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Answer Posted / priyank kaushik
Both pay orders and demand drafts are used by individuals
to make transfer payments from one bank account to another.
The main difference between the two is that while a demand
draft is a written order directing the payment to be made
to a third party outside your city, a pay order is drawn
for the third party within your city.
They both are, however, different from cheques in that they
don’t require a signature in order to be cashed. The
banking dictionary refers to the person writing the draft
as the drawee, the bank making the payment is the drawer,
or the payor bank. The beneficiary of a demand draft, the
person receiving the payment, is the payee. Charges for
demand drafts and pay orders are independent of inter- or
intra-city transactions but are calculated as a percentage
on the amount of the draft or pay order.
| Is This Answer Correct ? | 68 Yes | 11 No |
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