Non-convertible debentures (NCD) are those debt instrument that cannot be converted into equities or shares. The interest rate of NCD depends on the company issuing the NCDs.

Tax-Free Bonds are municipal bonds that are issued by state and local governments to finance public projects.

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Government security is a debt obligation of the federal government. The most common types of government securities are Treasury bills, notes, and bonds. Government securities are backed by the full faith and credit of the U.S. government.Read More:- https://bonds-investment.weebly.com/blog/what-are-govt-securities-a-comprehensive-guide