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Cashless Payment Methods

Archana is a ...

Question

Archana is a businessperson who makes transactions on the go. Which of the following instruments would come in handy while transacting funds to others' accounts?

A

Cheque

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B

Demand deposit

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C

Demand draft

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D

Promissory note

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Solution

The correct option is A Cheque
Archana can simply write cheques filling in the specific amounts. This would instruct the bank to pay a specific amount from Archana's account to the account of the person in whose name the cheque has been issued.

Cheques are given in the form of a booklet known as chequebook.

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