Hi buddy. As a banker, I can tell you what is the demand draft validity. According to guidelines released by the Reserve Bank of India (RBI), a demand draft has a validity period of three months from the date of issue. This means in order to get paid, a recipient needs to show the demand draft to the issuing bank within three months. Scroll down to know more.
DD is Valid for How Many Days?
Even though internet or net banking has mostly replaced the old banking system, many customers still insist on receiving drafts and writing checks as payment options. As Suryansh mentioned, the DD validity is up to 3 months from the date of issuance.
In order to stop users from misusing these instruments and selling them on the open market, the validity time has been shortened.
No financial institution may proceed with the required payments if a customer presents them with a DD that is more than three months. The demand draft is no longer regarded as genuine and cannot be cashed beyond this expiration period.
The recipient must get in touch with the issuing bank to request a revalidation or the issuance of a new demand draft if the original one expires before it is delivered to the bank.
But, I will suggest that it’s always best to encash the DD within the allotted time limit to avoid delays and potential issues. I hope you got an idea of DD valid for how many days.
Get Instant Approval and Disbursement of Personal Loan up to 10 Lakhs with NB InstaCash Read more -How to Encash Demand Draft in Bank?
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You can transfer money via several instruments such as cheques, demand drafts, and money orders. Although nowadays people prefer transferring money through digital modes or electronic funds. You can easily transfer funds via RTGS, NEFT, and IMPS but the traditional method of demand draft is still in vogue even today and it is required especially for business transactions. Demand draft is existent in several business houses, educational institutions, etc for transferring of funds. Now, you may ask about demand draft validity period. I will clear the doubt and give you the correct answer.
Sanction your home loans online by avoiding hefty paperwork at NoBroker Demand draft is valid for how many days?The time to clear the demand draft varies from one bank to another. Generally it takes half an hour or by the end of the working day. At times the bank can also take three days.
As per the RBI, the validity of demand draft in India is 3 months from the date when the draft was issued by the bank. You can revalidate the DD after three months by writing a request letter to the bank. Re-validation can only be done once a year and the DD will be cancelled after that. You need to pay to issue a new DD if the old one has expired. I hope you know about demand draft validity now.
Read more:
What is the difference between bankers cheque and
demand draft?
What Is Difference Between Pay Order And
demand draft?
How To Encash
demand draft?
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Authors Of The Question
Demand draft is valid for how many days?
jailaxmi
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2 Answers
2 Year
2022-10-17T12:10:14+00:00 2023-06-23T16:59:50+00:00Comment
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