what is cheque and draft of cheque?
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Both are mechanisms used to make payments. A cheque is a Bill of Exchange drawn on a specified banker and not expressed to be payable otherwise than on demand. Demand Draft is a pre-paid Negotiable Instrument, wherein the drawee bank acts as guarantor to make payment in full when the instrument is presented.
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Cheque vs bank draft
A cheque is a payment instrument that allows an individual or business to settle transactions. The cheque facility is provided by the bank where the drawer's account is held. A bank draft is a payment instrument that is issued by the bank at the request of the payer
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