Tirupati, August 2: The TTD Executive Officer Sri MG Gopal has handed over 1800 kilos of gold deposits belonging to TTD to the Chair Person of State Bank of India Smt Arundhati Bhattacharya in his chambers at TTD Administrative Building in Tirupati on Saturday.

Addressing the media conference TTD EO said, the gold deposits includes ornaments, articles, gold on copper items etc. and are deposited in SBI under Gold Deposit Scheme for a period of five years at the rate of interest of 1%.

“TTD has not made any gold deposits since the last two years as the Banks have stopped accepting the gold due to the restrictions impositions levied by RBI. After negotiating with various banks, SBI has first come forward to accept the gold deposits at the rate of 1% per annum and we welcomed it”, he added

The SBI Chief Mrs. Bhattacharya said, in terms of quantity, this is the first of its kind in the entire country and 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 maintained.

Meanwhile the interest on gold deposit is likely to be earned around 12 kilos every year and around 60 kilos to be earned after five years by TTD which would be again converted into Gold deposit.

At present TTD is having around 4335 kilos of pure gold under gold deposits in SBI, Corporation Bank, Indian Overseas Bank-Tirupati. These gold deposits earn an interest of 70 kilos approximately every year to TTD. Since 2010 on maturity of gold deposits, TTD has converted the interest earned on gold deposits also into gold and added 85 kilos towards gold deposit.

Additional FACAO Sri O Balaji, DyEO Smt Varalakshmi were also present.