TIRUPATI: Tirumala Tirupati Devasthanams (TTD) had deposited 493.702 kilograms of gold with Indian Overseas Bank (IOB) here Friday. The gold was donated by devotees in various forms and means (including srivari hundi) and in accordance with the TTD Board Resolution dated September 3, 2011.The gold will be taken to Government Mint in Mumbai, where it will be smelted and purified, after which it will be converted into gold bars. TTD estimates that after purification, the gold would come up to 339 kg.IOB will be bearing the entire cost of transport, security, insurance, smelting and purification. The bank will pay 1.61 per cent interest on the gold deposits. The agreement between IOB and TTD is for five years. As of today, TTD's gold deposits with IOB stands at 1,015 kgs.The gold deposits were handed over to IOG general manager PS Srinivasa by TTD financial adviser K Bhaskar Reddy in presence of additional FA and CAO O Balaji, IOB officials and TTD officials.
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