hi anshul,
the onedrive for business library is a part of the sharepoint online service.
for the default retention policy, please refer to the following info:
default retention policy in exchange online and
exchange server

for other questions, i will do some consulting and update here.
updates:
1) the sharepoint backup frequency of 12 hours that you mentioned, is for incremental back or full back up?
in the cloud, we are focused on exceeding our sla by designing and building services that are redundant and resilient. by delivering services with always on/always replicating architecture, the terms of incremental or full back
up are more of a legacy from the world of it. this explains why the requested information on backup strategy is not publicly available although we do mention on the backup frequency on the article below. to learn more about our sla policy please visit the
office trust center.
https://technet.microsoft.com/en-us/library/sharepoint-online-service-description.aspx
2) what is the backtype and back up frequency and retention period for one drive? is it same as sharepoint or different?
yes, to be specific i am referring to onedrive for biz. onedrive for biz is a doc library in a sharepoint site (personal site), this will follow spo’s backup/recovery strategy.
3) what is the backtype and back up frequency and retention period for exchange (emails)? is it same as sharepoint or different?
the days where a backup is run daily, weekly, monthly and the tape is sent offsite for storage were over. office 365 is a large scale cloud service that is designed and built to be redundant and resilient, the same was described
on item#1 above. an admin should now focus on how to perform data recovery instead of how backup on o365 infrastructure operates.
4) i read your article about "backing up email in exchange online" and understand that one can manually configure the retention period but what is the default retention period?
retention policy is just one of recovery option available to admin. please refer to the article below on how to configure retention age as admin. my suggestion if you are new to setting retention policy, put into consideration
on using the best practice during your implementation as it may have an impact to your organization. you can start a new thread to us for our moderators to further assist you in this topic.
https://technet.microsoft.com/en-us/library/dd297955(v=exchg.150).aspx
regards,
felix