What are Put and Call Option in NCD?

In a call option NCD, the power of redeeming the NCD resides with issuers as they can withdraw anytime before maturity As these NCD favours the issuers, it offers a higher rate of returns to the investors.

In a put option NCD, the power of redeeming anytime is in favor of investors. This NCD offers a lower rate of returns than the NCD with a call option.