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What is another word for demand draft?

10 synonyms found

Pronunciation:

[ dɪmˈand dɹˈaft], [ dɪmˈand dɹˈaft], [ d_ɪ_m_ˈa_n_d d_ɹ_ˈa_f_t]

A demand draft is a type of payment option that is often used in India. It is a document that is issued by a bank that allows the bank to withdraw funds from the account of the person who has requested the draft. The term demand draft is commonly known as a bank draft or a cashier's check. These terms are used interchangeably in India and are recognized as synonyms for demand draft. Furthermore, the term remittance is also used as a synonym for demand draft as it refers to the transfer of money from one place to another. Regardless of what you call it, a demand draft is a safe and secure payment method for financial transactions.

Synonyms for Demand draft:

How to use "Demand draft" in context?

The demand draft is a legal document in which the seller, or draft issuer, orders goods or services from the draft receiver, or drawee, on the expectation that the drawee will pay the draft penal sum on presentation. Goods or services may be supplied immediately, or at a later time, by the draft receiver. The draft penal sum is the amount of money payable by the drawee if he or she fails to present the draft on demand. The draft is a negotiable instrument, which means that it can be traded between merchants.

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