A demand draft is also called a prepaid negotiable instrument and the bank or simply DD, which prepares it, usually takes the obligation of payment to the party, whenever it is presented for payment. To get the payment, the receiver of the demand draft has to present the draft in his bank account and after it is deposited in his bank account, the same is sent for payment.
It is not necessary that the bank where you make the draft, it must have your bank account in its branch. You can buy the demand draft after paying the requisite fees from any bank.
Let’s check out the latest SBI DD charges along with their commission, and cancellation charges applicable for 2013 year below:
Facility for Demand Draft in State Bank of India
- With the types of modernization and state-of-the-art banking, SBI has made available to the customers, now anyone can fill up the demand draft form and present it at the single window counter and after paying the amount for the demand draft and charges, he can buy the negotiable instrument- demand draft.
- There is no need to apply and wait for a time gap of two-three hours for a demand draft.
Charges payable for Demand Draft in State Bank of India
The following charges would be levied by SBI once you go there for buying a draft.
Up to Rs 10,000; charges is Rs 30
For amount of more than Rs 10,000, 0.25% would be charged. The minimum charge for this charge is Rs 100.
Cancellation charges of Demand Draft by SBI
No cancellation charges are usually for D/D of Rs 500. If it is more than that, a flat rate of Rs 100 is deducted from the amount of the demand draft.