Whenever a particular domain name is not renewed, it will slip into the Renewal Grace Period*. All such domain names would be put on a Temporary Commercial Parking Page, which would indicate that the domain name has expired. During this period, any website and mails associated with the domain name would become non-functional.
After you have renewed the domain name, it could take around 24-48 hours for DNS Propagation to complete Worldwide and the actual website to start resolving properly and mails to be received on the domain name.
If you do not renew the domain name in the Renewal Grace Period, then the domain name will be deleted and the domain name will go into Redemption Grace Period generally (provided there is no back-order for this domain name) and you would get a chance to redeem it. Restoring is very costly, in the range of $70.
* Renewal Grace Period for different domain name extensions
Domain Name Extension | Renewal Grace Period (Days) |
COM and .NET | 40 |
.ORG | 40 |
.BIZ | 40 |
.MOBI | 40 |