Issue Demand Drafts

The Issue Demand Draft transaction enables users to request the bank to issue demand drafts towards payees. In order to initiate a demand draft issue request, the user has to first ensure that the payee i.e. the recipient of the demand draft is registered as a demand draft payee through the Manage Payees feature. Once the payee is registered, the user can initiate a request to the bank to issue a demand draft by specifying details such as the amount for which the draft is to be drawn, the account from which the funds are to be debited as well as the date on which the draft is to be drawn.

Prerequisites:

• Transaction and account access is provided to corporate user
• Approval rule set up for corporate user to perform the actions
• Transaction working window is maintained
• Required payees are maintained
• Transaction limits are assigned to user to perform the transaction

Features supported in the application

User can request for two types of drafts:

• Domestic Demand Draft – Where the draft is payable within a country
• International Demand Draft – Where the draft is payable outside country

How to reach here:

Dashboard > Toggle menu > Payments > Payments and Transfers> Issue Demand Drafts

OR
Dashboard > Quick Links > Issue Draft

Issue Demand Draft

A user can initiate a request for a Demand Draft using this transaction. All Demand Draft payees (Domestic and International Demand Draft payees) created by the logged in user and shared by other users of the party are listed for selection. Details of the selected payee are auto populated on the transaction screen. The user is then required to fill in details such as the source account to be debited, the amount for which the draft is to be drawn and the date on which the draft is payable, in order to initiate the demand draft request.

An E-Receipt gets generated on the successful completion of the transaction. The E-Receipt gets displayed in Activity Log detailed view..

To issue a demand draft:

1. From the Favouring list, select the payee to whom the demand draft is to be issued. The details of the selected payee along with the payee's photo appear.
2. From the Currency list, select the preferred currency.
3. In the Amount field, enter amount for which the draft needs to be issued.
4. In the Scheduled On field, select the appropriate date of transfer.
1. If you select the Now option, the draft will be issued on the same day.
   OR
   If you select the option Later, select the date on which the draft is to be drawn.
4. From the Transfer From list, select the account from which funds need to be drawn.
5. In the Note field, specify a note or remarks.
6. Click Issue to initiate the request for the issue of the demand draft.
   OR
   Click Cancel to cancel the transaction.
7. The Draft Issuance - Review screen appears. Verify the details, and click Confirm.
   OR
   Click Cancel to cancel the transaction and go back to the Dashboard.
   OR
   Click Back to go back to the previous screen.
8. The success message appears along with the transaction reference number, host reference number, status and draft details.
   Click Go to Dashboard to go to Dashboard screen.
   OR
   Click Add Favorite to mark the transaction as favorite. The transaction is added the favorite transactions list. For more information on the favorite transactions feature, refer the section Favorites click here.
   OR
   Click the e-Receipt link to download the electronic receipt. For more information, click here.
   

FAQs

Can I initiate future dated demand draft issuance request?

You can initiate future dated demand draft issuance request using scheduling later option.

What happens if I have set up a future dated draft issuance request, but don't have enough funds in my account on the transaction date for the transfer?

Balance check will not be performed at the time of transaction initiation with future date. The transaction will get declined in case of insufficient funds in the account on the given transaction date.

What happens if the transaction amount is less than set Transaction Limit?

If the transaction amount is less or more than transaction limit set by the Bank, user cannot proceed to initiate demand draft issuance request.

Can I request for demand draft issuance a payee registered as my payee but Demand draft favouring name is different?

No, using this transaction, you can initiate a demand draft issuance request to existing payee and demand draft favouring details cannot be edited while initiating a request.

What happens when I add a transaction in my favorite list?

Once a transaction is marked as favorite it is displayed in customer’s favorite list. Customer can directly initiate a transfer using favorite transactions; all the transaction details are displayed on screen auto populated. User can make required changes in the details and submit the transaction for processing.

How will I receive a physical copy of a demand draft?

Bank will operationally issue a draft and mail it to the address specified while maintaining a payee.

When can I generate an e-receipt?

The user can generate an E-receipt of the transaction, after transaction has been processed, in the Core Banking application.

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