Bank Draft


Bank Draft (also known as cashier's cheque/check or bank check) is a cheque guaranteed by a bank up to a certain amount. Banks usually clear them immediately so they are as good as cash. The amount is guaranteed because you get the check for the funds you deposit, or withdraw from your account, at the time of purchase of the check (money order).

This instrument is nowadays less in use because of availability of ATMs and online payment processing systems.