what is the difference between cheque and draft
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Answer Posted / yadagiri goud
Cheque is the instrument which is issued by the drawer
addressing the drawee( Bank in which the drawer has deposit
account)to pay a certain sum of money to the payee on demand.
The cheque could be dishonored if there is lack of money in
the drawer's account.
Where as a Demand Draft is the instrument issued by the bank
after collecting certain sum of money from the drawer that
has to be paid to the payee on demand. The bank will charge
commission for issuing/cancelling the DD. As the DD is the
pre-paid cheque there is no question of dishonore, so DD is
more trust worthy than a cheque.
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