Karnataka Bank demand draft is a payment mode to seamlessly transfer funds across the nation. It is a swift, secure and reliable option for a hassle-free financial transaction. Karnataka Bank issues a demand draft which is a prepaid instrument and the recipient can be confident of receiving the payment. Karnataka Bank is the trust factor between the payer and the payee as the bank guarantees the payment to the recipient. The bank issues a demand draft by collecting nominal Karnataka Bank DD charges. There is no risk of rejection on presenting for payment as the demand draft is a prepaid instrument.
A demand draft is a widely accepted instrument for financial transactions. Accepting payment through cheques depends on the creditworthiness of the payer. Since a demand draft also known as a banker’s cheque is a prepaid instrument, for any financial dealing between entities unknown to each other, DDs are preferred. The recipient will be 100% sure of getting the payment as the bank guarantees the payment by collecting the transaction amount in advance from the payer. A demand draft is also a preferred mode of payment for business transactions, university fees, purchases involving huge amounts, etc. A demand draft is an efficient and credible alternative to cash or electronic fund transfers.
Karnataka Bank collects charges for the issuance of a demand draft and cancellation of demand draft which is as given below:
Rs. 3/- per Rs. 1000/-. Minimum: Rs. 25
Rs. 100/- per instrument subject to a maximum value of the DD cancelled.
The Karnataka Bank DD commission charges are not applicable for all types of examination fees, prospectus fees, and tuition fees. All these DDs will be issued free of cost.
The essential fields in a demand draft are
- The date of the demand draft
- A unique demand draft number
- Amount in words and figures
- Place where the DD is payable
- Signature of the bank official issuing the demand draft.
Karnataka Bank DD form will have various mandatory fields that have to be filled in for the bank to issue a demand draft with complete details required for the paying bank to make the payment of the DD.
You can either collect the Karnataka Bank DD form from any Karnataka Bank Branch or download the form from the bank’s website. You can go prepared to the Bank with a completed DD form and just submit the form at the counter and collect the DD instead of delaying the process by filling up the DD after you reach the branch. The other advantage of downloading the form and filling it up beforehand is that you can authorise a person to collect the DD on your behalf by sending the duly signed form through the representative. You will have to attest the signature of the person collecting the draft on behalf of you.
Click here to download Karnataka Bank DD Form:
For the demand draft to be generated with the essential fields, the purchaser has to fill in the following essential details in the Karnataka DD form.
The Karnataka Bank DD form contains two parts. The customer’s part (is an acknowledgement for having applied for the DD) and the banker’s part. The details mentioned below have to be filled in both the customer’s part as well as the banker’s part.
- Date of the request
- Name in whose favour the DD is required- Beneficiary’s name
- Branch Name where DD is payable
- Draft amount
- Karnataka Bank DD charges
- Branch Name where DD is applied
- Name and Address of the Applicant
- Mobile Number of the applicant
- Account Number and Cheque No
- PAN No if the DD amount is above Rs. 50000/-
- Signature of the applicant
Submit the duly signed and filled application along with the cheque at the DD counter and the demand draft will be issued. The customer’s copy will have the bank’s stamp and it serves as a reference for the future if you have to cancel the DD.
There are two ways you can avail of a Karnataka Bank DD:
Karnataka Bank DD through a bank branch in person
- Visit the nearest Karnataka Bank branch
- Collect the Karnataka Bank DD form from the branch
- Fill in all the details like the date of the application, name of the payee, DD amount, DD charges in Karnataka Bank, DD payable place, name of the branch where the DD is issued, name and address of the applicant, mobile number, account number of the applicant and the cheque number, PAN Number of the applicant if the amount is over Rs. 50000/-, signature of the applicant.
- Enclose a cheque with the Karnataka Bank DD form and submit it at the DD counter and the bank will issue a DD after verifying the details mentioned in the challan.
- Collect the Customer’s copy duly signed by the bank official issuing the DD.
Karnataka Bank DD through your Net Banking Account
- Login to your Karnataka Bank net banking account with your login credentials.
- Click on the ‘Request for DD’ option found on the dashboard
- Fill in all the details like the name of the person/institution in whose favour the DD has to be issued.
- Name of the applicant and the address. Place where the DD is payable
- DD amount
- Select the account number if you have multiple accounts in the bank
- Choose the delivery mode. Confirm the details, and click on the submit button.
- Enter the transaction password and the OTP received. Your DD request will be confirmed and a reference given.
- If you have chosen the delivery mode as ‘at bank branch’, you will have to provide the reference number at the bank’s branch and the DD will be issued.
- Else, the DD will be sent to your mailing address. The mailing charges have to be borne by you.