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Latest comment: 17 years ago2 comments2 people in discussion
In Indian Banking practice, a Demand draft refers to an instrument issued by a Bank at the request of a Customer. It is payable to a specific named person and payable at a specified location. For example, a Demand Draft issued by State Bank of India, Mumbai Branch at the request of Customer A, payable to B at State Bank of India, Chennai Branch. It can be issued payabale at a Branch of the same Bank or even at a Branch of a different Bank. A Demand Draft is impicitly guaranteed for payment by the issuing Bank.
Murugan2008 (talk) 07:26, 21 May 2008 (UTC)Reply
Outside the US, especially in the Commonwealth (ex-British colonies), a Demand Draft operates exactly like a Cashier's Order (in the US, a Cashier's Check).
The difference is historical, Cashier's Orders were cleared locally, while Demand Draft's were cleared at the National Clearing House. Cashier's Orders have a lower commission charged by the issuing bank. They also clear faster (next business day); National clearing in India would be between 7 and 15 days. Both are guaranteed by the issuing bank.
This distinction is now historical, after the dawn of electronic clearance and cheque truncation. The terminology survives, as does the difference in fees.
In Singapore and HK, local banks will give you a Cashier's Order if payable locally, and a Demand Draft if payable abroad. --Sanjeev "ghane" Gupta 10:38, 11 November 2009 (UTC) —Preceding unsigned comment added by Ghane (talk • contribs)
