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What is the difference between demand draft and payment order?

Core Banking Economics Banking
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Question ajoutée par Muhammad shahid khan , Counter Service Officer , Bank Alfalah
Date de publication: 2016/07/13
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Karthik srinivasan
par Karthik srinivasan , Manager - Export/Import , Process Technology Solution Pvt Ltd

Pay order is issued by bank on behalf of customer to pay a specified amount to a person residing in the same city where the bank is located. Pay order is not negotiable

Demand Draft is issued by ban on behalf of customer ordering to pay a specified amount to a person residing in differnet city with in the same country. DD is negotiable instument.

 

 

Mohammad Abdul Latif Khan
par Mohammad Abdul Latif Khan , Dept Head IT support Senior Manager , Punjab national bank

DD is drawn on different branch of the bank. Whereas payment order is drawn on same branch which issues the PO

Muhammad shahid khan
par Muhammad shahid khan , Counter Service Officer , Bank Alfalah

Demand draft is issued for out of city and paid in a specific branch while POs is issued for intercity and payable at any branch.

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