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Have to contact the issuing branch along with the mutilated DD.After the dochmentations & checking the status of DD if not paid & applicant self visited the branch will issue the new DD

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10y ago

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What is Demand draft in banking?

A Demand Draft is similar to a bank check but with a small difference. In case of a demand draft, the customer pays the money upfront to the bank along with a small fee so that the bank can issue the draft for the mentioned amount. The draft is equivalent to cash and can be converted to cash by the person to whom it is issued. This way, the person who gets the draft can be sure that he will get paid 100% of the money due him.


What happens when demand meets supply?

Transaction happens when supply and demand meet. Both sides (a seller and a buyer) meet their needs: a seller gets money for its products (now he can manufacture next products) and a buyer gets product he needed.


Why is demand draft made?

A Demand Draft is a fixed value monetary instrument that is made out in cases where in the party that is receiving a payment for a service wants a guarantee that funds would be available when they try (unlike a cheque/check which can bounce due to lack of funds) to cash it. So to help in such a situation, we have demand drafts. When a draft is taken, the customer taking it will pay the money upfront, so there is no way a draft gets rejected or not paid. Mostly drafts are used when you apply for a college exam or study course etc. where the colleges cannot track if your check bounces.


What will happen to the prices in the market if the supply and demand meet at the equilibrium?

Transaction happens when supply and demand meet. Both sides (a seller and a buyer) meet their needs: a seller gets money for its products (now he can manufacture next products) and a buyer gets product he needed.


What for bank draft?

A Demand Draft is a fixed value monetary instrument that is made out in cases where in the party that is receiving a payment for a service wants a guarantee that funds would be available when they try (unlike a cheque/check which can bounce due to lack of funds) to cash it. So to help in such a situation, we have demand drafts. When a draft is taken, the customer taking it will pay the money upfront, so there is no way a draft gets rejected or not paid. Mostly drafts are used when you apply for a college exam or study course etc. where the colleges cannot track if your check bounces.


Why draft is made?

A Demand Draft is a fixed value monetary instrument that is made out in cases where in the party that is receiving a payment for a service wants a guarantee that funds would be available when they try (unlike a cheque/check which can bounce due to lack of funds) to cash it. So to help in such a situation, we have demand drafts. When a draft is taken, the customer taking it will pay the money upfront, so there is no way a draft gets rejected or not paid. Mostly drafts are used when you apply for a college exam or study course etc. where the colleges cannot track if your check bounces.


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