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What is Understanding Demand Drafts and Cheques about?

Demand draft is a negotiable instrument similar to a bill of exchange that is issued by a bank, directing another bank to pay a specified amount to the payee. Some key features of a demand draft are that the amount is guaranteed since it is paid upfront to the issuing bank, it can only be made payable to a specified party, and the relationship between the purchaser and bank ends once the draft reaches the payee, with the bank then acting as trustee. Demand drafts offer certain advantages over checks, such a

Author

Daksha Pathak

Language

EN