If in case, the DD amount is large, then it will be credited only to the bank account of the customer and will not be provided by cash. Based on the guidelines, issued by the Reserve Bank of India, a demand draft in India is valid up to three months, from the date of issue of the draft by the bank.
After the lapse of three months, the customer can re-validate the DD with a written request to the issuing bank. The revalidation of a demand draft can be done only once a year and after a year, the same demand draft will be cancelled by the bank and a new one will be issued after charging a fee that is associated with the process. For Quick Alerts. Subscribe Now. For Daily Alerts. What is Demand Draft Validity Period?
For investment related articles, business news and mutual fund advise. Allow Notifications. You have already subscribed. Other articles published on Apr 17, I do not have an account in the bank. The validity of the draft has expired. Can I encash the draft now? If yes, what is the procedure? You will have to approach the bank which had issued the draft and request them to either revalidate the draft or issue you a new draft.
You will need the demand draft request form that was originally submitted to the bank for the issue of the demand draft. I took a floating-rate home loan of Rs 3. When the rates reduced, I contacted my banker for a reduction. They informed me that rates were instead increasing. What can I do legally?
Please read the loan agreement carefully to see the terms of the loan as regards the interest and other charges. Ben Davis May 8, How many days is a DD valid? Can I deposit DD in any bank?
Can DD be encashed in any bank? Can DD be Cancelled? Is DD safer than Cheque? What happens if DD is lost? What happens DD expires? How do I check my DD clearance status? Can DD be made online? What is the time limit for DD cancellation? What are the charges for DD cancellation? What is DD refund?
How can I get my money back from demand draft? How does a demand draft work? Can I reverse a bank payment? What is DD on bank statement? Is it illegal to cancel a direct debit?
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