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what is the difference between cheque and draft
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Answer / peter abubakari
a draft is a cheque issued by a bank confirming payment and
a cheque is issued by drawer where payment is not secured
due to the fact that the cheque could be dishonoured.
in short draft is comfirmation of payment by a bank where
as a cheque could be dishonoured.
draft will be honoured when get to a bank but the honouring
of a cheque depends on the funds available in the customers
account at the time the cheque is presented to the bank and
the amount involve.
| Is This Answer Correct ? | 8 Yes | 8 No |
Answer / amruta s.patil
Cheque basically requires clearence.Whereas draft does not
requires clearence.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / vrushali shah
Cheque will be issued by an a/c holder whereas DD can de
issued by bank only , If there is no balance available in
a/c cheque will be rejected whereas DD never be rejected &
both are negotiable instrument.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / m manikandan
While issuing Cheque there is no money charged, but while
issuing draft the bank charges some money in the form
of "comission".
Cheque involves the risk ( when there is no sufficient
money), but Draft is the most safe method.
Cheque is issued by the account holder, But Draft is issued
by the Bank.
| Is This Answer Correct ? | 1 Yes | 2 No |
Answer / yadagiri goud
Cheque is the instrument which is issued by the drawer
addressing the drawee( Bank in which the drawer has deposit
account)to pay a certain sum of money to the payee on demand.
The cheque could be dishonored if there is lack of money in
the drawer's account.
Where as a Demand Draft is the instrument issued by the bank
after collecting certain sum of money from the drawer that
has to be paid to the payee on demand. The bank will charge
commission for issuing/cancelling the DD. As the DD is the
pre-paid cheque there is no question of dishonore, so DD is
more trust worthy than a cheque.
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / netu
Both cheque and DD draw money only if there is money inthat account.But the major difference is that cheque can be issued only in that particular branch of the bank whereas dd can be issued in any other branch
| Is This Answer Correct ? | 0 Yes | 1 No |
draft is hard cash but cheque is not hard cash becouse
chance for cheque dishoners , But draft is not dishnored.
| Is This Answer Correct ? | 1 Yes | 3 No |
Answer / shahbaz
a cheque is issued by a person from his personal account.
The bank will not honour the cheque. If sufficient balance
is not there in your account. But a demand draft is issued
by a bank only when the amount of draft plus commission has
been paid to bank up front and in the case the payment
against the bank draft is guaranteed by the issuing bank.
| Is This Answer Correct ? | 1 Yes | 3 No |
Answer / ashok agarwal
draft will never bounce , beside cheque can be bounce ,
draft is issue by bank only and cheque issue by the customer
draft issue with particular bank and location .
| Is This Answer Correct ? | 4 Yes | 8 No |
Answer / shweta
cheque is issued by individual and draft is issued by bank
| Is This Answer Correct ? | 1 Yes | 5 No |
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