Richest Hindu temple Tirupathi Balaji deposits 2,780 Kg of gold with SBI

Last year, TTD had deposited 1,311 Kg of pure gold bars of 0.995 fineness with PNB

The Tirumala Tirupati Devasthanams (TTD), which manages one of the world's richest temples at Tirupathi, has deposited 2,780 Kg of gold with the State Bank of India under the Long Term Gold Deposit Scheme.

In the wake of the Gold Monetisation Scheme announced by the Central government, TTD in February 2017 took a decision to convert its gold deposits under the Short Term Gold Deposit Scheme to Long Term Gold Deposit Scheme. 

Hence, 2,075 Kg of gold deposits has been converted into the Long Term Deposit Scheme at a rate of 2.5 per cent per annum for a period of 12 years from the date of investment under the Gold Monetisation Scheme.

Apart from this, the gold that was handed over to the Mumbai Mint in May 2017 was converted and refined into pure gold, amounting to 705 Kg, which was received by TTD from the Mint. This amount was also deposited under the Long Term Gold Deposit Scheme for a period of 12 years at 2.5 per cent interest, taking the total gold deposits to 2,780 Kg.  SBI has now handed over the certificates of the deposit to TTD.

Last year, TTD had deposited 1,311 Kg of pure gold bars of 0.995 fineness with Punjab National Bank. TTD manages the Venkateswara Temple in Tirupati and also in other cities like Chennai.

The temple in Tirupati is the richest Hindu temple in India.

The temple receives offerings from devotees in cash, jewellery, gold, silver, property deeds, and Demat share transfers.

"Gold offerings will be around one tonne per year. In the case of property deeds, the due procedure is followed by the concerned department to transfer the title. The temple also gets silver, diamond, and other items," a TTD official said.

During 2017-18, TTD expects to receive Rs 1,110 crore from capital funds (as kanuka), which would be the major source of revenue, from devotees. It is also expecting to garner Rs 807 crore as interest on investments.

Other revenue streams include the Rs 300 special entry darshan, which is expected to fetch a minimum of Rs 256 crore for the financial year, Rs 124 crore from accommodations and Rs 55 crore through Arjitha Seva tickets.