How are DD charges calculated?
For example, if the Demand draft is of the amount RS. 12,000, the Demand Draft charges will be 12,000 * 0.005 = Rs. 60. Similarly, if the Demand Draft is of the amount Rs.
What is the DD charges for 8 lakhs?
What are the SBI DD Charges associated?
| Limit | Charges |
|---|---|
| Up to Rs. 5,000 | Rs. 25 |
| From Rs. 5,000 to Rs, 10,000 | Rs. 50 |
| From Rs. 10,000 to Rs. 1 lakh | Rs.5 per Rs.1000 or part thereof, with a minimum of Rs.60 |
| Above Rs.1 lakh | Rs.4 per thousand or part thereof, with a minimum of Rs.600 and Maximum of Rs.2,000 |
What is the DD charges in Union bank?
Union Bank DD issuance Charges
| Amount Range | Issuance Charges |
|---|---|
| Upto Rs. 5000 | Rs. 53.10 |
| Rs. 5001 to Rs. 10000 | Rs. 76.70 |
| Rs. 10001 to Rs. 1 Lac | Rs. 4.72 Per thousand |
| Above Rs. 1 Lac | Rs. 5.31 Per thousand |
What is the maximum limit of DD?
Banks allow a maximum of Rs. 49,999 as RBI has given clear instructions to not issue a demand draft paid by cash for Rs. 50,000 or more. Q.
What is the DD charges for 10 lakhs?
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| Demand Draft Amount | Demand Draft Charges |
|---|---|
| Up to Rs. 5,000 | Rs. 25 |
| Rs. 5,000 to Rs. 10,000 | Rs. 50 |
| Rs. 10,000 to Rs. 1 lakh | Rs. 5 per thousand or part thereof. (Minimum Rs. 60) |
| Above Rs. 1 lakh | Rs. 4 per thousand or part thereof. (Minimum Rs. 600 and maximum Rs. 2,000) |
Which bank has no DD charges?
DD is free if you use HSBC internet banking. 25% of Rs. 100 if you do it through HSBC phone banking.
Can I make DD with cash?
2. It has been brought to our notice that some banks have recently issued demand drafts of Rs. 50,000/- and above on deposit of cash and not against debit to the customer’s account or against cheques or other instruments tendered by the customer.
Can I deposit DD in any bank?
Demand drafts are only payable on demand and they can be only deposited in the bank, unlike cheques demand drafts cannot be paid to the bearer. Demand drafts are usually issued when a large amount of money is in question or within parties who are unknown to each other and thus lack trust.
What is the DD charges for one lakh?
The banks charge Rs.
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| Demand Draft Amount | Demand Draft Charges |
|---|---|
| Up to Rs. 5,000 | Rs. 25 |
| Rs. 5,000 to Rs. 10,000 | Rs. 50 |
| Rs. 10,000 to Rs. 1 lakh | Rs. 5 per thousand or part thereof. (Minimum Rs. 60) |
| Above Rs. 1 lakh | Rs. 4 per thousand or part thereof. (Minimum Rs. 600 and maximum Rs. 2,000) |
How do you avoid DD charges?
You can avoid such charges by paying through the digital mode wherever possible. This is also true of the demand draft that also entails the cost depending on the amount of the DD.
How long is DD valid?
3 months
Accordingly, cheques, Drafts, Pay Orders and Banker’s Cheques are “valid for 3 months from the date of instrument”, with effect from 01.04. 2012.
Can DD be paid in cash?
Can DD be rejected?
A drawer cannot stop the payment of a demand draft whereas it can happen with the cheque. This is because a demand draft is a prepaid instrument so its payment cannot be stopped. If there is an insufficient fund in the account then the payment of the cheque can be denied.
Can DD be refunded?
Yes, a demand draft can be cancelled and refunded if it is done within the stipulated time. The DD is refunded to the applicant in cash or is credited to the account, depending upon the payment method used. However, the Bank refunds the amount after deducting the DD cancellation charges.
Can I make DD without cheque?
The Demand Draft can be made by paying the Bank in Cash as well, but for Demand Drafts exceeding Rs. 50,000 the payment should be by cheque only. Quoting your PAN No. is also necessary in case the value of the DD is more than Rs. 50,000.
Which is better DD or cheque?
“DD is a preferred mode over the cheques as its payment can’t be denied as in case of cheques due to insufficient funds. Demand draft charges are not constant and vary from bank to bank and also according to the value of the draft.
Which is better DD or RTGS?
Demand Draft is secure, and unlike in the case of internet banking, there is no chance of hacking. Online transactions like RTGS/ NEFT require good internet. However, there is no such need in case of DD, and this instrument can be very useful in remote locations.
Can we cancel DD after 3 months?
A demand draft can be cancelled within 3 months from the date of issue. According to the Reserve Bank of India (RBI) regulation, a demand draft is valid for three months from the date it was issued by the bank. You can revalidate the DD after the third month by writing to the issuing bank.
How long does DD take to clear?
The time frame or the clearing time of a DD varies between banks. They are usually cleared within half an hour, or by the end of the working day. Some banks can take up to three working days.
Which is safe DD or RTGS?
RTGS offers many advantages over the other modes of funds transfer: It is a safe and secure system for funds transfer. RTGS transactions / transfers have no amount cap.
What is the validity period of DD?
Can I withdraw money from DD?
In case the Demand Draft is Crossed as Account Payee, it cannot be encashed over the counter from the Bank Branch and can only be cleared by depositing in the Bank Account of the Person in whose favor the DD has been made.