What are call and put options in NCD?

The call-and-put options in NCD come into play when the issuer company provides the flexibility to the issuer to redeem it before maturity.

The call option NCD allows the issuer company to redeem or buy back the debt instruments from investors at any time before its maturity. However, the put options in NCD gives the right to investors or NCD holders to redeem the money invested in NCD from the company before the date of maturity.