When discounting a bill, the bank buys the bill (i.e., a Bill of Exchange or Promissory Note) before it is due and credits the value of the bill to the customer's account after deducting a discount charge.
The transaction is an advance against the security of the bill, and the discount represents the interest on the advance from the date of purchase until the bill is due for payment.
Product information and terms & conditions are subject to change from time to time. Therefore, it is advisable to contact the branch nearest to you for the latest information and prevailing terms & conditions.
