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what is the difference between draft and cheque
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Answer Posted / suresh
A draft or a payorder is issued by a scheduled bank as per
RBI guidlines on behalf of an account holder of that bank
branch, this is valid for 6 months from the date of issue
and is a negotiable instrument, this can be cancelled only
by ths issuing branch and guarantees payment to the Payee,
the Draft/Payorder is 100% honoured, as the bank has
already collected the money from the account holder and has
guaranteed payment to the payee.
A Cheque is issued by an account holder of a bank, this is
alos valid for 6 months from date of issue but cannot
guarantee payment, the cheq can bounce due to many reasons
(no funds in a/c, signature missmatch, etc)
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