Guaranteed by the bank and can be sold by a third party, but cannot be cashed in before maturity.
An NCD is a fixed deposit receipt which is tradable in the secondary market, which means that the holder of an NCD can sell it to a third party.
An NCD cannot be cashed before maturity.
Floating Rate Notes are investments that have a variable rate benchmarked at a spread against a money market rate.
The foating interest rate is adjusted periodically, but the pread remains constant over the duration of investment.
