What are Demand Draft Charges in SBI?
A demand draft (DD) is a financial instrument used to transfer funds from one account to another, ensuring the recipient receives the payment. State Bank of India (SBI), being one of India's largest banks, offers this service to its customers. However, there are charges associated with obtaining a demand draft from SBI. These charges are typically determined by:
Factors Influencing Demand Draft Charges:
- Amount of the DD: The higher the amount of the draft, the higher the charges.
- Type of Account: Charges may vary depending on the type of account the customer holds (savings, current, etc.).
- Branch location: Charges may differ based on the location of the SBI branch where the DD is issued.
Typical Demand Draft Charges in SBI:
SBI typically charges a fixed fee for issuing a DD. This fee usually ranges from ₹10 to ₹50, depending on the factors mentioned above. It's best to consult your local SBI branch or check their website for the most accurate and up-to-date information on DD charges.
Alternative to Demand Drafts:
- NEFT/RTGS: These electronic fund transfer methods are faster and often cheaper than demand drafts.
- Online Payment Options: Many online platforms allow you to transfer money electronically.
Note: It is always advisable to verify the current charges with your local SBI branch before obtaining a demand draft.