IOB or more commonly known as the Indian Overseas Bank is one of the most common names that we get to hear when we are talking about the banks in India. The services that are being provided by the bank to the clients and customers have one common goal and that is to satisfy every single person.
There has been quite some talk about the demand draft service of the bank and that is why we are here to talk a little bit about it. But before that, everyone needs to know what exactly a demand draft is in the first place.
To answer this question, the demand draft is basically a recoverable instrument that the person should pay to a bank and in this case, the Indian Overseas Bank and that amount is decided by the payer.
After that is done, the bank will take the role of the individual and will make the payment in the best way. The request for a demand draft from Indian Overseas Bank should be made in advance to avoid any hassle.
For the people who already have an account in the Indian Overseas Bank, it is very easy to make the payment with the help of their account. However, the people who don’t have an account in the bank will then have to make their payments with cash.
Demand Draft Charges In Indian Overseas Bank
Whenever a person goes to request the demand draft from the Indian Overseas Bank, they will have to make a payment of some money in order to get the demand draft without any particular trouble.
IOB Demand draft Issue Charges
|DD Value up to Rs. 5000
|Rs. 5000 to Rs. 10000
|Rs. 1000 to Rs. 100000
|Rs. 5 per 1000 min Rs 80
|Above rs. 100000
|Rs. 5 per 1000 Min. Rs 500
max. Rs 15000
IOB Demand draft Cancellation Charges
|DD value up to Rs. 50
|DD value above Rs. 50 to Rs. 100
|DD value above Rs. 100 to Rs. 1000
|DD value above Rs. 1000
IOB Demand draft revalidation & replacement charges
|Revalidation of DD
|Replacement /Duplicate DD
Updated: 2 March 2024
The amount that they pay the bank is known as the demand draft charge and it is essential that the person is paying the charge otherwise they won’t get their demand draft to begin with. In order to know more about the calculation of IOB Demand Draft charges, the person has to go to the official website of Indian Overseas Bank.