What is NCD ? Is this a Fixed deposit or a Share ?

NCD is a fixed-income instrument that can be used to raise capital for expansion. It is a non-convertible debenture that cannot be converted to shares later. Investors do not receive a share in the profits or losses of the issuing entities, unlike shares.

Fixed deposits can't be traded on the stock exchange like NCDs. Banks can offer FDs, while public companies can issue NCDs.