IOB launches 'Gold Recurring Deposit Scheme'

Kochi, Oct 3 (UNI) Indian Overseas Bank today launched 'Gold Recurring Deposit Scheme' offering an interest rate of 9.75 per cent for a minimum period of 12 months and up to 24 months.

According to an official release here, the minimum amount of deposit will be Rs 250 and in multiples of Rs 50 or Rs 100 per month. The scheme is available on all IOB branches.

Senior citizens will get 0.75 per cent interest more on their deposit.

On the date of maturity, the depositor will get gold coins worth the maturity amount. After adjusting the cost of gold coins, the balance, if any, will be paid to the depositor, the release said.

Under the scheme, the depositor will also get a concession of Rs 25 per gram on the gold price prevailing in the market as on the date of maturity.

Besides, the depositor will also get personal accident cover of upto Rs one lakh free of cost, the release added.

UNI MA MDG AK BST2015