Kotak Mahindra Bank demand draft is a trusted and secure mode of payment. It is a seamless and convenient mode of funds transfer when high-value purchases are involved. It is ideal for financial dealings with business organisations and between entities unknown to each other. The bank guarantees the payment to the beneficiary, and this is the factor that makes this payment mode preferable
Collect Kotak Mahindra Bank Demand Draft form from any Kotak Bank branches, fill in the details like name of the issuing branch, name of the beneficiary, DD payable place, amount, name and account number of the applicant, cheque number, mobile number of the applicant. Submit the duly signed Kotak Bank DD form along with a cheque to the designated counter and the bank will issue a demand draft. Alternatively, you can request a DD through Internet Banking, and the bank will dispatch the DD to your doorstep
Kotak Mahindra Bank DD form download is possible through various online platforms. You can download the form, fill in the required details, and send the request through anybody to collect the DD on your behalf if you have no time to visit the branch. An authorisation column has to be filled up in which you will have to mention the name of the bearer of the request and also attest his/her signature. The DD form should be accompanied by a cheque.
The details to fill in a Kotak Mahindra Bank Demand Draft are:
- DD in favour of: Beneficiary Name
- Bank branch: The issuing branch
- Amount: DD amount both in words and figures
- Date: The date of issue of the demand draft
- DD Payable at: The location where the DD is payable
- DD Number: Unique DD reference number
- Signature: Signature of the official of the bank issuing the demand draft.
Check for the correctness of the details mentioned above before leaving the branch. There is a scope for rejection of the demand draft if any of the details are incorrect.
The documents required for Kotak Mahindra Bank DD are:
- Kotak Mahindra Bank Demand Draft Form
- A cheque to debit the amount
- If any other person is collecting the demand draft on your behalf, copies of the KYC documents of the bearer.
Features of Kotak Mahindra Bank DD
The features of Kotak Mahindra Bank DD are:
- It is an unconditional payment order, payable only on demand.
- Demand drafts have an ‘Account Payee’ crossing and are not payable directly to the bearer. It has to be paid into the beneficiary’s account only.
- Purchasers of demand drafts do not necessarily have to be the bank’s customers.
- Demand drafts are issued only when there are sufficient funds in the bank account, preventing bouncing and ensuring safe and timely payments, unlike cheques.
- They are commonly used when the parties involved are unknown to each other and lack trust among them.
- If a demand draft is not presented for payment within the validity period, it can be revalidated.
- If the DD is not utilised for the purpose it was purchased, it can be cancelled by submitting a written request. The request should be from the payer.
- In the event of theft or loss of a demand draft where the original DD cannot be presented to the bank, the bank will cancel and issue a duplicate DD only if an indemnity bond is executed.
Benefits of Kotak Mahindra Bank DD
Kotak Mahindra Bank DD provides a host of benefits. Some of them are:
- Demand drafts are prepaid instruments and offer a higher level of security compared to personal cheques. The purchaser should have a sufficient amount in the account for procuring a demand draft. This ensures guaranteed payment and eliminates the risk of dishonour or rejection by the paying bank.
- The need for handling physical cash gets eliminated. The risk of theft is reduced and this makes it a safe mode for transactions that involve huge amounts.
- For institutions, businesses, government organisations, commercial establishments and individuals, this is a preferred mode of financial transaction as the payment is guaranteed.
- Banks issue demand drafts in various denominations to suit different payment requirements. Kotak Bank issues DD in different currencies making it ideal for transactions both inland as well as across the globe.
- If the transactions are time-bound, then DDs are highly advantageous. The amount is collected in advance for issuing a demand draft, and the payee can get the remuneration on presenting the DD. This avoids delays in settling monetary obligations.
- Where two parties are from different locations and the parties are not known to each other, demand drafts are the most trusted mode of financial transaction.
- No one but the beneficiary gets the payment on presenting the DD. This makes it even more safe and secure. For real estate dealings, large investments, and paying university fees, DDs are preferred. They provide a secure and efficient way to transfer huge sums of money.
- Details of every demand draft issued are correctly recorded. It is easier to track payment history with these details. It is advantageous for reconciliation, record-keeping, and reporting purposes.
- The charges involved in issuing a demand draft are very nominal in comparison to other modes of payment. It is cost-effective for both individuals as well as for businesses.
Kotak Mahindra Bank DD : FAQs
Kotak DD charges are nominal. The charges are:
· For issuing a demand draft the Kotak Bank DD charges are Rs. 2.5 per 1000/-. Minimum: Rs. 50 and Maximum: Rs. 10000/-
· For cancellation/revalidation, the Kotak Bank DD charges are Rs. 100/- per instrument.
A DD request from Kotak Mahindra Bank can be through Internet Banking also. The procedure for the demand draft request is
● Login to your Kotak Bank net banking account with your login credentials
● Under ‘Funds Transfer’ choose the ‘DD request’ option
● Provide the name of the beneficiary, payable location, amount, debit account, the purpose of the demand draft
● Choose the delivery mode and click on the ‘Submit’ button
● Key in your transaction password after reviewing the details.
● Key in the OTP received.
● A DD reference number will be given.
● If you have chosen the delivery mode as dispatch to your mailing address, the bank will send the DD to your doorstep.
● For collecting the DD from the bank branch, you will have to produce the reference number at the counter, and the branch will issue the DD
If a bearer presents the DD form on behalf of the purchaser, the Kotak DD form should be accompanied by a cheque. Also, the signature of the bearer has to be attested by the purchaser.
No. The payment will be made only to the beneficiary mentioned in the demand draft.
No. You can download the Kotak Bank DD from various online platforms if anyone else is going to get the DD from the bank on your behalf. Fill in all the details and send the DD form along with a cheque through a bearer. You will have to mention the name of the bearer collecting the DD and attest the signature. The bearer has to sign in the presence of the bank officials as well to collect the DD.