Does NCD expire?

Every NCD has a maturity date.

NCDs are long-term fixed income investment instruments that mature after a period of more than 1 year to 20 years. NCDs cannot be withdrawn before maturity unless an NCD is listed or has a call or put option attached to it.

Listed NCDs can be traded like shares on the stock exchange. If an NCD holder wishes to exit the NCD early, he/she can sell it on the secondary market. If an NCD has a call or put option, either the company buys back the NCD before maturity or the NCD holder can redeem the NCD before maturity.

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