IndusInd Bank DD form is a secure and popular mode of funds transfer even in this digital banking era. The reason is the guaranteed payment to the recipient by the bank. Return of a demand draft for want of funds is ruled out as IndusInd Bank DD is a prepaid instrument where the bank collects the transaction amount in advance.
The bank issues a prepaid draft with the amount specified and payable to the beneficiary designated. This ensures swift and reliable transactions for various purposes like fees, high-value purchases, or other remittances where unknown parties are involved. IndusInd Bank DD enables customers to make payments or transfer locally as well as internationally.
IndusInd Bank DD Form Download
IndusInd Bank DD form filling is mandatory as the bank needs the details of the remitter as well as the receiver to issue a demand draft. You can visit any IndusInd Bank branch and collect the form. The other option is the IndusInd Bank DD form pdf download from various online platforms. If you are sending someone on your behalf to purchase a demand draft, you can download the IndusInd Bank DD form and fill it out beforehand and send the form along with the transaction amount in cash or write a cheque for the amount. The signature of the representative has to be authenticated to confirm that the DD purchase authority is given to the representative.
Click here to download the IndusInd Bank DD Form- https://www.indusind.com/content/dam/indusind-corporate/trade-documentation/general-banking-operations-forms/RTGS-NEFT-DD-IMPS-Form-English.pdf
On submitting the DD form along with cash or a cheque, the bank will issue a demand draft after verifying the details mentioned in the DD form.
The Bank also provides a form for DD cancellation and issuance of a duplicate form in the event of loss of a demand draft. The DD cancellation form IndusInd Bank requires the following details:
- The form is addressed to the Bank Manager. You will have to fill up the name of the branch
- Enter the Demand Draft Number and amount
- Provide the account number to which the amount has to be credited for the issuance of a duplicate DD
- An indemnity also has to be provided since the original DD is not available for cancellation.
- Name and Address of the Purchaser
- Name and Address of a Surety (Guarantor)
- Signature of the Purchaser
IndusInd Bank DD Charges
DD Charges in IndusInd for remittance through own bank–
Rs. 1.50 per Rs. 1000/- Min: Rs. 25/- Max: Rs. 3000 for issuance of a demand draft
Rs. 100/- per instrument for cancellation/issue of a duplicate DD
Rs. 50/- per instrument for revalidation
IndusInd Bank DD Charges for remittance through other bank–
Rs. 2/- per Rs. 1000/- Min: Rs. 50 Max: Rs. 5000/- for issuing a DD through a correspondent Bank. DD charges at actuals for DD through non-correspondent banks
Rs. 100/- per instrument for cancellation/issue of a duplicate DD
Rs. 50/- per instrument for revalidation
Details to Fill in IndusInd Bank Demand Draft
The IndusInd Bank Demand Draft will have the date of the DD, the recipient’s name, the amount, and the place where the DD is payable, and the DD number. To obtain a draft with these details, the purchaser has to fill up an IndusInd Bank DD form with the following details:
- Name of the bank branch
- Combined form for DD/NEFT/RTGS/IMPS. Tick the DD option for the purchase of a DD
- Name of the Applicant
- Address of the Applicant
- Should mention whether account holder or non-customer
- Account number of the applicant
- Cheque number
- Email ID of the applicant (optional)
- Mobile Number of the Applicant
- Name of the Beneficiary
- DD payable location
- Amount in words and figures
- Signature of the applicant.
Documents Required to Issue IndusInd Bank DD
The documents required to purchase demand from IndusInd Bank are:
- IndusInd Bank DD form
- A cheque
- Copies of KYC document if the DD is purchased against cash
Features of IndusInd Bank DD
The features of IndusInd Bank DD are:
- The DDs can be for both local as well as global transactions
- The bank ensures a safe and secure payment method by issuing a demand draft.
- Demand drafts are widely accepted payment modes across education institutions, business organisations as well as individuals despite the existence of other modes like NEFT/RTGS etc.
- DDs being prepaid instruments do not carry the risk of rejection for insufficient funds.
- The amount is fixed and cannot be altered.
- Provision for customising the DD by mentioning the beneficiary’s name and other details is available.
- Charges are nominal for issuing a demand draft
- Customers can get a refund if the demand draft is not utilised. Revalidation is possible if the DD is not presented before the validity period.
Benefits of IndusInd Bank Demand Draft
IndusInd Bank provides a host of benefits. They are:
- It ensures the security of transactions by issuing a demand draft which is a prepaid instrument. The risks of fraud and unauthorised usage are minimal. Both the beneficiary and the remitter are confident of a secure transaction.
- IndusInd Bank DDs are accepted across various government bodies, industries, and institutions. It could be payment of university fees, purchase of goods, or payment to clients, IndusInd Bank DDs are recognised as a secure mode of transaction.
- The funds are immediately available on presentation. If the beneficiary has an account with IndusInd Bank, the funds are instantly credited to the account. Else, the funds will be credited on the realisation of the demand draft.
- The bank allows customers to issue DDs for both local as well as international transactions. This enables effective cross-border transactions.
- By preserving a copy of the demand draft, you can present it as evidence whenever there is a query regarding the financial transaction. They are also helpful for maintaining financial documentation and audit trails
- The details of the demand draft are recorded and can be retrieved at any point in time.
- Since the amount is predetermined, it reduces the instances of errors and discrepancies.