How long does it currently take to process a banker's draft?
The same time as it takes to clear a cheque. The 2-4-6 timescales for cheque clearing (which were implemented in November 2007) set a maximum time limit of two, four and six working days for each of the stages after paying in a cheque to a current or basic bank account.
This means the customer will start to earn interest by the 2nd working day after paying in a cheque or draft to their account, they can withdraw the money paid in by the 4th working day and, by the end of the 6th working day after paying in the cheque or draft, they can be certain that the money is theirs. After this time, the money cannot be withdrawn without their consent, unless they are a knowing party to a fraud. For savings accounts, the timescales are 2-6-6, which means that a customer can withdraw the money (where withdrawals are allowed) at the start of the 6th working day after paying in the draft.