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Rural Electrification Corporation (REC) is the latest government owned company to come up with secured tax-free bonds. REC is an infrastructure financing company which predominantly funds power transmission and distribution projects. The rates offered by these bonds are attractive especially for investors in the higher tax-bracket.
The bond offers coupon rates of 7.93 per cent and 8.12 per cent for the 10- and 15-year options respectively. Retail investors can earn 0.20 percentage points more by way of interest, on investments of less than or equal to Rs 1 lakh in the public offer.