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Bank's draft is a cheque (or check) provided to a customer of a bank or acquired from a bank for remittance purposes, that is drawn by the bank, and drawn on another bank or payable through or at a bank.......
Bank's draft is a cheque (or check) provided to a customer of a bank or acquired from a bank for remittance purposes, that is drawn by the bank, and drawn on another bank or payable through or at a bank.......A Bank draft, also known as banker’s cheque, is a financial instrument which is purchased from the bank and is used for remitting it in a later stage by the second party. The second party, in a given time, can present this draft in any bank to withdraw the amount of money mentioned in the draft. It is a guarantee, which is available for the draft holder that on presenting the same he will receive the specified amount.
There are 3 types of bank drafts :-
#1 – Money Orders
In this type, where the specified amount is being transferred from one place to another. Banks also issue this on behalf of the customers. The money orders are sent from one place to another. It is also a financial instrument, and the bank takes the responsibility to remit the same on the presentation of the order before them.
#2 – Demand Draft
Demand drafts are one of the types of drafts. It is used where the payer and recipients are not at the same place. The money gets transferred into the bank accounts of the receivers on depositing the draft. Many days today, financial transactions are going on through this method.
#3 – Certified Checks
Certified checks are a very typical type of banker’s cheque. The money is sent to the recipient’s bank account through the bank, and the bank charges some amount of commission from that. It is one of the safest methods of money transfer.
Hope it helped......!!