Please help me to understand what is DD?

Question

Can somebody tell me how dd works and what the process of  DD

Answer 1

Hi Mishra

At the outset, let me clarify that this site is designed by a group of senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

The DD is know as Demand Draft where the payment to the beneficiary is assured by the Bank of issuance on presenting to within 3 months from the date of issue.

In the case of DD the payment has to me made in advance with the details of the name of the beneficiary and place where the DD needs to be drawn after complying with formalities of the Bank where customer wants to avail. Trust your query is satisfied with.

Uday Bhat