Demand Draft
The bill of exchange is an unconditional order issued by a person or business which directs the recipient to pay a fixed sum of money to a third party at a future date. The Demand Draft is a pre-paid Negotiable Instrument, wherein the drawee bank undertakes to make payment in full when the instrument is presented by the payee for payment. The demand draft is made payable on a specified branch of a bank at a specified centre.