NCD are known as Non-Convertible Debenture. Its a financial instrument that companies use to raise funds for specific financial goals. NCDs are fixed income instrument with fixed interest rate and maturity date. NCDs are listed on stock exchanges with a unique ISIN number. Through NCDs, based on the terms defined, investors can earn interest at different intervals i.e. monthly, quarterly, annually, or cumulatively. Principal amount is repaid to an investor at the end of the tenure of NCD.