What do you mean by bank draft?
Bank draft: Made out by a financial institution that guarantees the funds after withdrawing the amount from one of your accounts. Bank drafts can be made out in foreign currencies. Certified cheque: Similar to a bank draft, but the money isn't withdrawn from your account.
Why is it called a bank draft?
A bank draft is a type of check that guarantees payment by the bank that issues the bank draft. It is typically used in any transaction where the buyer or seller wishes to guarantee the payment of funds. Bank drafts are frequently used in international transactions and they are often used in real estate transactions.
When would a bank draft be used?
A draft number is a 6-digit number that is present at the bottom of the demand draft and it is issued by the bank. How long is a demand draft valid for? A demand draft is valid for up to 3 months from the date it has been issued. It is similar to a banker's cheque, which is also valid for 3 months.
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[PDF] Irrevocability of Bank Drafts Certified Cheques and Money Orders
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