Wondering what domain name redemption period meaning is? Well, it's simply the status that most TLDs (.com, .net, .org, .biz, .info, etc.) enter if they are not renewed in time. It is the last stage of life cycle of a domain name when the owner of a domain name can redeem an expired domain name.
Once your domain name expires, you will have a non-guaranteed 27-day expiration grace period after the actual expiration date during which you can renew domain, i.e., reactivate the domain name at the regular domain price. The actual grace period can be different for each individual domain name registrar and domain name extension.
If you do not renew the domain within this grace period, it may be placed into auction for a week. If not sold ( the domains are seldom sold at auctions), it enters a "redemption period" at the Registry.
In order to reinstate it at this stage, there is a $200 redemption fee plus a regular renewal cost for the domain (you can check it here), if domain is registered at Namecheap.
If the domain is not re-instated at this stage within 41 days (domain redemption period length), it enters a PendingDelete status at the Registry. On the 6th day, the domain in question would be released to the public for re-registration.
Normally, generic TLDs get released to the public approximately 80-85 days after the expiration date *if not* auctioned off.
Once a domain name is released to the public, anyone can re register it and the registration is carried out on a first come, first served basis.
Redeeming a domain is more time consuming and complicated than if the domain was renewed during the first 30 days of expiration. For this reason, it’s important to keep your domain name contact information up to date as attempts are made by domain registrars to email the various contact email addresses on a domain name before the domain expires.
You can check expiration date of a domain name by performing Whois Lookup via any Whois Lookup tool in the web. You can try: http://whois.icann.org/en
NB : You can check the domain redemption fee at godaddy and other domain registrars via the domain pricing page of their websites.