Demand Draft
| Demand Draft | Charges |
|---|---|
| Issue (Payable at Correspondent Bank Locations under Desk Drawing arrangement) | Rs 1.00 per thousand; Minimum Rs 25 per DD |
| Cancellation (drawn on our Bank) | Rs. 75 per demand draft |
| Cancellation (drawn on correspondent bank) | Other bank charges plus Rs. 125 per Demand Draft |
How do I get my money back from DD?
Go to the bank branch where the DD (demand draft) was issued and ask for the cancellation of the DD. The same will be cancelled within 1 hr or so after deducting the cancellation of charges which is generally double of commission charges. DD are valid for a period of 3 months.
Can a draft be Cancelled?
Since the buyer has already paid the funds to obtain the bank draft, the only means of effectively canceling the draft is to have the seller cash it and return the funds to the buyer. As long as the bank can verify that the draft has not been cashed, it can cancel it and issue a new, replacement draft.
Can I return an unused bank draft?
Basically, treat bank drafts like cash. Unlike a personal cheque, a bank draft is guaranteed by the financial institution, so the person to whom the bank draft is payable is sure to receive the amount on the draft. A bank draft can’t be cancelled once it has been delivered to the person it’s for.
What happens if I cancel a demand draft?
Once you have received the completed demand draft, the money is deducted from your account. If, due to any reason, you have to cancel the demand draft, it can only be done at the bank. You will have to go to your branch and make a request for the cancellation of your demand draft. There are two key scenarios for cancellation:
Can a bank cancel a draft if it is not cashed?
As long as the bank can verify that the draft has not been cashed, it can cancel it and issue a new, replacement draft. It is a good idea to verify cancellation and replacement policies with the issuing bank.
Do you need a revenue stamp to cancel a DD?
Note, some banks may require you to affix a revenue stamp on the DD to validate the cancellation. 2. Demand Draft Issued Upon Amount Deducted from your Account: You’ll need to fill the DD cancellation form and submit it along with the original DD. The amount will be credited into your account after the bank deducts the cancellation charge.
Can a demand draft be credited back to your account?
If the demand draft has expired and has not been encashed by the payee, the amount is not automatically credited back into your account. You’ll have to write an application to the issuing bank for revalidation of the DD.
