With fixed Deposit rates going south, NCDs are instruments who carry higher rates than Bank FDs & even corporate FDs. So, what is NC or non-convertible debentures? Is NCD a good investment? Is there risk in investing in NCD? Can this risk be minimized? How should you select an NCD to invest? Here are the details. NCD or Non-Convertible Debentures are long-term financial instruments like fixed deposits issued by a company for a specific tenure. The NCD carries a promise to pay fixed interest to the investor. What is NCD or Non-Convertible Debentures? Debentures are of two types, namely