Tirumala Tirupati Devasthanam (TTD), India's largest temple trust based in Andhra Pradesh, has sought for quotations from the Nationalised Banks on the rates of interest offered for depositing gold in their Gold Deposit Schemes. TTD deposits gold with the nationalised banks once the quantity offered by the devotees touches the 500-kg mark. Last year, TTD placed 500-kg gold with Indian Overseas Bank for interest around 1.6% over a three year tenure.
According to TTD official, the devotees of Lord Venkateswara donate around 700-800 kilos of gold every year.
Unlike in the past, this time the bank, with whom the gold is to be deposited, would bear the transportation, insurance, melting and assaying cost.
Source: http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/finance/Tirupati-trust-to-deposit-excess-gold-in-banks/articleshow/5496187.cms
TIRUPATI TRUST TO DEPOSIT EXCESS GOLD IN BANKS
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