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| 1. |
What do you mean by bank draft ? |
| Answer» Bank draft: Bank draft is a payment instrument which is drawn by a bank’s branch instructing another branch to pay the specified amount to the person (or organisation) named in the bank draft. Another branch on which the bank draft is drawn is located at a different place. It is just like a bank cheque in format. Bank draft is used for making payment to a party located at a place different from the place of person making the payment. For getting a bank draft, a person must deposit amount of bank draft and commission for issuing the bank draft. Although in general, banks charge commission for issuing bank draft, they provide this free of charge to certain category of current account holders. | |