1. Product Definition
The bank draft is a bill issued by the drawing bank, which will pay on sight to the payee or the bearer according to the actual settlement amount unconditionally. Bank drafts may be used for transfer, but those denominated by “cash” (only for personal use) can also be used to withdraw cash.
2. Product Features
Bank drafts are honored on sight without restriction on threshold amount, region, and applicant. Both enterprises and individuals can apply for bank drafts and individuals can also issue cash bank drafts. And all bank drafts can be transferred by endorsement. The payment period for a bank draft is a bit long, and the valid period is 1 month. All bank drafts can be reported for loss and dishonored within the valid period.
3. Application Procedures
All settlements of funds by entities and individuals can be made via bank drafts. Customers must fill in the “Application of Bank Draft” (in triplicate) and affix the seal reserved with the bank to the second sheet thereof, namely the payment voucher sheet.
The handling commission will be charged at the rate of 0.05% of the par draft value.TOP