A demand draft is a type of negotiable instrument issued by a bank on behalf of its customer, instructing the bank to pay a specific amount to a beneficiary. It is a prepaid instrument, meaning the customer deposits the amount with the bank before the draft is issued. Demand drafts are similar to cheques, but with an added layer of security, as they are issued directly by the bank.
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DDs don’t expire quickly (valid for 3 months, but many banks honour up to 6–12 months). However, after 3 years, they become “stale” and need revalidation—which ICICI does for a small fee. demand draft icici bank
To obtain an ICICI Bank demand draft, follow these steps:
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ICICI Bank charges a fee for issuing demand drafts, which varies depending on the amount and location. The fees typically range from ₹50 to ₹500.
ICICI Bank has modernized the issuance of Demand Drafts to align with the expectations of a digital customer base. Traditionally, obtaining a DD required a physical visit to a branch. While this service remains available, ICICI Bank has integrated the process into its digital ecosystem. Customers holding Savings or Current accounts can log in via internet banking or the iMobile Pay app to generate a Demand Draft. This digital integration allows for the draft to be delivered to the customer’s doorstep or collected at a preferred branch, significantly reducing the friction associated with paperwork. Furthermore, the bank offers the "Insta DD" or "DD on Card" facility, allowing non-account holders to walk into a branch and purchase a draft using cash or a debit card, ensuring inclusivity for those outside the bank’s regular clientele.
Think Demand Drafts are outdated? Think again. 📜 A demand draft is a type of negotiable
To encash an ICICI Bank demand draft, follow these steps:
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