Futures are contracts to agree on a price now but buy at a later date (expiry date). This comes with obligation with rights to buy & sell.
Only a caution deposit is paid but shares have to be bought in lots specified by the exchange.
Settlement happens on the expiry date but profits can be realised on daily basis (MTM).
Options are similar to Futures but instead of a caution deposit, the buyer pays a premium based on demand & supply.
In Options, buyer gets the right with no obligation to buy and the seller gives the right with obligation to sell.
A seller receives the premium & the Buyer pays the premium.
A Call Option is chosen when u buy now and sell later (expecting the price to move up).
A Put Option is chosen when u sell now and buy later (expecting the price to move down).
Settlement happens on the expiry date but the contract can be squared anytime before that date.