Madurai, Nov 7: Indian Overseas Bank (IOB) in Madurai launched 'Gold Recurring Deposit" (GRD) scheme. The GRD scheme, according to a press release, will ensure that savings are converted into meaningful investments with the returns being a gold coin, equivalent to the maturity amount.
The minimum amount of deposit is Rs. 250 and in multiples of Rs. 50 or Rs. 100 a month. The deposits could be accepted for a minimum period of 12 months and a maximum of 24 months. The interest rates are as applicable to term deposits and depend on the period of investment.