Is demand draft a negotiable instrument?

A demand draft is considered a negotiable instrument, but it is not as freely transferable as a cheque. It is a written order by one bank to another to pay a specified amount to a third party on demand. While it can be transferred, it typically requires the endorsement of the payee, making it less flexible than other negotiable instruments like promissory notes or cheques. Overall, it provides a secure and reliable means of payment.