UCO Bank DD is a secure and widely accepted prepaid instrument provided by UCO Bank. It is not mandatory to be an account holder of the bank to purchase a DD from the Bank. The only condition is that for non-customers who tender cash for the purchase of a demand draft, the amount of the DD is restricted to less than Rs. 50000/- inclusive of the UCO Bank DD charges. The DD contains details like the name of the beneficiary, the DD amount, the place where the DD is payable, the date of the instrument, the DD number, and the signature of the bank official issuing the DD. It is a trustworthy alternative to cash payments for financial transactions with various institutions/organisations as well as individuals.
For the bank to issue the demand draft with the relevant details, the purchaser has to provide the required details in the UCO Bank DD form. You can collect the DD form from the nearest UCO bank branch. Alternatively, you can access the online platforms that provide the UCO Bank DD form download option.
If you have the time you can visit the UCO Bank branch and collect the DD form, fill it up with the relevant details and submit it along with the amount either by way of a cheque or cash and obtain the DD.
If you opt for the UCO Bank DD form download, you can fill up the form online with the relevant details and download the UCO Bank DD form pdf and submit it at the branch yourself or send it through anybody else if you lack the time to visit the branch.
The details that have to be filled in the UCO Bank DD form are:
- Date of the request
- Name of the beneficiary
- DD amount in words and figures
- The place where the DD is payable
- Account number and cheque number of the applicant
- Name and address of the applicant
- Mobile Number of the applicant
- Signature of the applicant.
Submit the UCO Bank DD form, or UCO Bank DD form pdf along with the amount by way of cheque or cash. The DD amount along with the UCO Bank DD charges have to be submitted. The bank on collecting the amount and verifying all the details will issue the demand draft with the signature of the authorised officials of the bank
The components of the UCO Bank Demand Draft are:
- Date of the instrument
- Name of the beneficiary
- DD amount in words and figures
- DD payable place
- Unique 6-digit DD Number
- MICR code of the branch
- Signature of the authorised official/officials (for DDs beyond Rs.1.00 lac signature of 2 bank officials will be required)
- Account Payee crossing
The documents required for UCO Bank DD are:
- UCO Bank DD form/UCO Bank DD form pdf
- KYC documents may be required for DD purchased against cash and if a bearer submits the DD form
The features of UCO Bank DD are:
- It is issued by one bank branch to be payable by another bank branch at the location mentioned in the draft.
- It is a prepaid instrument that is payable on demand. It means, the payee (person in whose favour the DD is drawn) gets the payment immediately on demand and the payment cannot be stopped once the DD is presented for payment.
- It does not require a signature to authorise the transfer of funds, unlike cheques.
- There are two types of demand drafts. Sight demand draft where the payment has to be made immediately on presentation of the DD. Time demand draft which is payable on the specified date. For instance, if the payer has to receive goods and has issued the DD in favour of the seller in advance, the DD has to be paid only after the payer gets the goods ( the payment date will be specified in the DD).
- The DD will have a unique reference number which has to be quoted whenever there is a query regarding the transaction.
UCO Bank DD provides an array of benefits as mentioned below:
- Eliminates the need to handle cash, especially, when the transaction value is huge.
- A record for every DD issued will be maintained which serves as evidence whenever there is a dispute or query regarding a particular transaction.
- It is a prepaid instrument and the beneficiary is guaranteed the payment.
- UCO Bank DDs are accepted widely across the country and are a convenient payment option for several transactions.
- DD provides a clear and transparent record of the translation put through. You can preserve a copy of the DD which can serve as proof of payment. It is also advantageous for audit and reconciliation purposes.
- Having an account in the DD issuing branch is not compulsory. A non-customer can purchase a demand draft for an amount up to Rs. 50000/- by paying in cash.
- DDs are suitable for high-value transactions like making a down payment, purchase of properties, investments, college fees, large business transactions, etc. It reduces the risk of misuse of funds.
- The DD amount cannot be altered and the beneficiary will receive the specified amount.
- The DD cannot be encashed by anyone other than the beneficiary. This provides enhanced security and the payment reaches the right person/entity.
- The charges for availing of a DD is more economical than other modes of funds transfer.
UCO Bank DD Form FAQs
What are the UCO Bank DD charges?
For issuance of a DD
Up to Rs. 10000/-: Rs. 47/- per instrument
Above Rs. 10000/-: Rs. 5 per 1000/- Minimum: Rs. 47 Maximum: Rs. 24963
If the DD is purchased against cash 50% above the normal charges for non-customers and 30% above the normal charges for customers.
For revalidation/cancellation/issue of a duplicate DD
Rs. 130/- per instrument.
If the value of the DD is less than Rs. 130/- the charges at 50% of the DD value will be collected.
How to avail of a DD at UCO Bank?
● Collect the UCO Bank DD form from the nearest UCO bank branch or go for the UCO Bank DD form download from several online platforms having the option.
● Submit the DD form or UCO Bank DD form pdf after filling in the required details along with cash or a cheque.
● The bank official will verify the details and issue a demand draft after collecting the DD amount along with the charges applicable.
What should you do after obtaining the DD from the branch?
● Name of the beneficiary
● DD amount both in words and figures
● Signature of the authorised official
● DD payable location
● Account payee crossing