What Is The Difference Between Pay Order and Demand Draft?


It is therefore advisable to use the Real Time Gross Settlement and the National Electronic Fund Transfer in place of demand drafts. However, many institutions may still insist on a demand draft, which is when you might have to deliver one these. This in particular is used for payment at colleges and in some schools. Incase of Joint accountholders where one of the account holder is a Senior Citizen, kindly note that Senior Citizen Fixed Deposit Interest Rate will only be applicable provided the Senior Citizen is the ‘First holder’ on the said Fixed Deposit. Bank at its discretion may offer higher rate of interest on Fixed Deposits for resident Indian Senior Citizen customers.

In addition to the original purchaser’s request, the original instrument is to be presented to the branch for cancellation, but not so in this case. One the bank employee failed to distinguish between a cheque and a DD. And two, he may not have consulted with his/her seniors before labelling the DD as a “cancelled instrument”. Central Bank of India’s branch at Colaba Causeway in Mumbai, on 23 April 2013 issued a DD for Rs21,878 on the name of Aditya Rahul Talavliker. The DD was presented in SBI’s Erandwana branch at Pune by Aditya Talavliker. However, to his surprise, Central Bank returned the DD saying that the “instrument is cancelled, contact branch”.

Demand draft or DD is a method used by an individual or a bank to transfer money from one bank account to another. Demand drafts differ a lot from cheques, as they do not require the signature of the account holder to be cashed. Usual collection charges as applicable for the respective slab i.e. Section II-1 in case of cheques and Section II-3 in case of supply / purchase bills are to be levied in all cases in addition to interest.

The charge specified is applicable per instance irrespective of the number of title deeds. Other Credit related Areas Allowing interchangeability within fund based limits,within non-fund basedfacilities andbetween fund based and non fund based limits. Where Bills are sent to other Banks or where instruments are returned unpaid, the date of reversal of the B.P. In addition to the above actual conveyance and out of pocket exp. reimbursed to be recovered. The service’s not listed above will be charged separately.

Why should finance come in the way of future? Getting an education loan is an easy way to finance your dreams. A student loan can help you get into the university of your choice. Bank of Baroda is here to finance your dreams, education & career goals. As per revised RBI directives all our Locker-holders are requested to visit Bank of Baroda, Base Branch.

Please designate the account from where you would like the TDS amount to be deducted for all existing accounts. Please also provide details of the designated account as and when you renew/place additional deposits with HSBC India. If we do not receive maturity disposal instructions in relation to your fixed deposit by its maturity date, the fixed deposit will be renewed automatically on maturity for the same duration as the maturing fixed deposit. In case of cumulative fixed deposits, the accumulated interest will be added to the principal and renewed along with the principal, subject to extant regulations in this regard.

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However bank shall collect normal collection charges and out of pocket expenses as applicable.Speed ClearingCheques upto and inclusive Rs.1.00 lacNo charge for Savings Bank a/c. In case of return of instant credit instrument unpaid the customer will not be charged any Interest from the date of immediate credit to the date of return of instrument unless the bank had remained out of fund due to withdrawal of fund. In cose of loan/advance account the rote will be 2% per annum above the rate appllcabie to that credit facility.

All charges/service standards are subject to revision at the Bank’s sole discretion and as informed by circulars sent by ordinary post/courier. Iv) No ledger folio charges are to be levied in A/cs maintained by our sponsored RRBs with our Bank’s branches. Vi) Next kin/dependents may be allowed to collect death/ terminal benefits of the deceased servicemen free of charge. Out of pocket expenses must be recovered while collecting instruments for the above customers.

  • Before revalidation of the draft, the bank confirms the original facts and prolongs its usage for another three months.
  • The Card and PIN will be sent to the cardholders mailing address.
  • Demand drafts are only payable on demand and they can be only deposited in the bank, unlike cheques demand drafts cannot be paid to the bearer.
  • In an emergency the Bank will endeavor to stop the facility if the instructions are received over the phone or in writing, to safeguard the Accountholder’s interests.

All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. Below accounts are used for other internal purposes and should not be used to transfer money to Upstox. Have you run out of time to visit your bank branch to make an urgent… Does the receiver of DD pay any fee to the bank while encashing the same. You would have to provide your identity proof and address proof to the bank to process the DD. In case the DD amount exceeds ₹50,000, PAN card details would also be required.

Service Charges

II. Neither we nor any of our agents or service providers are liable for any taxes or duties payable in respect of your assets or for the management or performance of your assets . Exceptionally, our Financial Crime Risk Management Activity may lead to us delaying, blocking or refusing the making or clearing of any payment, the processing of your instructions or application for Services or the provision of all or part of the Services. Iii) Accounts where no transactions have been made by an accountholder or third party for a period of 24 months. I.e. there have been no transaction for a period of 12 months after the account has been designated as an Inactive shall be redesignated as an Inoperative Account.


In line with Reserve Bank of India requirements, passport sized photographs of all accountholders / authorised signatories will have to be submitted to the Bank along with other documentation for opening a new account . Effective 01 January 2020, no charges applicable if the NEFT transactions done through Personal Internet and Mobile Banking. 2.The above charges will be applied at the point of shortfall of balance due to customer Induced transactions only. 1.For activation of inoperative account no service charges shall be levied. (1. Negotiation charges and interest thereon are to be collected for the LCs established by other banks. In such case, collection charges should not be levied.

Our Services

You can either get a demand draft online or offline. The draft capability is available to all humans, regardless of whether or not they have a financial institution account. A draft request can be issued by anybody who wishes to pay a positive amount to a group or a person with proof of payment. Individuals can go to a financial institution and get a draft shape, or they can fill out the form online.

As per the DD, the cancellation charges might also vary from 100 INR to 300 INR. Demand drafts are similar to cheques in appearance, but they are more difficult to counterfeit and more secure. This is because the drawer must pay before releasing a demand draft to the financial institution, but a check can be issued without ensuring there is a sufficient budget on your financial institution account.

International Services

The Bank has no liability if it does not or is unable to stop or prevent the implementation of any Pay Request issued by the Customer. The Customer shall be responsible for all transactions, including fraudulent/erroneous transactions using the UPI facility of any Bank regardless of whether such transactions are in fact entered into or authorized by him/ her. The Customer shall be responsible for the loss/damage, if any suffered. The Bank shall not be responsible for the delay/ failure in carrying out the transactions due to any reasons whatsoever including failure of operational system or any other unforeseeable reasons which is beyond the control of the Bank. The Customer shall be responsible for each transaction initiated under his/her registered UPI Application.

This link is provided on our Bank’s website for customer convenience and Bank of Baroda does not own or control of this website, and is not responsible for its contents. The Website/Microsite is fully owned & Maintained by Insurance tie up partner. We have received your subscription request. # Proposed Charges only Bills presented under the Inland LC opened by us.

This helps in preventing wrongful payment to any person and ensures that the payment is made only to the person in whose favor the DD has been drawn and not to any person. After the issuing of the draft, it is acceptable only for three months. If you do not give the draft to the bank within that time frame, it will lapse. After the draft expires, the drawer will not get the money.

Foreign Currency Demand Draft

By accepting the terms and conditions on the mobile phone while registering for the UPI facility, the Customer irrevocably authorizes the respective Bank to debit and credit the Bank Accounts which have been registered for UPI Facility for all transactions/services undertaken. The Bank will not be liable for any failure to provide any service or to perform any obligation thereunder, where such failure is attributable to any malfunction of the ATM//POS terminal, temporary insufficiency of funds, or other circumstances beyond its control. The Bank will not be liable for any consequential or indirect loss or damage, arising from or related to the loss / use of the Card. Any statements issued by the ATM at the time of deposit or withdrawal shall be conclusive unless verified otherwise by the Bank.


Accountholders should exercise care when drawing cheques and should not draw cheques by any means, which may enable a cheque to be altered in a manner, which is not readily detectable. You are responsible for keeping your cheque books and cheques safe from loss, theft or unauthorised access or use, under lock and key or taking other safeguards as appropriate. The Bank shall not be obliged to accept or repay the deposit in cash.

Are applicable on the entire SBLC amount whenever the SBLC amount exceeds Rs.5 crore. In case of early redemption of the guarantee after a period of 2 months. In case 100% cash margin is provided by the borrower, the applicable commission shall be 25% of the Card Rate. Bank of Baroda focuses on its employees, offering a career rather than just a job. Various initiatives are in place to groom employees throughout their life cycle.

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Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever. S if they identify questionable behaviour. After placing a demand draft to the payee’s account, you will have roughly 90 days to challenge the transaction, based on your bank.

It can be draft meaning in bankinged with remittance from overseas or through transfers from NRE accounts. Both principal and interest are fully repatriable. The foreign currency equivalent of the principal and interest on repatriable Rupee deposits and accounts can increase or decrease depending upon foreign exchange fluctuations. Please note that basis Goods and Services Tax regulations and notified GST rates, Central GST, State/Union Territory GST, or Inter-State GST, as applicable, and Cess as applicable would apply on our fees and charges. This is subject to change, as per the directives received from government bodies/statutory authorities, from time to time. B) In case of cash transactions for collection of cheques/bills an additional charge of 30% over the prescribed rate to be charged.

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Any other event which, in our opinion, renders suspension or termination of the Services, any Account necessary or advisable. You may make withdrawals from your Savings Account at our counter during business hours of our branch. You may make withdrawals from your Current Account at our counter during business hours of our branch. Demat Transaction charges would be levied on T basis. We would like to take this opportunity to thank you for choosing us as your preferred partner for Depository Services. We understand your need for a range of services that offer flexibility, convenience, value and choice.

The bank will, however be required to retain the Form No.15G and 15H for seven years. For deciding the eligibility, the bank is required to verify income or the aggregate amount of incomes, as the case may be, reported by the customer in columns 15 and 17 in form H. All partners are required to sign for closure of a partnership account. Before a withdrawal, you have to produce satisfactory evidence of your identity, if requested by us, and evidence of your authority. Where a Savings Account is closed during an interest period whether by you or by us for any reason, interest is payable only up to the last calendar day before closure. 11) Conversion of single pension account into joint pension account with the spouse permitted under Government Order.

We may not process Telephone Instructions immediately or on the same day on which the Telephone Instructions are received by us due to system constraint or other reasons including equipment malfunction or failure. We are not liable for any delay or failure in effecting a Telephone Instruction and our decision on whether or not to effect or the timing of effecting a Telephone Instruction will be final and binding on you and each Debit Accountholder. The Card and PIN will be sent to the cardholders mailing address. Holders of Non-Resident accounts should advise the Bank immediately upon return to India if they intend to take permanent residence in India.

Publication of change by such means as the Bank may consider appropriate will constitute effective notice to the Cardholder thereof. The Bank’s record for transaction processed by the use of the card shall be conclusive and binding for all purposes. We may offer, vary, suspend or withdraw the ATM Card or any Service relating to the ATM Card at any time after providing a prospective notice of 30 days. Some Services relating to the ATM Card may only be made available to you upon separate application or subject to further terms and conditions as we may specify from time to time.

If you hold only resident / NRO ordinary term deposit account/s at HSBC India , HSBC India will recover TDS from the interim interest proceeds / maturity proceeds or from the encashment proceeds (in case of pre-mature encashment) of the deposit. Please contact our branch and submit the necessary documents in case lower TDS applies as provided by the relevant tax treaties. These documents should be submitted along with the Account opening Form and also before the start of each new financial year.