What is branch code in DD?

What is branch code in DD?

The DD number is a 6-digit numeric code, or a serial number found at the bottom of the instrument and next to it is the Magnetic Ink Character Recognition (MICR) code. The DD number is just like a cheque number, a unique code is used to complete each transaction.

How can I make DD in Indian Overseas bank?

If you have an account, issue a cheque writing Pay “yourselves” in favour of the bank for the draft amount plus bank charges. Fill in the Demand draft challan ,giving details of the payee, station on which DAD is payable etc. Submit it at the counter. The draft would be issued after your account is debited.

What is DD payable details?

A bank issues a demand draft to a client (drawer), directing another bank (drawee) or one of its own branches to pay a certain sum to the specified party (payee). A demand draft can also be compared to a cheque. Demand drafts can only be made payable to a specified party, also known as pay to order.

What is the DD charges in IOB?

IOB Demand draft Issue Charges:

Amount Range Charges
DD Value Upto Rs. 5000 Rs. 25
Rs. 5000 to Rs. 10000 Rs. 60
Rs. 1000 to Rs. 100000 Rs. 5 per 100000
Above rs. 100000 Rs. 4.50 per 100000

What is the minimum balance in Indian Overseas bank?

For rural and semi-urban branches, minimum balance of Rs 100 must be maintained for non-cheque operated accounts; Rs 500 for cheque operated accounts. For all other branches, minimum balance of Rs. 500 for must be maintained for non-cheque operated account and Rs. 1000 for cheque operated account.

What should I write in DD payable?

Demand Draft (DD) Forms

  1. Name of the drawer (your name)
  2. Name of the drawee.
  3. Name of the city where the DD is payable.
  4. Amount payable to the drawee (in words)
  5. Amount payable to the drawee (in figures)
  6. Exchange (Fees charged by the bank)
  7. Total amount payable by the drawer to the bank (in figures)
  8. Signature of the drawer.