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Suppose a student wants to apply in a course in Delhi University. The university requires payment of the application fee to be done through a secure means, like a DD. In this case, the student would apply to his bank to get a DD issued favouring Delhi University. Suppose the student resides in Mumbai. Suppose he holds an account in a particular branch of SBI in Mumbai. In this case, this particular SBI branch in Mumbai would be the Drawer branch, a SBI branch located in Delhi ( typically the Service Branch ) would be the Drawee branch and Delhi University would be the payee.
Since it is a cheque issued by a bank ( that is, drawer is a bank ) it does not carry the signatures of the customer, unlike the case of ordinary cheques which carry the signature of the customer ( who is the drawer ). Instead, a DD carries signatures of one or two bank officials, depending on the DD amount. The name of the Drawee branch is mentioned on the bottom left hand corner while the name of the Issuing ( Drawer ) branch is mentioned on the top left corner.
Pay Orders, also called Local DDs or Bankers' cheques, are cheques where the drawer and the drawee branch is the same. These are used for local payments
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Who is drawee bank in demand draft?
A demand draft is a type of check that contains the buyers account number but not their signature. The drawee bank in a demand draft is the branch of a particular bank.
What is a drawee?
drawee is a person in whose favor a bill is drawn.
What do you call the Bank on which a check is drawn?
Drawee Bank
What is drawee?
drawee is a person in whose favor a bill is drawn.
Meaning of drawer and drawee of cheque?
The DRAWER is the individual who issues the cheque, instructing the bank (DRAWEE) to pay the recipient (PAYEE). Drawer and payee can be the same person if it is a self cheque.
Who is the drawee of a check?
The drawee is the bank which will pay the check on behalf of the maker, who wrote the check.
What are the examples where drawer and drawee are the same?
There really isnÕt a big difference between a drawer and drawee. A drawer is a person that draws out the money and a drawee is the person who will be receiving the money.
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 i the meaning of ology?
A colloquial or humorous name for any science or branch of knowledge.
What is the meaning of truncated cheques?
The process in which cheque details are captured by the payee bank (or its clearingagent) and electronically presented in an agreed format to the drawee bank (the bank on which it was drawn) for payment. Unlike the more common form of presentment where a cheque is physically presented to the drawee bank, a truncated cheque is stored by the payee bank.
Which branch of government decided the meaning of the law?
It is the legislative branch of government that makes laws, however it is the judicial branch that interprets their meaning. The third branch is the executive branch.
Meaning of paying banker?
the banker on whom a cheque is drawn or the banker who is required to pay the cheque drawn on him by a customer is called the paying banker or drawee bank
