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| Demand Draft Amount | Demand Draft Charges |
|---|---|
| Up to Rs. 5,000 | Rs. 25 |
| Rs. 5,000 to Rs. 10,000 | Rs. 50 |
| Rs. 10,000 to Rs. 1 lakh | Rs. 5 per thousand or part thereof. (Minimum Rs. 60) |
| Above Rs. 1 lakh | Rs. 4 per thousand or part thereof. (Minimum Rs. 600 and maximum Rs. 2,000) |
Can DD amount be refunded?
Demand Draft Issued Upon Paying Cash: If the DD was issued based on cash payment, you’ll have to submit the demand draft along with the receipt of the cash payment. The cash will be refunded with certain charges towards the services of cancelling the DD.
What is the time limit for DD cancellation?
The time frame or the clearing time of a DD varies between banks. They are usually cleared within half an hour, or by the end of the working day. Some banks can take up to three working days. Also, if the DD is for a large amount, it will only be credited to a bank account and not provided as cash.
Can I cancel DD online?
To cancel a Direct Debit, contact your bank or building society on the phone, via secure online banking, or visit your local branch. Direct Debit payments can be cancelled at any time but a bank will require at least 1 days’ notice before your next payment date.
Can a demand draft of 50, 000 be cancelled?
The payment is deposited in the account of the payee irrespective of the bearer of the DD. All Demand Drafts of Rs. 50,000 and above need to be crossed. The payer can cancel the Demand Draft before it is encashed by the payee. The payer needs to visit the bank and present the necessary documents to request the cancellation.
Can a bank deny a DD payment due to insufficient funds?
Unlike cheque payments, the bank cannot deny the payment due to insufficient funds when a DD is presented. This is because DD is a prepaid payment instrument and the Drawer would have paid for it already.
Is there a charge for revalidation of DD?
If the DD expires before it is encashed, you can get it revalidated. The banks charge Rs. 200 + GST for this service. You need to submit a form and furnish the original DD for revalidation. If the DD is lost or stolen, you can get a duplicate DD issued at a charge of Rs. 200 + GST.
