Here’s how to encash demand draft:
- The person who receives the demand draft has to present the draft to his/her bank branch.
- The bank asks for specific documents to initiate the payment procedure.
- Once the documents are verified, the amount is transferred to the bank account of the individual.
How do you turn DD into cash?
How to make Demand Draft
- Fill the form– Visit any bank and ask for a demand draft application form or fill the form online.
- Form Details– You need to fill up the details like the mode in which you want to pay through cash or from your account using cheque.
Can DD be cashed in any bank?
However, in case the Instrument is not a Crossed Demand Draft, it can be encashed without depositing in the Bank Account, by encashing it over the counter from the Bank Branch. If the DD is not crossed, the payment would be made by the bank to the holder of the Instrument after his proper identification.
How long does it take for DD to clear?
How much time does it take to clear the demand draft into cash? The standard time within which it should be done is 30 minutes. In most of the branches it is done immediately within the stipulated time but in case of too much crowd or customers it is done by the end of day in many brancges as well.
What is the process of demand draft?
A demand draft is a negotiable instrument similar to a bill of exchange. A bank issues a demand draft to a client (drawer), directing another bank (drawee) or one of its own branches to pay a certain sum to the specified party (payee).