what is the difference between pay order & D.D.?
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Answer Posted / sanju mandiyan
A demand draft is a pre paid negotiable instrument, wherein
the drawee bank undertakes to make payment in full when the
instrument is presented by the payee for payment. The
demand draft is made payable at a specified branch of a
bank at a specified centre. In order to obtain payment, the
beneficiary has to either present the instrument directly
to the branch concerned or have it collected by his bank
through the clearing mechanism.
A banker’s cheque(Pay Order) is another payment instrument
which is used by the banks to settle payment obligations on
behalf of their customers. This instrument is guaranteed by
the bank for its full value and is similar to a demand
draft. In practice, these instruments are payable at the
branch of issue and are used for payment within the local
clearing jurisdiction
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