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Banking Term: Banker’s draft

Feb 26, 2015 12:55 IST

    While cheque is drawn by the bank’s customer, banker’s draft is a cheque drawn by a bank. A banker’s draft is drawn at the request of a customer, and customer’s account is debited when it is drawn.

    They are regarded as cash since they cannot be returned unpaid and are used when creditor is not willing to accept a personal cheque in payment.

    Which of the following is negotiable instrument?

    A. Promissory note

    B. Bill of exchange

    C. Cheque

    D. Bank draft

    E. Share certificate.

    Ans. D

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