The Demand Draft can be made by paying the Bank in Cash as well, but for Demand Drafts exceeding Rs. 50,000 the payment should be by cheque only. Quoting your PAN No. is also necessary in case the value of the DD is more than Rs. 50,000.To deposit or cash a bank draft, treat it like any other check. ... Your bank will credit the funds to your account more quickly if you make your deposit with a bank employee, as opposed to using an ATM or mobile device to deposit. Plus, you might be able to get more (or all) of the amount in cash immediately.It is usually not possible to cancel or stop payment on a bank draft since it, in effect, represents a transaction that has already occurred. However, if the draft has been lost, stolen or destroyed, it can usually be canceled or replaced as long as the purchaser has the required documentation.As per RBI guidelines, with effect from April 1, 2012, the validity period of Cheques, Demand Drafts, Pay Orders and Banker's Cheques will be reduced from 6 months to 3 months, from the date of issue of the instrument.
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The Demand Draft can be made by paying the Bank in Cash as well, but for Demand Drafts exceeding Rs. 50,000 the payment should be by cheque only. Quoting your PAN No. is also necessary in case the value of the DD is more than Rs. 50,000.To deposit or cash a bank draft, treat it like any other check. ... Your bank will credit the funds to your account more quickly if you make your deposit with a bank employee, as opposed to using an ATM or mobile device to deposit. Plus, you might be able to get more (or all) of the amount in cash immediately.It is usually not possible to cancel or stop payment on a bank draft since it, in effect, represents a transaction that has already occurred. However, if the draft has been lost, stolen or destroyed, it can usually be canceled or replaced as long as the purchaser has the required documentation.As per RBI guidelines, with effect from April 1, 2012, the validity period of Cheques, Demand Drafts, Pay Orders and Banker's Cheques will be reduced from 6 months to 3 months, from the date of issue of the instrument.
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