Tirumala Tirupati Devasthanams deposits 2,780 kg gold with SBI

Last year, TTD has deposited 1,311 kg of pure gold bars of 0.995 fineness with Punjab National Bank

The Tirumala Tirupati Devasthanams (TTD), which manages one of the world’s richest temples in Tirupati, has deposited 2,780 kg of gold with State Bank of India under the gold monetisation scheme.

In the wake of the gold monetisation scheme announced by the central government, the TTD  took a decision to shift its gold deposits from the short-term gold deposit scheme to the long-term gold deposit scheme in February this year. 

In the process, 2,075 kg of gold is now under the long-term gold deposit scheme, earning an interest of 2.5 per cent a year for 12 years.

Apart from this, the gold that was handed over to Mumbai Mint in May was refined into pure gold of 705 kg and was deposited under the long-term gold deposit scheme for 12 years at 2.5 per cent interest in SBI, taking the total to 2,780 kg.

Last year, the TTD has deposited 1,311 kg of pure gold bars of 0.995 fineness with Punjab National Bank.

The TTD manages the Venkateswara Temple in Tirupati and in other cities such as Chennai. 

The temple receives offerings from devotees in cash, jewellery, gold, silver, property deeds, and demat shares.

“The gold offering will be around one tonne per year. In the case of property deeds, the title is transferred. The temple also gets silver, diamond, and other items,” a TTD official earlier said.

During 2017-18, the TTD expects to receive Rs 1,110 crore as capital funds from devotees; it is also expecting to garner Rs 807 crore as interest on investments.

Other revenue streams are the Special Entry Darshan, which is expected to fetch at least Rs 256 crore this financial year, accommodation fees of Rs 124 crore, and Rs 55 crore through the Arjitha Seva (darshan or seva to the gods) tickets.

The Somnath Trust, which manages the Somnath temple in Junagarh, Gujarat, had deposited around six kg of gold under the gold monetisation scheme in September last year.

Sanjiv S Patil, executive officer, Shree Siddhi Vinayak Ganapati Temple Trust, said that till now 50 kg of gold had been deposited and another 25-30 kg of gold will follow after the new board took over.