Commonly known as DD, a demand draft is a secure mode of payment. It is a negotiable instrument issued by banks on a request from an individual or organization. The IDFC bank DD form is issued after collecting the money in advance irrespective of whether the applicant is having an account with the bank or not.
The advantage of availing of a DD in a bank where you have an account is that there is no cap on the transaction amount. At the same time, a DD against cash will be issued only for an amount up to Rs. 50000/-. Demand drafts are used for transactions such as paying university fees, for high-value purchases, for real estate transactions, etc. as they are a more reliable alternative to payment through cheques.
IDFC Bank DD Form Download
IDFC Bank DD Form is different for DD against cash and for DD through an account with the bank. Ideally, the IDFC Bank DD Form has been collected from any of the bank branches. Alternatively, it can be downloaded from various online platforms that have a provision for downloading the DD forms of different banks.
Click here to download IDFC DD Form: https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/account-services/Fund-Transfer-and-Demand-Draft-Form-V-4.pdf
Details to Fill in IDFC Bank Demand Draft
IDFC Bank provides a demand draft with the following essential fields:
- Date of the instrument
- Payee’s name
- Amount in words and figures
- Name of DD payable city
- DD number
- MICR code of the branch
- The signature of the officials authorized to issue the demand draft.
- Account payee crossing
To fill in the details in the demand draft, the purchaser has to provide the details by filling in an IDFC Bank DD form.
IDFC Bank issues DD by debiting the payer’s account or by accepting cash (if the DD amount is less than Rs. 50000/-). The IDFC First Bank DD Form is different for availing of a demand draft by debit to account or by issuing a cheque and for a demand draft against cash.
IDFC DD Form for a DD issued by debiting the IDFC bank account
The fields that have to be filled for a DD through an account with the bank are:
- Name of the branch issuing the DD
- Date of the transaction
- Since it is a combined form for NEFT/RTGS/Internal Funds transfer and DD Issuance, you will have to tick the relevant box
- Customer ID and Account Number
- Name of the Beneficiary
- Payable at (the place where the DD is payable)
- DD Amount in figures
- DD Amount in words
- Signature of the applicant
- If the DD is collected by a representative of the applicant, then authorisation for collecting the DD on behalf of the applicant has to be given by filling up the name of the representative and attesting the signature of the representative in the relevant column.
- The type of photo ID enclosed with the form also has to be mentioned.
- Signature of the representative
- Authorised signatory (in case a Company or any organisation is purchasing the DD)
- The stamp of the Company/Organisation
The bank will give you an acknowledgment for having accepted the request. This will serve as a reference for any queries in the future or for revalidation or cancellation of a demand draft.
IDFC First Bank DD form for a DD issued against cash
This form has to be filled in block letters. The fields that have to be filled in the IDFC DD form for a DD issued against cash are:
- Name of the branch issuing the DD
- Date of the transaction
- Tick the relevant box as the form is common for the purchase of a DD and funds transfer through NEFT
- Name of the remitter
- PAN Number or Form 60
- Remitter’s Address
- Mobile Number or Landline number or both (if available)
- Purpose of the demand draft
- Name of the Beneficiary
- The location where the DD has to be drawn on
- Amount in figures
- Amount in words
- Denomination of cash
- Signature of the applicant
- An acknowledgment will be issued for future reference
IDFC DD form for cancellation of a DD
For the cancellation of an IDFC Bank DD, the designated form for DD cancellation has to be submitted. The details that have to be mentioned in the form are: (To be filled in block letters and ink)
- Date of the cancellation request
- Customer type (Resident/Non-Resident)
- Customer ID and Account Number
- Name of the customer
- DD Number
- Amount and Date of the DD
- DD beneficiary name
- Reason for the cancellation
- The account number to which the DD cancellation proceeds have to be credited.
- The refund for cash DD will be made by way of a demand draft only.
Documents Required for IDFC Bank DD
The documents required for IDFC Bank DD are:
- IDFC Bank DD form
- A cheque
- A copy of a Photo ID like PAN, Aadhar, or Driving license if the DD is purchased on behalf of a Company or Organisation.
Features and Benefits of IDFC Bank DD
The features of IDFC Bank DD are:
- DD is issued by a bank to another bank. The drawee bank has to make payment when the DD in whose favour it is issued presents the demand draft for payment.
- It is a prepaid instrument and does not bounce for want of funds.
- DD is payable only to the beneficiary mentioned in the DD.
- No signature or authorization is required to initiate a payment.
- The bank details of the beneficiary are not required.
Benefits of IDFC Bank DD
The IDFC Bank DD provides an array of benefits. They are:
- DDs are a secured mode of payment as they are prepaid instruments. The risk of dishonour of payment is mitigated.
- Demand drafts can be replaced if lost and is a safer mode of transaction. There will be no financial loss.
- There is authenticity and credibility of payment as the payment of the demand draft is guaranteed by the issuing bank.
- DDs are widely accepted across countries and are ideal for international transactions as well.
- Clear documentation or record-keeping makes it easy to track and verify transactions.
- The DD can be encashed only by the person in whose favour the DD is issued.