Indian Bank demand draft is a prepaid instrument that is a secure and safe mode of fund transfer preferred for institutional payments and business dealings. Indian Bank issues a demand draft regardless of whether the purchaser is an account holder in the bank or not. A non-account holder can purchase a DD for less than Rs. 50000/- inclusive of DD charges Indian Bank because the DD will be against cash. Fill up an Indian Bank DD form, pay the amount and the demand draft will be issued within minutes.
What is a Demand Draft?
A demand draft is a financial instrument issued by a bank on behalf of a payer and in favour of the beneficiary mentioned by the payer. The bank guarantees the payment to the payee as it collects the transaction amount either by debiting the payer’s account with the bank or in cash. In transactions where the payee is sceptical about payment through a cheque or when the dealings are with an unknown person, the payee prefers a demand draft which is an assured financial deal. Its widespread use contributes to a seamless domestic as well as global financial transaction
Different Types of Indian Bank DD Charges?
Indian Bank collects DD charges from Indian Bank while purchasing a demand draft. The bank provides the facility of revalidating the DD if not presented before the expiry date, cancellation of the DD if it is not presented by the beneficiary for payment or if the DD is lost, and issuing a duplicate DD if the applicant prefers one when the original DD is lost or misplaced. The bank charges different Indian Bank DD charges for all these transactions. The details of the different types of demand draft charges are given below:
Indian Bank DD charges issuing a DD
For General Public
Up to Rs. 10000/ | Rs. 50/- |
Above Rs. 10000/- and up to Rs. 1.00 lac | Rs. 4/- per 1000 Minimum: Rs. 50/- Maximum: Rs. 300/- |
Above Rs. 1.00 lac | Rs. 5/- per 1000/-. Maximum: Rs. 20000/- |
For Senior Citizens
Up to Rs. 10000/ | Rs. 40/- |
Above Rs. 10000/- and up to Rs. 1.00 lac | Rs. 2.50 per 1000 Minimum: Rs. 40/- Maximum: Rs. 250/- |
Above Rs. 1.00 lac | Rs. 3/- per 1000 Minimum: Rs. 300/- Maximum: Rs. 12000/- |
For non-customers the DD charges Indian Bank will be 50% above the normal charges.
For students, the Indian Bank DD charges will be 50% of the normal charges
Indian Bank DD charges for Demand Draft Cancellation
For General Public
For a demand draft up to Rs. 100 | Nil |
For a demand draft above Rs. 100/- and up to Rs. 10000/ | Rs. 50 per instrument |
For a demand draft above Rs. 1.00 lac | 1% of the DD value. Minimum: Rs. 100/- Maximum: Rs. 500/- |
For Senior Citizens/Pensioners/Individuals in Rural Areas
For a demand draft up to Rs. 100 | Nil |
For a demand draft above Rs. 100/- and up to Rs. 10000 | Rs. 30 per instrument |
For a demand draft above Rs. 1.00 lac | 1% of the DD value Minimum: Rs. 100/- Maximum: Rs. 500/- |
DD Charges Indian Bank for Revalidation/issue of Duplicate DD
Up to Rs. 100 | Rs. 25/- for individuals, Rs. 30/- for non-individuals and Rs. 20/- for Senior Citizens |
Above Rs. 100/- and up to Rs. 10000 | Rs. 50/- for individuals, Rs. 100/- for non-individuals and Rs. 40/- for Senior Citizens |
Above Rs. 10000 | Rs. 100/- for individuals, Rs. 200/- for non-individuals, and Rs.80 for Senior Citizens |
Essential Demand Draft Fields/Details
The essential demand draft fields are:
- The name of the payee i.e., in whose favour the DD is issued
- Amount of the demand draft in words and figures
- Place where DD is payable
- Name of the issuing branch
- Unique DD number
- Signature of the bank official issuing the demand draft
- An ‘Account Payee’ crossing indicating that cash cannot be paid on presenting the demand draft. It has to be routed the account only.
You need to provide certain details for the bank to issue a demand draft with the details required for the payee to collect the amount from the paying bank. The Indian Bank DD form filling is very simple. Fill up the details given below in the relevant columns of the DD form and be done.
- Date of DD request
- Since it is a combined form for DD/NEFT/RTGS, tick the relevant box
- DD amount under the option ‘Application for Rupees’ in words
- Amount in figures in the column provided
- DD Charges Indian Bank
- The total amount both in words and figures
- Beneficiary Name and Address
- DD Payable at (Name of the DD payable place)
- Account Number of the applicant
- Name of the Applicant
- Address of the Applicant
- Mobile Number of the Applicant
- PAN of the applicant where an amount is above Rs. 50000/-
- Signature of the applicant
Fill up the form and submit it at the relevant counter along with cash or a cheque if the account number is not mentioned.
Indian Bank DD Form
Indian Bank DD form is one of the documents that is required for the purchase of a demand draft. The details like date of the transaction, amount in words and figures, Indian Bank DD charges, name and address of the beneficiary, the place where the DD is payable, account number of the applicant, name and address of the applicant, mobile number of the applicant, and PAN of the applicant wherever the amount of the DD is above Rs. 50000/- have to mentioned in the DD form.
The Indian Bank demand draft form can be collected from any branch of the bank or from the branch where you intend to purchase the Indian Bank demand draft or can also download the form from various platforms that provide the facility.
If you download the form, you can fill up the details and send the DD form along with the amount through anybody to purchase the DD on behalf of you. This is convenient for persons who have a busy schedule or are unable to visit the branch for any other reasons.
How to Avail Indian Bank DD?
Follow the procedure below to avail the Indian Bank demand draft.
- Visit any branch of the Indian Bank
- Collect the Indian bank demand draft form
- Fill up the details like the date of the transaction, DD amount and DD charges, Name of the Beneficiary, Address of the beneficiary, applicant’s account number, name, address, and PAN.
- Submit the duly signed DD form along with the DD amount and applicable charges in cash. If the account number is provided the bank will collect the amount by debiting the account.
- After checking the details, the bank will issue the DD within a few minutes.
- Collect the acknowledgement also for having made the payment as it will be needed for future reference if required.
Indian Bank Demand Draft : FAQs
When you receive payment for any transaction through demand draft make sure that
● You have complete information about the drawer. You should verify the whereabouts of the drawer before getting into a financial deal with the drawer.
● Preserve a copy of the demand draft.
● Normally banks take immediate legal action when a fake DD is presented for payment.
The validity period of the Indian Bank Demand Draft is 3 months.
The demand draft can be revalidated for further 3 months on a written request from the applicant. If the applicant presents the original DD and requests for a cancellation, the DD will be cancelled and the amount refunded. The DD charges will not be refunded. Instead, cancellation charges will be collected.
If the DD is lost or misplaced and you cannot produce the original DD for cancellation or for issuing a duplicate DD, the applicant has to give an indemnity bond.
Yes. Non-customers can also purchase a DD for less than Rs. 50000/- including the DD charges from the bank by paying in cash.