What is DEMAND DRAFT?
Demand Draft which is also called DD. The safest and the oldest way to send money to any bank account is. Today, the usage of Online Banking , mobile banking, NEFT, RTGS and its utility has not ended. For example, even today when you go to deposit your college fees, most organizations take the fees only through the demand draft issued in the name of the institution.
How does a demand draft form?
Viewing demand draft is almost like a bank check. To make a Demand Draft, you have to go to your bank and fill out the DD form and after some time the bank gives you a print of demand draft. In the form of DD, you have to fill in the name of the person or organization that you have made a draft and how much money you have to make, the money is to be filled.
●Differences between Rupay, Visa & Master Card?
●Differences between Rupay, Visa & Master Card?
The bank also takes some service charge (GST) or commission from you to make a demand draft, depending on how much you are making a draft. If you make a draft of more than 50000, then you will also have to provide a PAN number. If your bank has a savings account, then money is deducted from the drafts, but if you do not have an account in your bank, you can also deposit cash in the bank. You can make demand draft.
How does demand draft work?
When we collect the demand draft issued by the name of a person or organization, then the person deposits it to his bank and the money is sent to the account of that benefit by our bank i.e. the issuing bank.
Demand Draft is valid for six months from the date of issue. Some of the numbers below DD are written, which are called DD numbers. Before depositing the demand draft, the dd number should be recorded and kept, because if your drafts are lost or you do not get money in the account of Beneficiary, then this number can be useful if any kind of stalking is done. Where the dd number happens, you can also see it in the picture.
Hopefully you have liked the information given about the demand draft and you have come to know what is a demand draft and how it works. You must tell your suggestion in the comment box.
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Hello This is ASHIF SHEKH.My designation is BACHELOR OF COMMERCE (B-COM) in ACCOUNTS (hons) And i am just 21 year old.I am leaving in kuju Jharkhand INDIA.
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