Banking sector in Pakistan is full of instruments. Every instrument of the banking sector in Pakistan has its own responsibility towards individuals and banks. The customized ways are being introduced by the banks in Pakistan to make the secure payments in Pakistan. Tools are relate to the financial withdrawals and deposits according to the system organized and initiated by the economic system of Pakistan. Security is important in banking transactions. All parties who made the deal must think about this maxim deeply. so get the detailed review about Difference Between Cheque And Demand Draft In Pakistan.
Cheque
It is issued by individual on the behalf of bank account. It is less secure but widely used instrument in all over the Pakistan. You should have the exact amount in your account if you are going to issue the cheque to the specific person. You can present the cheque within the city and externally as well.
Difference Between Cheque And Demand Draft In Pakistan
Remember, No extra fee will be charged from the issue bank account if amount is less than or equal to 50,000 according to the Pakistani government. Cheque can be deposited into the bank or cash as well. Means you can get your cash from bank or you can transfer your cheque directly into your account.
Demand Draft or DD
Demand draft or DD issued by the bank on the behalf of account holder. Demand draft issued by the specific bank to the specific person not residing in the same city. The external city for the withdrawal through demand draft is pre-approach of the demand draft.
check out: Difference Between Pay Order And Demand Draft In Pakistan
Key Difference Between Cheque And Demand Draft
Here we are going to share you the difference between cheque and demand draft
| Demand Draft | Cheque |
| It cannot be issued in the same city | It can be issued in the same city and any bank allow to respond the cheque |
| Negotiable instrument | It is not negotiable in one condition only when Not negotiable is printed |
| Demand draft cannot be dishonoured | Cheque is less secure and can be dishonoured because it is not prepaid one |