0
A demand draft or a draft in short is a monetary instrument that can be considered as equivalent to cash. It is similar to a cheque but with a difference that it is fully safe because the drawer of the draft has to make the payment in order to get the draft. So, the receiver of the draft can be sure that he will get paid for the draft. That is why most schools and colleges expect payment via demand draft for their exam fees, admission fees etc.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What is bank draft?
Bank Draft mean a check drawn by a bank on its own funds in another bank.
How long is a bank draft valid?
there is no time frame or a bank draft, it is valid for as long as you have it.
How does a bank draft work?
A bank draft is a check issued by a bank. It is drawn on the account for a person who has money deposited with the bank. A bank draft is also called a certified check. It is made out to the business or person the customer of the bank needs to pay.
Is bank draft and demand draft same?
yes
What is bank drat?
A Certified Bank Draft refers to a Demand Draft that is signed/certified by an authorized bank official. It means that the Demand Draft is a valid monetary instrument and the money value mentioned in the draft would be paid by the issuing bank to the customer anytime in the near future (3 months before which the Draft expires) and there is no way the bank can refuse payment on it.
What is bank draft?
Bank Draft mean a check drawn by a bank on its own funds in another bank.
Is bank draft and demand draft mean the same?
yes.....
What do you mean by drawn on in the case of a demand draft?
what do u mean by bank drrawn on in demand draft
How do you get the money from Bank Draft?
how do you the money from the bank draft?
What is an example sentence with the word bank draft?
A check is a type of bank draft. The Savings and Loan issued a bank draft to cover the amount. They sent a bank draft to the utility company.
Differnce between documents against acceptance and documents against payment?
DOP will mean that the instructions by an exporter to a bank that the documents attached to the draft for collection are deliverable only after his or her payment of the draft. DOA will mean that the instructions by an exporter to a bank that the documents attached to the draft for collection are deliverable after his or her acceptance of the goods.
How long is a bank draft valid?
there is no time frame or a bank draft, it is valid for as long as you have it.
How long does a bank draft take to clear?
How long it takes for a bank draft to clear depends on where the back issueing the draft is located and where the draft is submitted for deposit.
How does a bank draft work?
A bank draft is a check issued by a bank. It is drawn on the account for a person who has money deposited with the bank. A bank draft is also called a certified check. It is made out to the business or person the customer of the bank needs to pay.
What is international certified bank draft?
An international certified bank draft is simply a check guaranteed, and issued from a foreign bank. The certified bank draft should be easier to cash than a personal check.
What does certified bank draft means?
A Certified Bank Draft refers to a Demand Draft that is signed/certified by an authorized bank official. It means that the Demand Draft is a valid monetary instrument and the money value mentioned in the draft would be paid by the issuing bank to the customer anytime in the near future (3 months before which the Draft expires) and there is no way the bank can refuse payment on it.
Is bank draft and demand draft same?
yes
