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The predetermined fixed period of time for each series of the NCD needs to be held by an investor before redemption.

The tenor is a fixed period of time (decided at the time of issuance of NCDs) for which the NCDs need to be held before redemption. NCDs are generally offered with multiple tenors to choose along with corresponding coupon rates. The maturity period or tenor for an NCD can be ranging from 90 days to 20-years.

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