Demand Draft

Tax Glossary Definition

Demand Draft

Demand Draft (DD) – A demand draft is a negotiable banking instrument drawn by one branch of a bank on another (or on a different bank) to pay a specified amount to a designated person or entity. It serves as a secure, prepaid means of transferring funds, as the issuing bank guarantees the payment.

Example: A student may remit university fees in another city by obtaining a demand draft from their local bank branch instead of using cash or a cheque.

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