Demand draft in Tamil
Definition:
A “Demand Draft” is a type of payment instrument that is used to transfer funds from one bank account to another. It is a cheque-like instrument that is issued by a bank on the instructions of a customer, and it is payable to a specific payee.
A Demand Draft functions similarly to a cheque, but with a few key differences:
1. **Timely payment**: A Demand Draft is a time-bound instrument, meaning that it must be presented for payment at the issuing bank within a specified time limit, usually within 7-30 days.
2. **No banker’s confirmation**: Unlike a cheque, the issuing bank does not confirm or guarantee the payment in advance. The payee must present the Demand Draft to the issuing bank for payment.
3. **Payment guarantee**: The issuing bank guarantees payment of the Demand Draft, as long as it is signed and contains sufficient funds in the account.
4. **Free from disputes**: Demand Drafts are considered irrevocable, meaning that once issued, the payment cannot be cancelled or stopped by the customer.
Demand Drafts are often used for large transactions, payment of bills, or transfer of funds between accounts. They are commonly used in business-to-business transactions, government transactions, and other situations where timely payment is crucial.
In summary, a Demand Draft is a secure, time-bound, and guaranteed payment instrument that facilitates the transfer of funds between bank accounts in a timely manner.
Translation of ‘Demand draft ‘ in Tamil:
வரைவோலை
Examples:
- Here are three unique example sentences using the word “demand draft”:
- 1. The company requires clients to pay their subscription fees via demand draft, which takes a few days to clear but ensures secure and traceable transactions.
- 2. After receiving the demand draft payment from the overseas supplier, the accountant updated the records and issued a confirmation letter to finalize the transaction.
Synonyms:
and the term “demand draft” might be more widely used in certain industries or businesses., Here are some synonyms for the phrase “Demand draft”:
1. Banker’s cheque
2. Cashier’s order
3. Pay order
4. Cheque (some countries use the word “cheque” to refer to a demand draft)
5. Manager’s cheque
6. Bank draft
7. Postal order
8. Treasury bill (not exactly the same, but can be used in similar contexts)
Note that some of these terms may be more commonly used in specific regions or countries
Antonyms:
a donation is a voluntary payment without any expectation of return, whereas a demand draft is a payment instrument that requires payment on demand.
5. Volunteer Contribution: A volunteer contribution is a payment made without expectation of return, whereas a demand draft is a payment instrument that requires payment on demand.
7. Charitable Contribution: A charitable contribution is a voluntary payment made to a charitable organization, whereas a demand draft is a payment instrument that requires payment on demand.
Please note that antonyms may not always be exact opposites, A unique one!
Here are some antonyms for “Demand draft”:
1. Gift or Gift Card: A demand draft is a type of payment instrument that is payable on demand, whereas a gift is a voluntary payment without any expectation of return.
2. Donation: Similar to a gift, unlike a demand draft.
3. Advance Payment: An advance payment is a payment made in advance, whereas a demand draft is payable on demand, implying a delay in payment.
4. Letter of Credit: A letter of credit is a financial instrument that guarantees payment, but these options convey a sense of contrast to the concept of a demand draft., unlike a demand draft.
6. Speculative Investment: A speculative investment involves risking capital with the hope of earning returns
Related Words: