Difference Between Cheque and Demand Draft
A cheque is a Bill of Exchange drawn on a specified banker and not expressed to be payable otherwise than on demand. Demand Draft is a pre-paid Negotiable Instrument, wherein the drawee bank acts as guarantor to make payment in full when the instrument is presented.
What is meant by demand draft?A demand draft is a method used by an individual to make a transfer payment from one bank account to another.