A demand draft, also known as a banker's draft, is a payment instrument that guarantees payment to the payee upon presentation. To send a demand draft, follow these steps:
1. Visit Your Bank
Begin by visiting your local bank branch. You'll need to speak with a bank representative to request the demand draft.
2. Provide Necessary Information
The bank will require specific information to create the demand draft. This typically includes:
- Payee's Name: The name of the person or organization receiving the payment.
- Payee's Address: The complete address of the payee.
- Amount: The exact amount of money to be paid.
- Your Account Details: Your bank account number and name.
3. Make Payment
You'll need to pay the amount of the demand draft plus any associated fees. You can pay using cash, check, or debit card.
4. Collect the Demand Draft
Once the bank has processed your request, you'll receive the demand draft. It will be a document with the bank's name and details, the payee's name, the amount, and your signature.
5. Send the Demand Draft
You can send the demand draft using various methods:
- Registered Mail: For secure delivery, consider sending the demand draft via registered mail.
- Courier Service: Utilize a courier service for faster and more reliable delivery.
- Hand Delivery: If possible, personally deliver the demand draft to the payee.
6. Confirm Receipt
After sending the demand draft, it's advisable to contact the payee to confirm receipt.
Note: The process of sending a demand draft may vary slightly depending on your bank and the payee's requirements.
