1️⃣ Secured NCD

* कंपनी की assets / property पर charge
* Risk कम, Safety ज्यादा
* Return moderate

Conservative investors के लिए best

2️⃣ Unsecured NCD

* कोई asset security नहीं
* Risk ज्यादा, इसलिए interest ज्यादा

High risk appetite investors के लिए

3️⃣ Listed NCD

* NSE / BSE पर listed
* Secondary market में बेच सकते हैं
* Liquidity better

Liquidity चाहने वाले investors के लिए

4️⃣ Unlisted (Private Placement) NCD

* Exchange पर listed नहीं
* Higher yield मिलता है
* Liquidity limited

HNI / Institutional investors के लिए

5️⃣ Cumulative NCD

* Periodic interest नहीं
* Maturity पर lump-sum payout

Wealth accumulation के लिए

6️⃣ Non-Cumulative NCD

* Monthly / Quarterly / Annual interest
* Regular income source

Passive income investors के लिए

7️⃣ Redeemable NCD

* Fixed maturity date
* Most common type

8️⃣ Perpetual NCD

* Fixed maturity नहीं
* Higher yield
* Mostly banks / NBFC issue करते हैं

Experienced investors only

9️⃣ Fixed-Rate NCD

* Interest rate fixed
* Stable cash flow

Floating-Rate NCD

* Interest rate linked to benchmark
* Rate change हो सकता है
 
Investor Thumb Rules

* Safety चाहिए → Secured + Listed NCD
* High return → Unlisted / Unsecured
* Regular income → Non-cumulative
* Long-term → Cumulative / Perpetual

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