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A commercial "I.O.U", usually issued by a commercial bank. It is a certificate representing a deposit usually of at least R100 000 which entitles the holder to a rate of annual interest and the return of their capital on a specified date. NCDs are traded in the money market. The disadvantage of NCD's is that your capital is locked up for the life of the certificate, but the return is usually higher than on other fixed interest securities.