Loan Processor Question: Download Questions PDF
Explain me what is the difference between ‘Cheque' and ‘Demand draft'?
Answer:
Both are used for the transfer of the amount between two accounts of same banks or different bank. ‘Cheque' is issued by an individual who holds the account in a bank, while ‘Demand draft' is issued by the bank on request, and will charge you for the service. Also, demand draft cannot be cancelled, while cheques can be cancelled once issued.
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