Table of Contents
Can DD be cleared at any branch?
All cheques are pre-printed with ‘Non-Negotiable. ‘ It can be cleared at any branch of the same bank. It can be cleared at any branch of the same city.
How can I encash DD in bank?
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 can I get my money back from demand draft?
Cancellation of Demand Draft
- If you got the DD by paying cash, then you must present the original DD along with the cash receipt.
- If you got the DD through cheque, then you simply need to present the DD and the amount will be reverted to your account after the said deductions.
Can DD be paid in cash?
The Demand Draft can be made by paying the Bank in Cash as well, but for Demand Drafts exceeding Rs. 50,000 the payment should be by cheque only. Quoting your PAN No. is also necessary in case the value of the DD is more than Rs. 50,000.
What is payable location?
Payment Location means an office, branch or other place of business of any Borrower. Sample 2.
Can DD be encashed online?
In case the Demand Draft is Crossed as Account Payee, it cannot be encashed over the counter from the Bank Branch and can only be cleared by depositing in the Bank Account of the Person in whose favor the DD has been made.
What if DD date expires?
If the demand draft has expired and has not been encashed by the payee, the amount is not automatically credited back into your account. The bank will re-validate the draft, which is again valid for 3 months, and then you can cancel with the process mentioned above, or you could use the DD again to transfer funds.
How do I know if my DD is encashed?
In order to know whether your demand draft is encashed or not you have the contact the bank branch on which it is issued. For eg . If it is issued on a BOI ,Service Branch in Chennai, you have to contact that service br. The issuing branch may also have information as it is an inter- branch transaction.