Principal-protected MLD and non-principle-protected MLD are the two forms of MLD. They typically demand a minimum investment of Rs 25 lakh and more, and they are provided for terms of 13 months to 60 months. MLDs do not pay any regular income, in contrast to bonds, which might pay a fixed interest either monthly, quarterly, half-yearly, or annually. An MLD only pays you when you reach maturity. Investors choose investment choices that give high returns while controlling risks and liquidity. Debentures are long-term financial instruments that a corporation issues for a set period of time with the guarantee to pay the investor a present interest rate. Debentures come in two different varieties: convertible and non-convertible (NCD). Debentures that cannot be converted into stock or other securities are known as non-convertible debentures (NCD). The company issuing the NCD determines the NCDs interest rate.