Difference between cheque and demand draft
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The cheque is simply, an instrument, which contains an order to the bank to pay the specified sum from the drawer’s account to the holder of the instrument. On the other hand, demand draft is a financial instrument that is payable on demand.
Banks are integral part of our life as millions of transactions take place every next minute, in which the bank is involved in some way or the other, such as depositing cash and valuables, withdrawing cash at any time, transferring money from one place to another, payment of bills, booking of tickets, purchase, and sale of products or services etc. These activities can be performed by ATM, net banking, cheques and demand drafts and so on.
But what do the two terms cheque and demand draft means? What is the difference between them? Come let’s understand the difference between a cheque and demand draft.
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