noun a financial instrument that is similar to a check but is guaranteed by the issuing bank
In the finance sector, demand drafts are used for transferring funds between accounts. They provide a secure and traceable method of payment.
Businesses may use demand drafts for making large payments or for paying suppliers. They offer a secure and reliable way to transfer funds.
Demand drafts can be used as evidence of payment in legal disputes. They provide a clear record of a financial transaction.
Demand drafts are commonly used in banking for making secure payments. They are issued by a bank on behalf of a payer and are guaranteed to be paid upon presentation to the bank.
Demand drafts are often used in international trade transactions as a form of payment. They provide a secure way for buyers and sellers to exchange funds.
A writer may use a demand draft to pay for services such as editing, printing, or publishing fees.
A psychologist may use a demand draft to receive payment from clients for therapy sessions or other services rendered.
A business owner may use demand drafts for making bulk payments to suppliers, vendors, or employees.
An accountant may use demand drafts to facilitate fund transfers between different accounts or for making payments on behalf of clients.
A banker may use demand drafts to process payments on behalf of customers, issue bank drafts, or handle interbank transactions.