Clarification on TTD Gold Deposits

Tirumala, 18 Oct. 20: At the outset, there is a misleading and malicious statement reported by a section of media on TTD gold deposits. Keeping the Gold, under Gold Deposit Schemes with Public Sector Banks, is carried out by TTD since more than one and a half decades.

 

The TTD Trust Board has resolved to keep the Gold under Gold Monetisation Scheme of the Central Government so as to earn interest at 2.5%, which is fixed by the Central Government under the said Scheme.

 

The State Bank of India is the Primary Bank, which undertakes the Gold Deposits under Gold Monetisation Scheme in a big way, which was announced by the Central Government in 2015. Even at present, many banks are not actively coming forward to undertake the long term gold deposit in bulk quantity.

 

State Bank of India is one of the renowned Public Sector Undertaking Banks in the country. TTD is depositing gold with State Bank of India since more than a decade. TTD holding Gold Deposits of around 7800 kgs with SBI reiterates the fact of long standing banking relationship of TTD with the bank. Even in the 7800 kgs of Gold deposits, the State Bank of India is holding around 4470 kgs since 2017, 920 Kgs since 2018, 1380 kgs since 2019 and the balance is from 2020.

 

There is no hidden agenda by TTD in making gold deposit with the State Bank of India as the Indian Overseas Bank has not accepted to take it under Long Term Gold Deposit Scheme and informed TTD to return it back. In fact they have requested TTD to give six months time to return the gold and agreed to pay the interest at 2.5%, which TTD otherwise would have earned by placing under long term gold deposit scheme.  In the above circumstances, the same is deposited with State Bank of India.