The YES Bank DD is a prepaid financial instrument that allows customers as well as non-customers of the bank to make secure payments. The bank collects the amount in advance from the payer and so the possibility of dishonour is very remote. YES Bank directs another bank to make a specified amount to the individual/institution in whose favour the DD is drawn. This payment mode is ideal for transactions where the amount involved is significantly high and also when the payer is unknown to the payee. You can conveniently purchase YES Bank DD by filling up a simple YES Bank DD form and tendering the form along with a cheque or cash.
YES Bank DD form pdf download facility is provided on the official website of the bank. You can fill up the details online and download the completed form in pdf format. Alternatively, you can visit any YES Bank branch and obtain the DD form.
Click here to download the YES Bank DD Form:
The fields that have to be filled in the YES Bank DD form are:
- The name of the issuing branch
- The date of the request
- Payee’s name
- DD amount in words and figures
- YES Bank DD charges
- The total amount
- The place where the DD is payable
- Name, address, account number and mobile number of the applicant
- The check number also should be entered.
- Signature of the Applicant.
After filling in the form and affixing a signature, the applicant has to submit the form along with cash or a cheque at the counter. The designated official of the bank will verify the details and issue the demand draft.
Details to Fill in YES Bank Demand Draft
On receiving the YES Bank DD form along with the amount, the bank official will check the details and issue a demand draft by filling in the following essential details.
- Date of the instrument
- Name of the beneficiary
- Amount in words and figures
- DD payable location
- DD number
- MICR Code of the branch
- Signature of the bank official authorised to issue the demand draft
- Account payee crossing
All the details filled should be accurate or the instrument will be rejected at the payee bank on presentation for payment.
The documents required to issue YES Bank DD are:
- YES Bank DD form
- A cheque
- If the DD is collected by anyone other than the applicant, the KYC documents of the bearer.
The features of YES Bank DD are:
- The demand draft is a prepaid instrument that can be redeemed on demand. The draft has to be presented before the validity period.
- It cannot be transferred to another person on endorsement on physical delivery. It is not a bearer instrument and so is payable only to the beneficiary mentioned in the DD.
- Stop payment instructions are not accepted once it is issued. The payment can be stopped only when a court order to that extent is issued.
- If the DD is not delivered to the beneficiary for any reason, the payer can request for cancellation of the draft and refund to the account.
- The purchaser of the DD need not be a customer of the bank. The only difference will be the YES Bank DD charges. The non-customer will have to pay DD charges 50% above the normal charges.
Benefits of YES Bank Demand Draft
A demand draft has distinct advantages over a cheque. The various benefits of YES Bank DD are given below:
- The beneficiary is sure to get the transaction amount as the DD is a prepaid instrument and the bank has already collected the money in advance from the payer.
- One bank instructs the other bank to provide the amount mentioned in the DD to the person in whose favour it is drawn.
- There cannot be an instance of the wrong party getting the funds as the payment will be made to the account of the beneficiary mentioned in the DD. A bearer cannot receive the funds, unlike a cheque.
- Though electronic fund transfers are fast and convenient, they may not suit transactions where huge amounts are involved. Electronic funds transfers are subject to a limit within which the transaction has to be put through. Demand drafts can be issued for any amount.
- This facility of transfer of funds to any extent is what makes demand drafts a reliable and convenient option for paying university fees, real estate deals, business transactions, purchases involving significantly high amounts, etc.
- Funds transfer through YES Bank DD is not confined to domestic transactions. The DD can be issued in different currencies and so can be utilised for international transactions as well.
- The widespread acceptance and secure nature of the transaction instills confidence in international deals where the parties may be unaware of each other’s banking systems.
YES Bank DD Form FAQs
How to get a DD from YES Bank?
● Collect the YES Bank DD form from the bank branch or go for YES Bank DD form pdf download. If you opt for YES Bank DD form in pdf format, you can fill up the form and then download it in pdf format.
● Fill in the required details like the name of the issuing branch, date of the request, payee’s name, DD amount, Applicant’s name, address, mobile number, and account number.
● Sign the form and submit it along with the amount either in cash or a cheque.
● The branch will issue the DD after verifying the details and collecting the amount.
What should you do after obtaining the YES Bank DD?
● Date of the instrument
● Payee’s name
● DD amount in words and figures
● DD payable location
● DD number
● MICR code of the branch
● Account payee crossing
Check for the accuracy of details before leaving the branch.
Can I cancel the YES Bank DD if not delivered to the payee?
Fill out the DD cancellation form YES bank and submit it along with the receipt received from the bank on the date of purchase of the DD. The amount minus the cancellation charges will be refunded to your account after cancellation of the demand draft.