what is the difference between pay order & D.D.?
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Answer Posted / hasan bin naseer
PAY ORDER:
The Pay Order is a cheque issued by the bank in favor of a
beneficiary. It is also known as the Cashiers Cheque or the
Managers Cheque. It is issued only against cash by cheque
which is debited immediately. It is payable within the
city. Pay Order Cheques generally honors when they maintain
sufficient balance. Charges for Pay Order are often high
while in case of Demand Draft they are low.
DEMAND DRAFT:
Whereas, Demand draft is issued by issuing branch in the
name of beneficiary. It is presented on drawee branch on
which it is drawn. It can be used intercity (within city)
and intercity (out of city) mean in a country. Charges for
Demand Draft are low.
CONCLUSION:
Both are secure and cannot be bounced or rejected, both are
just like cash which can be deposited in payee account.
| Is This Answer Correct ? | 13 Yes | 4 No |
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