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what is the difference between pay order & D.D.?
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Answer / anil s nair
PAY ORDER IS WITH IN CITY OR LOCALLY WHERE AS DD IS
ACCEPTED BEYOND THE LOCAL LIMITS
| Is This Answer Correct ? | 238 Yes | 30 No |
BEAUTIFUL QUESTION ACCORDING TO MY KNOWLEDGE A SLIGHT
DIFFERENCE IS THERE FOR DD& PAY ORDER
PAY ORDER MEANS NOTHING BUT THE CHEQUES WHICH WERE PRESENTED
OF LOCAL BANK CHEQUES PAY ORDER CHEQUE ARE THE CHEQUE WHICH
WERE PAID TO PARTICULAR PERSON OR CMPANY MENTIONED IN CHEQUE
DEMAND DRAFT GENERALY BE THE OUT STATION CHEQUES WHICH WILL
BE DRAWN IN FAVOUR OF ............
CONCLUSSION - PAY ORDER CHEQUES GENERALLY HONOURS WHEN THEY
MAINTAINS SUFFICIENT BALANCE
DEMAND DRAFT THERE IS NO CHANCES FOR DISHONOURING BECAUSE
AFTER PAYING THE AMOUNT IT SELF DEMAND DRAFT WILL BE ISSUED
| Is This Answer Correct ? | 122 Yes | 57 No |
Answer / hussain riaz shah
The pay order is a cheque issued by the bank in favour 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 withing the
city.
the Demand Draft or the DD is again by the bank in favour
of a beneficiary but is payable in another city at the
branch on which it is drawn.
The pay order charges are ususlly a flat rate where as the
charges for a DD are a percentage of the amount of the DD.
| Is This Answer Correct ? | 43 Yes | 9 No |
Answer / phpfast
PAY ORDER IS WITH IN CITY WHERE AS Demand Draft IS
ACCEPTED BEYOND THE CITY LIMITS, both are secure and can
not be bounced or rejected, both are just like cash which
can be deposited in payee account.
| Is This Answer Correct ? | 30 Yes | 8 No |
Answer / imtiaz ahmad
Pay order is issued in nname of payee or on demand. It can
is for within city transaction. It can not be used locally.
Demand draft is issued by issuing branch in the name of
benefciary. It is presented on drawee branch on which it is
drwan. It can be used intracity (within city) and
intercity (out of city) mean in a country.
| Is This Answer Correct ? | 36 Yes | 20 No |
Answer / 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 |
Answer / rizwan nasir
pay order is an order to pay a certain amont of money to a
beneficiery on presentation.payment order is issued only in
local currency .while demand draft is accepted
internationally and can be in various currencies.
| Is This Answer Correct ? | 10 Yes | 4 No |
Answer / sanju mandiyan
A demand draft is a pre paid negotiable instrument, wherein
the drawee bank undertakes to make payment in full when the
instrument is presented by the payee for payment. The
demand draft is made payable at a specified branch of a
bank at a specified centre. In order to obtain payment, the
beneficiary has to either present the instrument directly
to the branch concerned or have it collected by his bank
through the clearing mechanism.
A banker’s cheque(Pay Order) is another payment instrument
which is used by the banks to settle payment obligations on
behalf of their customers. This instrument is guaranteed by
the bank for its full value and is similar to a demand
draft. In practice, these instruments are payable at the
branch of issue and are used for payment within the local
clearing jurisdiction
| Is This Answer Correct ? | 7 Yes | 2 No |
Answer / yamini
A PO is generally used for making local payments as it is payable at the place where it is issued.DDs are used when payments have to be made to far places and the payee insists on certainty of the payment.
| Is This Answer Correct ? | 5 Yes | 1 No |
pay order - means instructing to pay the amount to whom the
payment has to be made.
a/c payee - instructing to pay certain sum of amount to the name mentioned in pay......................
Demand draft - is also called d.d should make a d.d amount along with commission in favour of whom we are making payment.
| Is This Answer Correct ? | 4 Yes | 4 No |
let me know the meaning of Drawer,Drawee and payee of the cheque
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