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Held exclusively by Banks, Corporates, HNIs and other large financial institutions up until now, we’ve opened up the fixed income investment market to individual investors like you
Invest in Bonds

Why Invest in Bonds

As soon as one starts earning, you would have heard elder family members saying that a good portion of your portfolio must be invested in FDs for Safety and Liquidity. A sign that the individual is capable of managing his finances and can save for long-term goals. While they are right about investing a portion of your portfolio into Riskless Liquid Investments- FDs might not be your best bet today.

During the 90s, the FD rates were around 13%. Hence FDs were lucrative. But since then we’ve seen a steady fall, and the current FD rates have plateaued to approximately 5.6% (for a duration between 1 year to 10 years).

Apart from failing interests, there are some other problems with FDs as well:

    1. Contrary to popular belief, FDs are not Risk-Less.

      Under the Deposit Insurance and Credit Guarantee Scheme of India, only fixed deposits up to 1 lakh (Proposed by FM to be increased to 5 Lakh) are insured. So, in case of an unforeseen circumstance, you will only receive this amount back, and not your complete invested amount with interest. So, while banks have made it easy to open online fixed deposits and have multiple fixed deposit accounts, little has been down to safeguard your investment. And you’ve seen what went happened with PMC Bank, Yes Bank, Sri Gururaghavendra Sahakara Bank Niyamitha Bank in Bengaluru. All things pointing in one direction -> FDs are not Risk-Less.

    2. FD renewals and pre-mature withdrawals are both detrimental

      One of the primary reasons why we keep some of our money in FDs is that they can be broken/money can be withdrawn whenever required. However, most banks have pre-closure charges for breaking a fixed deposit before it matures and don’t offer the same interest rate if the deposit is not held for the full term. This means that your investment has actually lost money. The same holds true for renewals as well. It’s customary for individuals to renew fixed deposits without analysing the profits made during the initial tenure. Moreover, with the reducing FD rates, it’s likely that you’re reinvesting your money for lower returns than before.

    3. In the long run Inflation rates beat Interest rates

      Inflation rates in India are at an average of 5%, and the current rate of interest on fixed deposits post-tax (assuming taxation rate of 25%) is less than 4.5% and hence earnings from fixed deposits after deducting tax cannot beat inflation in the long-run. Further, major expenses of the future like health, education, real-estate investments, will only be higher than present-day rates. So, Investors need to carefully assess these factors and invest in appropriate asset classes to be able to beat inflation.

So, I understand but I want a Fixed Income and I don’t like Life Insurance Policies because of their complexities and Terms & Conditions, so where should I invest?

Advantages of Bonds

Today, it is better to invest in Bonds rather than FDs. Let me tell you why:

  1. Bonds are Stable Fixed Income Securities

    Bonds are predictable. You know how much interest you can expect to receive, how often you'll receive it, and when your principal (the bond's face value) will be repaid (maturity date).Bonds are steadier than stocks (which can fluctuate wildly short-term). Nervous investors usually sleep better by buying bonds instead of equity investments.

  2. Bond Interest rates are higher

    FD rates are lower than bond interest rates. Banks have to maintain CRR (Cash Reserve Ratio) as per regulations laid down by the central bank. The banks must reserve a portion of capital received via FDs; entire capital cannot be lent out. This reserved capital can be utilized to supply closures (or pre-closures) in FD. Such constraints are not there on banks on the capital that is raised via bonds. Hence bond rates are higher than FD rates.Bonds are tradable; hence you can sell when interest rates increase, resulting in capital gain. FDs are not tradable, and they come with fixed lock-in. The investor has to pay the penalty on premature closure of FD. Both FD and bonds fall into the category of low-risk securities.

  3. Bonds may provide Tax Advantages

    While the income on FDs & interest on bonds are both taxable at your slab rates, with bonds the difference is that if one sells the bond after a holding period of 1/3 years(Depending upon whether the bond is listed or unlisted) but before maturity, at a premium then he/she may enjoy a tax advantage since the gains will be taxed as long term capital gains @ 10%/30% (Depending upon whether the bond is listed or unlisted).

Risks in Bond Investment

Bonds are considered a safe haven, but bonds do come with a couple of risks. So, now let’s talk about them.

The term “Risk in Bond Investment’’ sounds like an oxymoron. Because once we hear the word “Bonds”, what comes to our mind is: bonds are debt investments, they give fixed returns and are safe. Nevertheless, bonds do come with a couple of risks. Let’s get aware of them and learn a few simple strategies on how to mitigate them. If you are not sure of terminologies used in the Bond market you may refer our blog here - ‘The ABC of Bonds’.

In the bond market, risk of not getting interest payments/principal amount back on your investment is termed as “Credit Risk” 

Credit Risk:

One of the key risks of investing in Bonds is the risk of facing non-payment of interest or principal or both by the Bond issuer. This loss to the bond buyer is called the credit risk. It can happen if the bond issuer runs into financial trouble and is incapable of paying. Hence, while picking up bonds, it is especially important to invest in entities that have sound financial performance. 

Resolution for credit risk: Go for “AAA” rated bonds, these bonds are less risky than other lower-rated bonds. 

Interest Rate Risk:

First and foremost, please note: Bond prices and interest rates are inversely proportional.

Interest Rate Risk is the risk of getting a lower sell price than the price at which the bondholder bought the bonds in the first place. Different factors influence Interest Rates i.e. Monetary Policy, Inflation, and the strength of the economy. If interest rates increase the price of the bond decreases. At this time if the investor wants to sell the bonds, he/she has to sell at a discount price. 

However, the flip side is that, if the interest rates in the economy decrease, the selling price of bonds will increase. At such a time, an investor can make capital gains by selling his bonds at a premium to his buy price.


Let’s assume you are holding bonds issued by XYZ company at a purchase price of 100. At this time, the interest rates in the market are 7%.

Case 1: Now if interest rates increase to 8 %, bond price will fall in the market, to say 99. Then if you sell the bonds, you will lose ₹ 1 per bond.

Case 2: If the interest rate falls to 6%, then the bond price can increase to, say ₹ 101. Then if you sell the bonds, you will earn capital gains of ₹ 1 per bond. 

Liquidity Risk:

Liquidity is the ease of selling off a bond in the market and getting cash in return. This risk of monetary loss due to a smaller number of buyers/ low demand for a given security is termed as Liquidity Risk. 

Note: Liquidity risk arises only when you want to sell off the bond before it matures. Factors that influence liquidity risk are:

  • Demand 
  • Market Price 
  • Associated Risk 
  • Lack of information 

One major factor that triggers liquidity risk is ‘Lack of information’ on the demand side. When a seller is unaware of the number of buyers looking to buy bonds, we can say he is unaware of demand and may develop a misconception of low demand.  He then agrees to sell the bonds at a discount price.

Way out: Innovation in technology can mitigate this liquidity risk. For Listed Bonds one can check the last traded price by searching the ISIN of the bond over BSE/NSE’s Website and for unlisted bonds, websites like ours can connect buyers and sellers.

So, I want to invest in a bond instrument.

I don’t like the low interest rates of FDs.

But I don’t want to take unnecessary risk.

What should I do?

Buy a Bond and use the Hold to Maturity Strategy (HTM). If you plan to hold bonds till maturity, Liquidity risk and Interest rate risk will not come into picture. Liquidity risk can be handled efficiently with the help of the latest connective technological innovations and players like we ourselves. So here, if you hold the bonds till maturity the only risk you take is Credit Risk i.e. If the issuer is financially sound and makes payments on time, you will get your money back on maturity.

Upgrade to fixed income investments with Richfield Fintech. Held exclusively by Banks, Corporates, HNIs and other large financial institutions up until now, we’ve opened up the fixed income investment market to individual investors like you.

Taxation of Bonds

Listed debentures and bonds * More than 12 months Gains shall be taxed as per normal slab rates Gains shall be taxed @ 10% without indexation
Unlisted debentures and bonds * More than 36 months Gains shall be taxed as per normal slab rates Gains shall be taxed @ 20% with indexation

Bonds Available to Purchase

Shriram Transport Finance Company Limited

Shriram Transport Finance Company Limited (STFC) was established in 1979 and has a long track record of over three decades in the commercial vehicle financing industry in India.

Total Annual RevenueFY 19: ₹15,529 crores
Year of Inception1979
IndustryNBFC Retail
Head OfficeMumbai
Type of IssuerCorporate
Business SectorN/A
Current MD/CEOUmesh G. Revankar
The South Indian Bank Limited

One  of the earliest banks in South India - came into being in 1929 during the Swadeshi movement.
1st among the private sector banks in Kerala to become a scheduled bank in 1946.
Pan-India presence over 30 States/Union Territories through network of 857 branches, 53 Extension Counters, 1,407 ATMs and 7,855 employees.
High constitution of NRI deposits of over 27% of the total deposits and CASA of 24.3%.
1st bank in the private sector in India to open a currency chest on behalf of the RBI in April 1992.
1st private sector bank to open a NRI branch in November 1992.
1st private sector bank to start an Industrial Finance Branch in March 1993.
3rd largest branch network among Private Sector banks in India, with all its branches under Core Banking System.
Strong Capital Build-up - IPO in October 1998, rights issue in September 2004, follow on public offering in FY 2005-06, QIP in FY 2007-08, bonus shares in FY 2008-09, QIP in FY 2012-13, rights issue in FY 2016-17.
As on 31-Dec-2018, paid up equity share capital stood at Rs. 180.97 crores and Share Premium at Rs. 1,553.39 crores.
As on 31-Dec-2018, the Bank had Deposits of Rs. 77,665 crores, Advances of Rs. 60,064 crores and Investments of Rs. 18,926 crores.

Total Annual RevenueFY 18: ₹6,193 crores
Year of Inception1929
IndustryPrivate Sector Bank
Head OfficeThrissur
Type of IssuerCorporate
Business SectorN/A
Current MD/CEOV.G. Mathew
Indusind Bank Limited

IndusInd Bank was founded on 17 April, 1994, in Mumbai by Mr. S.P. Hinduja (chairman of the Hinduja Group).
The Bank started their operations with a capital amount of Rs 1,000 million among which Rs.400 million was raised by the Non-Resident Indians.
Its primary objective at the time of establishment was to serve the Non-Resident Indian (NRI) community.

Its products and services include:

  • Credit Cards
  • Consumer Banking
  • Corporate Banking
  • Finance and Insurance
  • Mortgage Loans
  • Private Banking
  • Wealth Management
  • Investment Banking


  • Golden Peacock Award for Special Recommendation – Sustainability (2014)
  • Asian Sustainability Leadership Award for Best Rural Outreach (2014)
Total Annual RevenueFY 18: ₹17,281 crores
Year of Inception1994
IndustryPrivate Sector Bank
Head OfficeMumbai
Type of IssuerCorporate
Business SectorN/A
Current MD/CEOSumant Kathpalia
The Karur Vysya Bank

One such Bank - Karur Vysya Bank - was set up in Karur in 1916 by two great visionaries and illustrious sons of Karur, the Late Shri M A Venkatarama Chettiar and the Late Shri Athi Krishna Chettiar to provide financial support to the traders and agriculturists in and around Karur, a textile town in Tamil Nadu.

The bank has grown from strength to strength to emerge as one of the leading banks in the country. The bank is professionally managed by the Board of Directors who, with their vision, experience, knowledge and business acumen guide the bank.

The Bank has spread its wings across the country with 782 branches in 20 States and 3 Union Territories.

In 2003, the bank was rated seventh in the study of top 50 banks in India, conducted by Business Standard.

KVB has consistently maintained strong fundamentals, generating profits and rewarding its stakeholders with handsome dividends since inception. The Bank meticulously conforms to all the prudential norms and exacting statutory regulations.

As on 31-Dec-2018, the Bank had Deposits of Rs. 58,624 crores, Advances of Rs. 47,766 crores and Investments of Rs. 16,205 crores.

Total Annual RevenueFY 18: ₹5,700 crores
Year of Inception1916
IndustryPrivate Sector Bank
Head OfficeKarur
Type of IssuerCorporate
Business SectorN/A
Current MD/CEOP.R. Seshadri
Punjab National Bank

PNB is India's first swadeshi bank that started operations in 1895 and was established as the first bank purely managed by Indians with Indian capital. The bank enjoys a steady growth and customer base, with domestic business crossing a milestone of 10 lakh crores and 62% of its branches in rural and semi-urban areas.

Punjab National Bank is currently focusing on a transformational exercise for Business Excellence to enhance Efficiency, Productivity, and Profitability for long-term sustenance and giving the Bank an edge over its competitors.

Branches: 6,937 branches and 10681 ATMs across 764 cities.

Total Annual RevenueFY 18: ₹47,996 crores
Year of Inception1895
IndustryPrivate Sector Bank
Head OfficeNew Delhi
Type of IssuerPSU
Business SectorN/A
Current MD/CEOSunil Mehta
Cholamandalam Investment and Finance Co.

Cholamandalam Investment and Finance Company Limited (Chola) was incorporated in 1978 as the financial services arm of the Indian conglomerate Murugappa Group. The current Chairman is Mr. M. B. N. Rao.

The Murugappa Group was founded in 1900. The group owns several businesses in areas such as Bicycles, General Insurance, Fertilizers, Abrasives, Automotive chains, Car Door Frames among others.

Chola offers financial services such as:

  • Vehicle Finance
  • Home Loans
  • Home Equity Loans
  • SME Loans
  • Investment Advisory
  • Stock Broking

Subsidiaries of Chola include:

  • Cholamandalam Securities Limited (CSEC)
  • Cholamandalam Distribution Services Limited (CDSL)
  • White Data Systems India Private Limited (WDSI)

Number of Branches: 858 across India
Customer Base: 8,00,000+
Number of Employees: 32,000

Total Assets: ₹30,721 Cr* (as of March, 2017)

Total Annual RevenueFY 18: ₹5,425 crores
Year of Inception1978
IndustryNBFC Retail
Head OfficeChennai
Type of IssuerPSU
Business SectorN/A
Current MD/CEON Srinivasan
PNB Housing Finance Limited

PNB Housing Finance Limited is a subsidiary of Punjab National Bank. Punjab National Bank is the second-largest Public Sector Bank in India with its asset more than 77 thousand crores.
PNB - HFLs AUM (Asset Under Management) is more than 60 thousand crores. Products: Home Loans, Home Improvement Loans, Home Construction Loans, Plot Loans, Home Extension Loans, Land Loans, Loan Against Property, Lease Rental Discounting, Fixed Deposits.
Promoters of the company hold 76% of shares, and the company and public own 24 % of shares.
PNB - HFL operates in 60 locations, with 84 branches. The top credit rating companies in India have assigned A grade or above to most of the securities issued by PNB - HFL.

Total Annual RevenueFY 18: ₹7,481 crores
Year of Inception1988
Head OfficeNew Delhi
Type of IssuerPSU
Business SectorN/A
Current MD/CEONeeraj Vyas
Bank of Baroda

Bank of Baroda (BOB) is an Indian state-owned banking and financial services company founded by Maharaja Sayajirao Gaekwad III on 20 July, 1908 in Vadodara, Gujarat.
It was one of the 14 banks to be nationalized on 19 July, 1969, designated as a profit-making public sector undertaking (PSU).
The Government of India holds 64.03% of total shares in the bank.

Its financial products include:

  • Car Loans
  • Credit Cards
  • Debit Cards
  • Education Loan
  • Fixed Deposit
  • Gold Loan
  • Home Loan
  • Loan Against Property
  • Personal Loan
  • Savings Account

Over the years, BOB has merged with as many as 10 banks.

Number of Branches: 5,558 (Including 107 overseas branches)
Number of Employees: 52,420*
Total Assets: Rs. 694,875.42 Crores*
*As of 2017


  • Agricultural Banking – Large Class award in the ASSOCHAM social banking excellence awards (2017)
  • Best Public Sector Bank Award at the Dun & Bradstreet Banking Awards (2015)
Total Annual RevenueFY 18: ₹52,906 crores
Year of Inception1908
IndustryPublic Sector Bank
Head OfficeVadodara
Type of IssuerPSU
Business SectorN/A
Current MD/CEOP.S. Jayakumar
State Bank of India

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company.
It traces its establishment to the Bank of Calcutta founded on 2-June, 1806, through the Imperial Bank of India, making it the oldest commercial bank in the Indian subcontinent.
The Government of India holds 57.46% of total shares in the bank.
On 1-April, 2017, it merged with five of its associate banks, namely: State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore; along with the Bharatiya Mahila Bank, to record the first ever large-scale consolidation in the Indian Banking Industry.
Due to the merger, it became one of the 50 largest banks in the world.

Number of Employees: 2,09,567*
Number of Branches: 24,000+
*Based on data as of 2017


  • Best Bank in AsiaMoney FX Poll of Polls (2014)
  • It won 7 awards at the Indian Banks’ Association (IBA) Banking Technology Awards (2014) including Best Internet Bank and Best Customer Management among others.
Total Annual RevenueFY 18: ₹2,28,970 crores
Year of Inception1921
IndustryPublic Sector Bank
Head OfficeMumbai
Type of IssuerPSU
Business SectorN/A
Current MD/CEORajnish Kumar
Axis Bank

Currently the third largest bank in India, Axis Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. Axis Bank is one of the first new generation private sector banks to have begun operations in 1994. Today, the company has operations spread across 10 international offices and 2900 branches in India and focuses on corporate lending, trade finance, investment banking and others in the international market. 

Chairman: Shri S. Vishvanathan
2,900 branches

Total Annual Revenue₹54,986 crores
Year of Inception1993
IndustryPrivate Sector Bank
Head OfficeMumbai
Type of IssuerCorporate
Business SectorN/A
Current MD/CEOAmitabh Chaudhry
Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Ltd was founded in the year 1991 and it is headquartered in Mumbai. It is an NBFC specialized in vehicle finance. Its parent company is Mahindra & Mahindra an Indian MNC leading manufacturer of cars and tractors.
Financial services offered by Mahindra & Mahindra are the financing of passenger vehicles, utility vehicles, tractors, commercial vehicles, construction equipment, and pre-owned vehicles and SME finance. SME finance includes project finance, equipment finance, working capital finance, and bill discounting services to SMEs.
It takes pride in setting up 1,300 offices, serving more than 3 lakh customers, and employment to more than 35,000 people. Mahindra & Mahindra FSLs AUM (Asset under Management) has been more than ₹65 thousand crores.

Total Annual Revenue₹10,429 crores
Year of Inception1991
IndustryNBFC Retail
Head OfficeMumbai
Type of IssuerCorporate
Business SectorN/A
Current MD/CEOC B Bhave
Bajaj Finance Limited
Total Annual Revenue₹17,384 crores
Year of Inception1987
IndustryNBFC Retail
Head OfficePune
Type of IssuerCorporate
Business SectorN/A
Current MD/CEOSanjiv Bajaj
Manappuram Finance Limited

Manappuram Finance being an NBFC, has its existence since 1949 as a pawnbroker in Valapad (Thrissur District, Kerala). Late V.C. Padmanabhans father of current MD and CEO Shri. V.P. Nandakumar. Manappuram Finance Limited was incorporated in the year 1992. Today Maappuram Finance Limited has made a presence in 28 states in India and operates via more than 4000 branches. More than 27000 employees are associated with Manappuram Finance.
Manappuram Finance is specialized in Online Gold Loan, Gold Loan, Forex & Money transfer, SMS Finance, Commercial Vehicle loan.
In the fiscal year 2018-19, its earned a profit of 920 crores (Profit after Tax) and the profit Y-o-Y.
Manappuram Finance is not only a business pioneer but also a socially responsible organization; hence it has established the Manappuram Foundation and Manappuram Academy to fulfill the educational and medical needs of society.

Total Annual Revenue₹4,116 crores
Year of Inception1949
IndustryNBFC Retail
Head OfficeThrissur
Type of IssuerCorporate
Business SectorN/A
Current MD/CEOV.P. Nandakumar
ICICI Bank Limited

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its group companies.
In 2014, it was the second largest bank in India in terms of assets and third in term of market capitalization. ICICI Bank has received the Best Retail Bank in India’ award at the Asian Banker International Excellence in Retail Financial Services Awards 2016, winning this award three years in a row.
ICICI Bank has 4,867 Branches and 14,367 ATMs across India.

Total Annual Revenue₹62,162 crores
Year of Inception1994
IndustryPrivate Sector Bank
Head OfficeMumbai
Type of IssuerCorporate
Business SectorN/A
Current MD/CEOSandeep Bakhshi
HDFC Life Insurance Limited

HDFC Limited and Standard Life Aberdeen jointly established HDFC Life Insurance Company Limited in 2000. HDFC Limited is a housing finance institution, and Standard Life Aberdeen is a global investment company. HDFC Limited was founded in 1977 by Hasmukhbhai Parekh.  More than 2500 employees work in HDFC Limited, and the total asset value is around ₹729,814.93 crore (2020).
HDFC Life Insurance has set up 420 branches to meet the needs such as Protection, Pension, Savings, Investment, Annuity, and Health. HDFC Pension Management Company Ltd. is a wholly-owned subsidiary of HDFC Insurance established in 2012 to operate a pension scheme. In 2016, the first international wholly-owned subsidiary was established in the UAE, known as HDFC International Life and Re Company Ltd.

Total Annual Revenue₹29,729 crores
Year of Inception2000
Head OfficeMumbai
Type of IssuerCorporate
Business SectorN/A
Current MD/CEOVibha Padalkar
Piramal Enterprises Limited

Piramal Enterprises Limited is the biggest company in the Piramal Group. Earlier it was known as Piramal Healthcare, and in the year 2012, it was renamed as Piramal Enterprises Limited. It has made its presence in the Financial Services and Pharmaceuticals.
PEL provides financing solutions in wholesale and retail funding opportunities across sectors such as real estate and infrastructure, renewable energy, hospitality, logistics, industrials, auto components, etc. The Pharma division of PEL has manufacturing units in 14 countries and distribution across 100 countries. In the financial year 2020, PELs consolidated revenue was more than ₹12,000 crore. 

Total Annual Revenue₹13,068 crores
Year of Inception1984
Head OfficeMumbai
Type of IssuerCorporate
Business SectorN/A
Current MD/CEOAjay Piramal
HDFC Bank Limited

Housing Development Financial Corporation (HDFC) Bank Limited is an Indian banking and financial services company founded on August 1994 in Mumbai, Maharashtra.
It is the largest private sector bank in India by market capitalization.
It has taken significant strides in involving technology in the banking industry. One such example is Project AI, where the bank intends to deploy robots in select branches to assist customers with services such as: Cash Withdrawal/Deposit, Forex, Fixed Deposits and Demat Services.

  • Number of Employees: 84,325
  • Number of Branches: 4,715
  • Overseas Presence: Bahrain, Hong Kong and Dubai
  • Total Assets: Rs. 863,840 Crore*
  • *Based on data as of 2017


  • Business Today India’s Best Banks Awards - Best Bank of the Year (2018)
  • Business Today India’s Best Banks Awards - Best in Innovation (2018)
  • Dun & Bradstreet BFSI Awards – India’s Leading Bank, Private Sector (2018)
Total Annual Revenue₹80,241 crores
Year of Inception1994
IndustryPrivate Sector Bank
Head OfficeMumbai
Type of IssuerCorporate
Business SectorN/A
Current MD/CEOSashidhar Jagdishan
Indian Oil Corporation Limited

Indian Oil Corporation Limited is a PSU company, 52% of its stake is owned by the Government of India. It was founded in 1959; it is headquartered in New Delhi. Its major products are Petroleum, Natural gas, Petrochemicals, and it is serving in India, Sri Lanka, the Middle East, and Mauritius. More than 30,000 employees are working in Indian Oil Corporation Limited.
For two consecutive years, i.e., 2017 and 2018 Indian Oil Corporation Limited became the most profitable state-owned company in India. It is ready to launch Bharat Stage VI fuels in all its retail outlets in Telangana. Shrikant Madhav Vaidya is the present Chairman of Indian Oil Corporation Limited.

Total Annual Revenue₹5,76,588.94 crores
Year of Inception1959
Head OfficeNew Delhi
Type of IssuerCorporate
Business SectorN/A
Current MD/CEOShrikant Madhav Vaidya

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