Demand Draft is a type of a cheque drawn in favour of the payee and is payable in the city as requested by the customer. The customer requires to issue demand drafts for different purpose. Application allows customers to save the payee details of the draft through payee maintenance. Payee (BeneficiaryA person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract.) for demand drafts are of two types:
Application also provides an additional option ( My address, Branch Near Me) to have the demand draft delivered at the customer’s convenience.
How to reach here:
Dashboard > Payments > Setups > Payees > Add New > Demand Draft > Add Payee
To maintain a payee for demand drafts:
Field Name |
Description |
---|---|
What type of payee would you like to add ? |
Payee type to be maintained. The type can be:
|
Field Name |
Description |
---|---|
Payee Name |
Name of the Payee for identification. |
Draft Type |
Type of draft associated with the Payee. The type can be:
|
Draft Favouring |
Name of the payee of the draft. |
Draft payable at Country |
Country of the payee. This field is enabled if the International option is selected as Draft Type. |
Draft payable at City |
City of the payee. |
Delivery Location |
Options to deliver the drafts. The options are:
|
Below section appears if you select the My Address option in draft delivery location. |
|
Address Details |
Address for delivery of the draft. If Branch Near Me option in draft delivery location, displays the address of the branch, including the city and zip code of the branch. If My Address option in draft delivery location, displays the customer address like name and address of the remitter of the draft from the user profile. |
Below section appears if you select the Branch Near Me option in draft delivery location. |
|
State |
State of the receiving branch where the draft to be delivered. |
Branch |
Branch name to deliver the draft. Note: The options in this field depend on the selected option in the City field. |
Branch Address |
Complete address of the branch to deliver the draft. |
Access Type |
The access type for payee. The options are:
|
Note: For more information on managing payee, click here.
FAQs
What is account payee demand draft?