Post
Question
You can cancel a sanctioned DD in 2 cases:
1) When cash has been paid for the DD
2) When money has been offered from the account for a DD
What is the DD Commission Charges in SBI
Just like how banks charge an issuance fee for issuing a DD, they also charge a fee for cancelling a DD for covering up the administration and documentation charges spent on issuing the DD. Here are the DD cancellation charges SBI:
DD Cancellation/Revalidation: Rs. 200 + GST
DD Duplicate: Rs. 200 + GST
Let me also tell you about the SBI DD Charges (DD Charges for Payment through Cheque Including Online Requests)
DD charges SBI bank
| Amount | Charges |
| Above Rs. 1 lakh | Rs. 4 per Rs. 1,000 (Minimum = Rs. 600 and Maximum = Rs. 2000 |
| Above Rs. 10k up to Rs. 1 lakh | Rs. 5 per 1000 (Minimum Rs. 60) |
| Above Rs 5k up to Rs 10k | Rs. 50 |
| Up to Rs. 5k | Rs. 25 |
| Bank | DD Cancellation Charge |
| SBI | ₹ 200 |
| Axis Bank | ₹ 75 to ₹ 125 |
| HDFC Bank | ₹ 100 |
| BoB | ₹ 75 to ₹ 200 |
| PNB | ₹ 100 to ₹ 250 |
| ICICI Bank | ₹ 100 |
Do you intend to use the demand draft to make a payment of any kind? A demand draft is a prepaid negotiable instrument that can be used to pay anyone. I recently visited the SBI to purchase a demand draft, and realised that there are demand draft charges SBI for both draft issuance and cancellation.
| Amount | Charges |
Up to Rs. 5000 |
Rs. 25 |
Above Rs 5000 up to Rs 10000 |
Rs. 50 |
Above Rs. 10000 up to Rs. 100000 |
Rs. 5 per 1000 (Min. Rs. 60) |
Above Rs. 100000 |
Rs. 4 per Rs. 1000 |
Min. Rs. 600 |
|
Max. Rs. 2000 |
| Draft Amount | Charges |
Up to Rs. 500 |
Nil |
Above Rs. 500 up to Rs. 5000 |
Rs. 25 + GST |
Above Rs. 5000 up to Rs. 10000 |
Rs. 50 + GST |
Above Rs. 10000 |
Rs. 100 + GST |
After informing the demand draft charges SBI, I’d like to say that an online SBI DD cancellation is not possible. As of now, SBI doesn't give any option that would allow a customer to control the process via the bank's website. To manage the cancelling process, you will need to personally go to any bank branch.
Get home loans without hefty paperwork through NoBroker
Read More:
What are the SBI Home Loan Prepayment Rules? How to Close SBI Home Loan Online? Which Bank is Best for Plot Loan?When a DD is provided, the bank cannot reject the payment on the grounds of insufficient funds, unlike cheque payments. This is true because DD is a prepaid payment method and the Drawer would already have paid for it. Last year, my sister intended to buy a demand draft and got to know that she will be required to pay a DD commission in SBI.
She enquired about the SBI DD charges for 50 lakhs, to this, she got to know that the charge for 50 Lakhs is as follows;
Rs. 4 (including GST) per Rs. 1,000
Min. Rs. 600 (including GST)
Max. Rs. 2,000 (including GST)
Apart from 5 Lakhs, she was also informed by the Bank about the
SBI DD commission charges 2023 for other amounts;| Demand Draft Issue and Amount | Charges |
Up to Rs. 5,000 |
Rs. 25 (including GST) |
Above Rs. 5,000 and up to Rs. 10,000 |
Rs. 50 (including GST) |
DD Cancellation or Issuance of Duplicate DD |
Rs. 200 + GST |
Demand Draft Cancellation Charges |
Up to Rs. 500 – NIL |
Above Rs. 500 and up to Rs. 5,000 – Rs. 25 + GST |
|
Above Rs. 5,000 and up to Rs. 10,000 – Rs. 50 + GST Above Rs. 10,000 – Rs. 100 + GST |
I hope this helps you with the DD commission in SBI.
Get home loans without hefty paperwork through NoBroker
Read More:
What are the SBI Home Loan Prepayment Rules? How to Close SBI Home Loan Online? Which Bank is Best for Plot Loan?The fees that apply to transactions involving Demand Drafts are referred to as "DD commission charges" at the State Bank of India (SBI). DD is nothing but a form of payment where the bank ensures the transaction on the buyer's behalf. SBI has established a special commission for the issuance and cancellation of Demand Drafts based on the amount involved. I have shared the SBI DD charges for this year below for your reference.
The fees imposed by SBI on various demand draft related issues are listed below:
As mentioned above, a commission of INR 25 including GST is charged for draft issuances under INR 5,000.
The commission fee rises to INR 50, including GST, if the draft amount is greater than INR 5,000 but less than INR 10,000.
A charge of INR 5 per INR 1000 is imposed for sums more than INR 10,000 but not exceeding INR 1,00,000.
Similarly, the fee rises to INR 4 per INR 1000 for transactions beyond INR 1,00,000. The minimum service charge is INR 600. However, the maximum charge is INR 2000.
Piyali has already provided the SBI DD cancellation charges. For several categories, including senior citizens and pensioners, SBI also provides discounts on commission fees. To avoid any misunderstandings while using the SBI Demand Draft, it is always better to confirm the current fees and discounts with the bank. I hope you got the DD charges SBI 2023.
Get a home loan at the lowest interest via NoBroker.
Calculate your EMI on a home loan via the NoBroker EMI calculator.
Read more -How to Encash Demand Draft in Bank?
What is the Difference Between Bankers Cheque and Demand Draft?
Demand Draft is Valid for How many Days?
The DD charges of SBI depend on various factors such as the amount of the demand draft, the type of account you hold (savings account, current account, etc.), and whether the DD is being issued in favor of an individual, company, or another entity.
How much DD Charges in SBI?
The commission charges for Demand Drafts in SBI are as follows:
For DDs Issued to Individuals or Account Holders:
For amounts up to Rs. 5,000: The commission charges may range from Rs. 25 to Rs. 30.
For amounts above Rs. 5,000 to Rs. 10,000: The commission charges may range from Rs. 30 to Rs. 50.
For amounts above Rs. 10,000 to Rs. 1,00,000: The commission charges may range from Rs. 3 to Rs. 4 per Rs. 1,000 of the DD amount.
For amounts above Rs. 1,00,000: The commission charges may range from Rs. 2 to Rs. 3 per Rs. 1,000 of the DD amount.
: The commission charges for DDs issued to non-account holders or companies may be slightly higher compared to those issued to account holders.
These are the bank DD charges in SBI.
Enjoy Quick Approval of Personal Loan at Low Interest Rate through NoBrokerRead more
How to Download SBI Bank Statement Online or from Yono App?
What is the DD Commission Charges in SBI?
Zeeshan
✔In Progress
👁21018
Views
July 21, 2022
2022-07-21T18:31:24+00:00 2024-04-30T14:54:32+00:00Comment
5
Answers
Banking
Share