A Foreign currency demand draft is a negotiable instrument used by banks to facilitate payment.
There are many ways for an NRI to send money to India and one of the most common ways is through foreign currency demand drafts. Foreign currency demand drafts need to be drawn in favour of the beneficiary and can be used to make different kinds of payments.
DBS Treasures offers many avenues to remit money to India and one of them is the foreign currency demand draft. A foreign currency DD has several benefits:
Here’s an outline of the process and time for sending money through a foreign currency DD:
Sending money to India through a demand draft is safe because it is issued in the name of the beneficiary. So even if the draft is lost or stolen, it cannot be misused.
You can apply for a foreign currency DD online. Alternatively, you can download a demand draft request form (payment application form) and submit it at the DBS Treasures branch.
A foreign currency demand draft can be used to make payments in other countries. This could be towards university fees or home loan payments. It could also be used for medical expenses and to pay for the cost of migration to other countries, etc.
If a foreign currency demand draft is lost or misplaced, you can request a duplicate demand draft. Cancelling a demand draft and issuing a new one will incur a fee.