In this article, we are going to discuss all the steps that are involved in making a demand draft. Let’s jump into it quickly!
Discussing the Complete Guidelines of a Demand Draft :
Gather All the Required and Necessary Information.
Before you can go ahead and create your demand draft and deposit it, you will need all the proper information related to it. This basically constitutes information that will be of use when it comes to filling out the demand draft.
Always Give the Legally Required Information When it Comes to Selling Any Service or Goods
If you are someone who is working remotely with a client and is selling them a service or good. Then it is probably a good idea to provide the proper information about it. Doing this can lead to limit liability or promoting customer relations as well.
Obtain the Right Information About Your Client’s Bank Account Details
You will now need to acquire all the necessary pieces of information when it comes to successfully depositing the draft in your own bank account. You must remember that since a demand draft does not happen to require a signature, it is critical that you have to provide the most updated and accurate information.
Always Obtain Consent Beforehand
A demand draft tends to always require some form of consent on the part of the person that is having money withdrawn from their account. It could either be in the written or spoken form. If the consent is in a verbal form then it needs to be recorded. Otherwise, you can obtain written consent which is often considered a safer option.
Proceed to Create the Draft
Now that you have taken care of all the pre-requisites, you will need an official form and format to complete your demand draft. The safest method when it comes to creating your draft is to obtain an official form from your bank itself. Banks always happen to offer their very own forms for demand drafts. Alternatively, there exists some online services as well which can help create and send a demand draft. Also, you must remember to be very careful when selecting a service outside your bank as you stand a chance to get stuck with a draft as well.
Print the Document
After you have finished creating your demand draft by filling in all the appropriate information, go ahead and print it out. You will be needing physical paper copies of the draft to deposit it officially. Consider printing a minimum of two copies for yourself. One of them you must submit to your bank, while the other you should be holding with yourself in your own personal records.
Time to Deposit the Demand Draft to the Bank
After you have properly and carefully prepared and printed the draft, you are completely ready to deposit it with your own bank. The process will be very similar to depositing a check into your account. Also remember that unlike checks, you won’t be needing a signature on your draft as you have already obtained consent.
This brings us to the end of our discussion on how to make a demand draft. I hope you have gained the right information you were looking for.
