Thirupathi to deposit 2300 kg gold in PNB
Posted on: 01/Mar/2016 3:42:12 PM
Devotees visiting Tirupathi temple have got the practice of donating money, gold or silver. The cash received in the Hundi will be counted every now and then and deposited in banks. Similarly, the gold donated will also be invested in banks.
The Thirupathi management has now decided to deposit 1300 kg gold in Punjab National Bank for 3 years. The bank will offer an interest of Rs 1.75 percent for this investment.
Amidst this, about 1000 kg of gold is already deposited with State Bank and it is now likely to mature. State bank doesn’t provide interest as cash, but give out as gold itself. On maturity of this deposit, Thirupathi management will deposit this 1000 kg gold in Punjab National Bank. Hence, on the whole, a sum of 2,300 kg of gold is to be deposited in Punjab National Bank.
This being the scenario now, 1400 kg of gold is with the Thirupathi in its original state. This is set to be taken to Mumbai and mold them into bullions. These will then be deposited in Indian Overseas bank.
For this deposit, 1.25 percent interest as gold will be provided. The bank will also bear the expenses for taking the gold all the way to Mumbai, security measures , travel expenses, and insurance. This deposit is likely to benefit the Thirupathi devasthanam with whooping sum.
