Banks Bespeak Draft - Post Service Telegraphic Transfer

1. What is a Bank Draft or Demand Draft ?

Bank Draft is besides called equally Demand Draft, inwards short, DD. DD is a particular type of cheque. It is drawn past times a bank on whatsoever of the branches of the same bank. It is used for remitting coin from 1 house to unopen to other place. It is the cheapest fashion of sending money. It is an gild to pay coin on demand.

crossed. When the other political party receives it, has to acquaint it to the depository fiscal establishment for payment. It is the easiest in addition to safest means of sending coin from 1 house to unopen to other place.

2. What is a Mail in addition to Telegraphic Transfer ?

Mail in addition to Telegraphic Transfer is unopen to other method of sending coin from 1 house to unopen to other house past times using the alphabetic quality (mail). The post service transfer (MT) is possible solely when the sender (remitter) in addition to the receiver (remittee) both are having depository fiscal establishment accounts inwards the same bank, only at dissimilar branches. Generally, no charges are charged past times depository fiscal establishment for post service transfer. In this the remitter has to inform his depository fiscal establishment to transfer a sure enough total from his concern human relationship to the unopen to other person's concern human relationship inwards other branch of the same bank. The details of the remittee (receiver) such equally his name, concern human relationship number, the branch where he has account, etc. must hold out provided to the bank.

3. What is an Overdraft ? Explain Overdraft Facility

Overdraft is 1 type of loan given past times the depository fiscal establishment to its electrical flow concern human relationship holder. When depository fiscal establishment allows the current account holder to remove total over in addition to higher upwardly the credit residue equally per an understanding in addition to then it is called equally Overdraft Facility. Overdraft is a brusque term loan only it tin hold out continued from fourth dimension to time. Banks rank this facility afterward taking safety or personal guarantee. This overdraft is a sort of temporary loan in addition to depository fiscal establishment charges involvement on actual total which is overdrawn past times the client i.e. concern human relationship holder. They are allowed to overdraw the total upwardly to a sure enough restrain past times issuing cheques to other parties or for ain concern use, from their electrical flow accounts. Overdraft facility is given generally, for few months.