Non-Convertible Debentures (NCDs) are fixed-income investment instruments issued by companies to raise long-term capital. Unlike convertible debentures, NCDs cannot be converted into equity shares and offer investors a predetermined rate of interest for the investment period. They are a preferred choice for those seeking regular income with relatively predictable returns.

 NCDs are available in both secured and unsecured forms and may offer monthly, quarterly, annual, or cumulative interest payout options. Investors should carefully review the issuer's credit rating, tenure, interest rate, and associated risks before investing. While NCDs can provide attractive returns compared to traditional fixed deposits, they are subject to market and credit risks. Always read the offer document and consult a financial advisor to ensure the investment aligns with your financial goals and risk profile.