Demand Draft #DD explains with definition (meaning), types, and expiry of the DD in English.

❤️WHAT IS THE MEANING OF THE DEMAND DRAFT :

👉ITS METHOD used by individuals or banks to transfer money from one bank account to another bank account.

👉demand drafts are only issued by banks, normal people can't issue them at the individual level.

👉demand draft is safer than cheque because of their low risk and fraud.

👉demand drafts are only payable on demand and they can be only in the bank.

👉demand drafts are usually issued when a large amount of money is in question or within parties who are unknown to each other and lack trust.

❤️There are 2 types of demand drafts :

this type of demand draft is approved and paid after confirmation of the document of the respective person.
suppose he/she fails to present the document, it will not get money.

👉2.Time Demand Draft :

👉A Time demand draft is payable only after a specific period; before that,
it cannot be drawn from the bank.

👉A demand draft is valid for 3 months from the date of issue.

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