How Do You Spell DEMAND DRAFT?

Pronunciation: [dɪmˈand dɹˈaft] (IPA)

The spelling of the phrase "demand draft" is quite simple, with each word having a specific sound associated with it. The first word, "demand," is pronounced as /dɪˈmænd/, with the stressed syllable being the second one. The second word, "draft," is pronounced as /dræft/, with the "a" sounding like the "a" in "cat." Together, the phrase is pronounced as /dɪˈmænd dræft/, with the emphasis still on the second syllable of "demand." A demand draft is a type of check that's guaranteed by the issuing bank, requiring payment from the bank upon presentation.

DEMAND DRAFT Meaning and Definition

1. A demand draft is a financial instrument that is used for making payments. It is a type of check that is issued by a bank on behalf of one person or organization to another person or organization. The demand draft is typically payable to a specific beneficiary, and it is widely used for secure and convenient fund transfers.

   A demand draft works as a written order to the bank, instructing it to pay a specific amount of money to the recipient mentioned on the draft. Unlike a regular check, a demand draft is prepaid and guaranteed by the bank, ensuring that the recipient will receive the specified funds.

   To obtain a demand draft, the payer needs to visit their bank and provide the necessary details, including the recipient's name, the amount of money to be transferred, and any specific instructions. The bank then debits the payer's account and issues a demand draft, which can be used by the recipient to claim the funds.

   Demand drafts are commonly used for various purposes, such as salary payments, purchasing goods or services, settling bills, or making donations. They are often preferred over personal checks, as they offer greater security and assurance of payment since they are guaranteed by the issuing bank.

   In summary, a demand draft is a prepaid financial instrument issued by a bank, allowing the payee to claim a specified amount of money. It offers a reliable and secure method of transferring funds, making it a popular choice for various financial transactions.

Common Misspellings for DEMAND DRAFT

• semand draft
• xemand draft
• cemand draft
• femand draft
• remand draft
• eemand draft
• dwmand draft
• dsmand draft
• ddmand draft
• drmand draft
• d4mand draft
• d3mand draft
• denand draft
• dekand draft
• dejand draft
• demznd draft
• demsnd draft
• demwnd draft
• demqnd draft
• demabd draft

Etymology of DEMAND DRAFT

The term "demand draft" has its origin in the banking industry. It consists of two components: "demand" and "draft".

- Demand: The word "demand" in this context refers to the idea that the funds transferred through the draft can be demanded by the recipient from the bank or financial institution where the draft is drawn on. It signifies that the recipient has the right to demand the payment from the bank as per the instructions on the draft.

- Draft: The word "draft" refers to a written order or a document that is used to authorize the transfer of funds from one party to another. In the case of a demand draft, it is essentially a type of check or a financial instrument issued by a bank on behalf of a customer, which allows the recipient to claim the specified amount from the bank.

Plural form of DEMAND DRAFT is DEMAND DRAFTS