Question
Banking And Insurance Question on Financial Literacy
The other name for Banker’s cheque is:
A
Bank draft
B
Overdraft
C
Pay order
D
Demand Draft
Answer
Pay order
Explanation
Solution
Abanker’s cheque, also known as a pay order, is a financial instrument issued by a bank, instructing the bank itself to pay a certain amount to a specified person. It is used for local transactions.