Demand Draft (DD)

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Demand drafts are a very popular instrument for sending money overseas for a certain purpose such as fees or any individual. They are issued by a bank,, in favour of a certain beneficiary (an individual, a company or an establishment). Demand drafts are secured payment instruments and guarantee the availability of funds since a bank issues them. For this reason, certain establishments (such as universities etc.) only accept DDs and not personal cheques.