They stand for Growth and Dividend plans respectively. Which one you go for depends on your situation:
Long term growth - go for Growth Plan. Long Term Capital Gains in equity is 10% and in Debt Funds tax after indexation benefit is extremely low, making it better than FD.
Need income flow - go for Dividend but be mindful of tax implication. Dividend Distribution Tax of 10% in Equity Funds and 28% in Debt Funds.
Go only for Direct Plans. Look for those words in the scheme you invest in.
Consult a SEBI Registered Advisor to ensure no bias in selection.