period of five years under 'Gold Deposit Scheme'. As part of a tradition, devotees present the deity gold, silver and cash everyday.

TTD Executive Officer MG Gopal handed over the gold symbolically in Tirupati to SBI Chairperson Arundhati Bhattarcharya, who gave the provisional certificates.

According to a report in The Hindu, the Government Mint in Mumbai will melt the gold, and pure gold of 0.995 will be taken as deposit. For the gold deposit, SBI will bear the transportation, transit insurance, melting and refining charges.

TTD earns a collective annual interest of 70 kgs of gold on gold deposits in the aforementioned banks. In 2010, the TTD converted its interest on deposits into gold form and deposited in banks again.

On the 1,800 kgs gold deposit, TTD will earn one percent of gold as interest, Gopal said. The decorative ornaments gifted to the deity will remain with the temple, he added.

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