1. What is a Bank Draft or Demand Draft ?
Bank Draft is besides called equally Demand Draft, inward short, DD. DD is a particular type of blogspot.com//search?q=what-is-cheque-definition-kinds-and">cheque. It is drawn past times a blogspot.com//search?q=what-is-cheque-definition-kinds-and">bank on whatever of the branches of the same bank. It is used for remitting coin from ane house to only about other place. It is the cheapest agency of sending money. It is an gild to pay coin on demand.
blogspot.com//search?q=what-is-cheque-definition-kinds-and">crossed. When the other political party receives it, has to acquaint it to the banking concern for payment. It is the easiest in addition to safest agency of sending coin from ane house to only about other place.
2. What is a Mail in addition to Telegraphic Transfer ?
Mail in addition to Telegraphic Transfer is only about other method of sending coin from ane house to only about other house past times using the missive of the alphabet (mail). The post transfer (MT) is possible entirely when the sender (remitter) in addition to the receiver (remittee) both are having banking concern accounts inward the same bank, but at dissimilar branches. Generally, no charges are charged past times banking concern for post transfer. In this the remitter has to inform his banking concern to transfer a sure enough sum from his line concern human relationship to the only about other person's line concern human relationship inward other branch of the same bank. The details of the remittee (receiver) such equally his name, line concern human relationship number, the branch where he has account, etc. must travel provided to the bank.
3. What is an Overdraft ? Explain Overdraft Facility
Overdraft is ane type of loan given past times the banking concern to its electrical flow line concern human relationship holder. When banking concern allows the blogspot.com//search?q=what-is-cheque-definition-kinds-and">current account holder to take sum over in addition to inward a higher house the credit remainder equally per an understanding in addition to thus it is called equally Overdraft Facility. Overdraft is a brusk term loan but it tin terminate travel continued from fourth dimension to time. Banks order this facility subsequently taking safety or personal guarantee. This overdraft is a sort of temporary loan in addition to banking concern charges involvement on actual sum which is overdrawn past times the client i.e. line concern human relationship holder. They are allowed to overdraw the sum upward to a sure enough trammel past times issuing cheques to other parties or for ain line concern use, from their electrical flow accounts. Overdraft facility is given generally, for few months.
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