If you have chosen to apply for IRFC-REC-PFC Capital Gain Bonds in demat form, you will not receive a physical certificate. Instead the bonds will be reflected as frozen holdings in your demat account. This means that the ownership and details of your IRFC-REC-PFC Capital Gain Bonds will be electronically recorded and accessible through your demat account statement. (Frozen means lock-in section, you can ask the same to your Demat provider)

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Click here for more details about REC Capital Gain Bonds
Click here for more details about PFC Capital Gain Bonds