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no they r not same.
a demand draft means a bank orders other banks or its branches to pay money to a person whose name have written on draft.it has a long proses.but we can use telephonic or telegraphic transfer too to made this proses easy.
In the other hand ACCORDING TO ME bankers cheque r for loans which one bank borrow from other
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What is the difference between Demand Draft and Bankers Cheque?
A Demand Draft is a banking instrument . In any case, if it is not crossed, it is bearer, meaning thereby that the bearer, anyone who is presenting it to the bank can get it en cashed... Sometimes you might need to get a demand draft (DD) issued for someone. On certain occasions you may get a Banker's cheque instead. Demand Drafts and Banker's Cheques are almost the same.
What is the difference between demand draft and cheque?
The following are the main differences between a cheque and a demand draft: 1. A cheque is issued by an individual, whereas a demand draft is issued by a bank. 2. A cheque is drawn by an account holder of a bank, whereas a draft is drawn by one branch of a bank on another branch of the same bank. 3. In a cheque, the drawer and the drawee are different persons. But in a draft both the drawer and the drawee are the same bank. 4. A Cheque can be dishonored for want of sufficient balance in the account. Whereas a draft cannot be dishonored. Hence there is certainty of the payment in the case of a demand draft. 5. Payment of a cheque can be stopped by the drawer of the cheque, whereas, the payment of a draft cannot be stopped. 6. A cheque is defined in the Negotiable Instrument Act, 1881, whereas a demand draft has not be precisely defined in the NI Act. 7. A cheque can be made payable either to a bearer or order. But a demand draft is always payable to order of a certain person.
Is crossed demand draft is same as account payee demand draft?
yes
Is bank draft and demand draft mean the same?
yes.....
What is different between cheques and drafts?
. MeaningA cheque is an unconditional order directing the banker to pay a certain sum of money only to or to the order of a certain person.A draft is an order to pay money drawn by one office of a bank upon another office of the same bank for a sum of money payable to order on demand.2. FacilityThe current account and saving account holders get a cheque facility.Draft is issued to anyone even to non-account holders.3. PurposeCheques are used to make payments or to settle transactions. There is no certainty of payment in the case of cheques as they can be dishonoured or payment can be stopped.The main purpose of a draft is to transfer money from one place to another or to guarantee the certainty of payment to the payee.4. DrawerIn case of cheque, the drawer is the customer of the bank.In case of draft, the drawer is the bank itself.5. Bank chargesThe bank may not charge for issuing the cheque book.The bank charges a nominal fee or commission to issue a draft.6. DishonourCheques can be dishonoured for various reasons.There is no question of dishonouring of draft.7. Stopping of paymentIn case of cheque, the drawer can ask the bank to stop payment of the cheque even if it is delivered to the payee.In case of draft, the purchaser of the draft can ask the bank to stop payment before the draft is delivered to the payee.8. PopularityCheques are very common and popular mode of payment.Drafts do not enjoy much popularity as compared to cheques.9. ClearanceIn case of cheque, there is a need for clearance.In case of a draft, there is no need for clearance, if DD is drawn on the same bank.10. Parties involvedThree parties are involved in cheque transaction viz., (a) Drawer, (b) Drawee, and (c) Payee.Two parties are involved in draft transaction viz., (a) Drawer, and (b) Payee
What is the difference between Demand Draft and Bankers Cheque?
A Demand Draft is a banking instrument . In any case, if it is not crossed, it is bearer, meaning thereby that the bearer, anyone who is presenting it to the bank can get it en cashed... Sometimes you might need to get a demand draft (DD) issued for someone. On certain occasions you may get a Banker's cheque instead. Demand Drafts and Banker's Cheques are almost the same.
What is the difference between demand draft and cheque?
The following are the main differences between a cheque and a demand draft: 1. A cheque is issued by an individual, whereas a demand draft is issued by a bank. 2. A cheque is drawn by an account holder of a bank, whereas a draft is drawn by one branch of a bank on another branch of the same bank. 3. In a cheque, the drawer and the drawee are different persons. But in a draft both the drawer and the drawee are the same bank. 4. A Cheque can be dishonored for want of sufficient balance in the account. Whereas a draft cannot be dishonored. Hence there is certainty of the payment in the case of a demand draft. 5. Payment of a cheque can be stopped by the drawer of the cheque, whereas, the payment of a draft cannot be stopped. 6. A cheque is defined in the Negotiable Instrument Act, 1881, whereas a demand draft has not be precisely defined in the NI Act. 7. A cheque can be made payable either to a bearer or order. But a demand draft is always payable to order of a certain person.
Difference between cheque and dd?
The following are the main differences between a cheque and a demand draft: 1. A cheque is issued by an individual, whereas a demand draft is issued by a bank. 2. A cheque is drawn by an account holder of a bank, whereas a draft is drawn by one branch of a bank on another branch of the same bank. 3. In a cheque, the drawer and the drawee are different persons. But in a draft both the drawer and the drawee are the same bank. 4. A Cheque can be dishonored for want of sufficient balance in the account. Whereas a draft cannot be dishonoured. Hence there is certainty of the payment in the case of a demand draft. 5. Payment of a cheque can be stopped by the drawer of the cheque, whereas, the payment of a draft cannot be stopped. 6. A cheque is defined in the Negotiable Instrument Act, 1881, whereas a demand draft has not be precisely defined in the NI Act. 7. A cheque can be made payable either to a bearer or order. But a demand draft is always payable to order of a certain person. M.J. SUBRAMANYAM, BANGALORE
Is crossed demand draft is same as account payee demand draft?
yes
Is bank draft and demand draft same?
yes
Is bank draft and demand draft mean the same?
yes.....
Can a payment by demand draft be stopped by the payee?
A Demand Draft can be cancelled at the same branch from where it was issued. The applicant needs to provide a letter along with the original Demand Draft for cancellation.
Are pay in slip and demand draft same?
No, not at all.
Can Demand Draft be dishonoured?
A Demand Draft is a cheque that contains an order of one branch of a bank ( Drawer branch ) directing another branch of the same bank ( Drawee branch ) to pay on demand a certain sum of money to a specified beneficiary ( Payee ) . It is an Account payee instrument, meaning it can only be credited to the account of the payee and cannot be encashed over the counter by the payee.A Demand Draft is a much safer and certain method of payment than cheques, since in the case of cheques, an individual is the drawer and hence the cheque can be dishonoured by the drawee bank due to insufficiency of funds in the drawer's account. But since in the case of a DD, the drawer is a bank, payment is certain and it cannot be dishonoured.
What is prefix on demand draft of state bank of India?
it is the same
What is the meaning of cash and check deposit?
Cash Deposits means when the money deposit to your Account(yourself/others)same time your account will be shows the credit, but in case fo cheque deposit bankers send to the cheque for clearence when its cleare then only your account will be shos credit.
What is different between cheques and drafts?
. MeaningA cheque is an unconditional order directing the banker to pay a certain sum of money only to or to the order of a certain person.A draft is an order to pay money drawn by one office of a bank upon another office of the same bank for a sum of money payable to order on demand.2. FacilityThe current account and saving account holders get a cheque facility.Draft is issued to anyone even to non-account holders.3. PurposeCheques are used to make payments or to settle transactions. There is no certainty of payment in the case of cheques as they can be dishonoured or payment can be stopped.The main purpose of a draft is to transfer money from one place to another or to guarantee the certainty of payment to the payee.4. DrawerIn case of cheque, the drawer is the customer of the bank.In case of draft, the drawer is the bank itself.5. Bank chargesThe bank may not charge for issuing the cheque book.The bank charges a nominal fee or commission to issue a draft.6. DishonourCheques can be dishonoured for various reasons.There is no question of dishonouring of draft.7. Stopping of paymentIn case of cheque, the drawer can ask the bank to stop payment of the cheque even if it is delivered to the payee.In case of draft, the purchaser of the draft can ask the bank to stop payment before the draft is delivered to the payee.8. PopularityCheques are very common and popular mode of payment.Drafts do not enjoy much popularity as compared to cheques.9. ClearanceIn case of cheque, there is a need for clearance.In case of a draft, there is no need for clearance, if DD is drawn on the same bank.10. Parties involvedThree parties are involved in cheque transaction viz., (a) Drawer, (b) Drawee, and (c) Payee.Two parties are involved in draft transaction viz., (a) Drawer, and (b) Payee
