Are you trying to make payment for any reason through the demand draft? The demand draft is a prepaid negotiable instrument that can be used to pay anyone. When they offer the draft at their bank, then the bank is bound to pay them the money that is mentioned in the draft.
It is not obligatory that you need to have an account in a bank to have a demand draft, but you need to pay a charge for having the same. It is prudent that you know about the charges so that you do not face any problem while having a demand draft being prepaid at a bank.
The facility that you can avail
There are some facilities that you can have from the bank. Let us have a look at those before knowing the charges that you have to pay for having a demand draft.
- You can fill in the form for having a draft and present that and have the daft from a single window in any SBI branch.
- You do not need to wait for some hours for having the draft, you will have it instantaneously.
The charges that you have to pay
State Bank Of India charges a fee from you when you intend to buy a demand draft from them. The charges that were charged previously are as follows:
- Rs. 50.00 is the charge if you buy a draft of value up to Rs. 10,000.00.
- For drafts above Rs. 10,000.00, you have to pay an additional 0.25% on the amount above Rs. 10,000.00 along with the charge. The minimum fee in such a case is Rs. 100.00.
The current SBI DD charges that you have to pay:
These were the charges that had to be paid by you before the implementation of GST, but now SBI has changed the charges. Let us have a look at those.
|Upto ₹5,000/-||₹25/- (incl. GST)|
|Above ₹5,000/- upto ₹10,000/-||₹50/- (incl. GST)|
|Above ₹10,000/- upto ₹1,00,000/-||₹5/- (incl. GST) per ₹1000/-|
|Above ₹1,00,000/-||₹4/-(incl. GST) per ₹1000/-|
- The charges for having a draft of Rs. 5,000.00 is Rs, 25.00
- If you buy a demand draft ranging between Rs. 5,000.00 to Rs. 10,000.00 then the current charge is of Rs. 50.00.
- If the value of the draft is between Rs. 10,000.00 and Rs. 1, 00,000.00 then you have to pay Rs. 5.00 per Rs. 1,000.00. The minimum charge is Rs. 60.00
- Again if the demand draft value is above Rs. 1, 00,000.00 then you have to pay Rs. 4.00 per Rs. 1,000.00. The minimum charge is Rs. 600.00 and the maximum is Rs. 2,000.00.
All these charges that are mentioned above are inclusive of GST and are the current charges that you have to pay.
Demand Draft Cancellation charges that you have to pay
If your demand draft is of Rs. 500.00 then the bank does not charge any cancellation charges but if it above Rs. 500.00 then Rs. 200.00 + GST is deducted from the demand draft amount.
So, now you know the demand draft charges that you have to pay when you intend to have such from SBI. You can easily visit any SBI branch and have that prepared so that you can make the payment that you wish to make.
Table Updated: 1 January 2020