Finally, Tirumala Tirupati Devasthanams (TTD) came forward to deposit gold with public sector bank under the Gold Monetisation Scheme. Until now, The Balaji Temple management in Tirupati has deposited 1,311 kg of pure gold bars of 0.995 fineness with the Punjab National Bank.
Punjab National Bank stood as the first choice of TTD as its been offering highest interest rate of 1.75 percent per year. TTD Executive Officer D Sambasiva Rao quoted, 'The term will last for a period of 3 years'.
TTD is negotiating with other public sector banks for better terms with an offer to make more such Gold deposits. The 3-year short term Gold Monetisation Scheme helps Temples to redeem the gold deposits. TTD demands the deposits under medium & long term schemes of Gold Monetisation Scheme should be permitted to redeemable in gold.
Punjab National Bank stood as the first choice of TTD as its been offering highest interest rate of 1.75 percent per year. TTD Executive Officer D Sambasiva Rao quoted, 'The term will last for a period of 3 years'.
TTD is negotiating with other public sector banks for better terms with an offer to make more such Gold deposits. The 3-year short term Gold Monetisation Scheme helps Temples to redeem the gold deposits. TTD demands the deposits under medium & long term schemes of Gold Monetisation Scheme should be permitted to redeemable in gold.