Bank Draft -Anish Prasai.

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Presentation transcript:

Bank Draft -Anish Prasai

Concept It is a written order by one branch of bank to another branch of the same bank to pay certain sum of money on demand to the person named. a check drawn on a bank’s funds and is guaranteed by the bank that issues it The term bank draft is used for other situations, and use varies from country to country

Features of Bank Draft It is conditional order for payment. It is drawn by one branch to another branch. The bank of the two branches will be same is payable on demand. It is payable on demand. The amount specified is written on it. The name of specified person is also written on it. It bearer signature of the issuing authority. Branch code number is also written on it. It bears no stamp

Advantages of Bank Draft It is very useful for trade It is useful for the settlement of debts. It is a reliable credit instrument for remitting money The payment of draft through telegraphic transfer (T.T) is made with in a few hours

DIFFERENCE BETWEEN CHEQUE AND DRAFT In case of draft, the banker has direct liability to pay while in case of cheque banker will pay if the sufficient amount is available in the account. A draft can not be made payable to the bearer. A cheque can be drawn by the bearer. A banker is bound to pay the draft money while cheque payment can be sloped by the drawer.

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