bankers/managers cheque

This query is : Resolved 

01 July 2011

is bankers cheque and managers cheque equivalent to a demand draft?

means can we consider both of them as not a cheque?

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
01 July 2011

Bankers cheque is issued by a bank against 100% payment and in case of bankers cheque minimum charges are charged by the bank. Generally if any payment is made within the Town the Banks issue bankers cheque.

Whereas the Demand Draft is payable at a particular place other than the place from where it is purchased. The commission charged on the basis of the amount.

B.Chackrapani Warrier (Expert)
01 July 2011

Banker's cheque is guaranteed by the bank
for its full value and is similar to a demand draft. In practice, these instruments are payable at the branch of
issue and are used for payment within the local clearing jurisdiction.

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