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TTD deposits 2,780 kilos of gold with SBI
The TTD deposited 2,780 kg of gold with the State Bank of India (SBI) under Long Term Gold Deposit Scheme. SBI CGM (Amaravati Circle) Mani Palvesan handed over the certificates for the same to Additional FACAO O Balaji in his chamber in TTD administrative building here.
Tirupati: The TTD deposited 2,780 kg of gold with the State Bank of India (SBI) under Long Term Gold Deposit Scheme. SBI CGM (Amaravati Circle) Mani Palvesan handed over the certificates for the same to Additional FACAO O Balaji in his chamber in TTD administrative building here.
Speaking on the occasion, the CGM expressed his pleasure to be associated with TTD, who has been one of the biggest clients of SBI. In the wake of Gold Monetisation Scheme announced by the central government, TTD has taken a decision to convert its gold deposits under Short Term Gold Deposit Scheme to Long Term Gold Deposit Scheme in February 2017.
The 2,075 kg of gold deposit has been converted into Long Term Deposit Scheme at a rate of 2.5% per annum for a period of 12 years from the date of investment.
Apart from this, the gold which was handed over to Mumbai Mint in May 2017, was converted and refined into pure gold of 705 kg which was received by TTD from Mint, was also deposited under Long Term Gold Deposit Scheme for a period of 12 years at 2.5% interest in SBI, taking the total gold deposits to 2,780 kg for which the SBI has now handed over the certificates to TTD. Bank GM RV Deshpande, DGM Kulkarni and AGM Madhu Mohan Patro were also present.
