TRF in the banking sector refers to the transfer term. It is a valuable term in the statements of the banking sector. If you transfer an amount from one bank account to another, then the message you will get has the term TRF.
One can also see this term TRF as an entry in the passbook of the account.
What Is TRF?
TRF is the transfer of an amount from one account to another within the same bank. TRF indicates the debit or credit amount in a bank statement. In some cases, TRF is the denotation of transfer to sum from or to any third party.
TRF means the transfer of any funds; it can be SMS charges or any other. Sometimes banks use the term TR and Xfer in place of TRF. But the meaning of all these is the same.
Full Form Of TRF In Banking?
TRF’s full form in the banking sector is TRANSFER. There are different methods that one can use to transfer amounts from one bank account to another, and these methods are NEFT, IMPS, IFSC, and RTGS.
Banks use this short form to reduce space when sending bulk messages to their customers, and one can also receive it in a notification in the bank’s app.
TRF Charges In Bank
If transferring the amount from one bank account to another within the same bank, no charges are applicable. But if a transfer of the amount happens to a different bank, then there are charges for it. These interbank TRF charges are as follows.
- NEFT (National Electronic Funds Transfer) Transactions:
TRF charges for transactions are up to ₹10,000/-* will be ₹2.50/- per transaction + ST applicable.
TRF charges for transactions are above ₹10,000/- will be ₹5/- per transaction + ST applicable.
- RTGS (Real Time Gross Settlement) Transactions:
TRF charges per transaction will be ₹5/- + ST applicable.
TRF Charges In BOI?
The TRF charges in BOI are not applicable if the transfer is between the accounts of the BOI. But if the transfer is between different bank accounts, then BOI deducts a specific amount from the bank account.
What Is Fund TRF?
The fund TRF is the transfer of funds from one bank account to another bank account. TRF represents transfer entries, and this entry varies from fund transfer, money transfer to various charges such as SMS, internet charges, and more.
Why Does The Banking Sector Use This Term TRF?
There are several reasons why banks use the term TRF which is written down below.
- When the customer transfers any amount from one bank account to another, then this term comes in handy. The word TRF shows the credit and debit in the account, and the bank shows this debit and credit amount to their customer by sending an SMS including the word TRF.
- Same as above, when any customer transfers the amount to any third party, then it shows this term TRF. In this case, also, banks send an SMS to their customers, including the word TRF.
- The TRF word also comes in handy when there is any fund transfer happening in the bank account. For showing the details of how much the fund has debit or credit in the account, TRF is used.
What Is TRF Merv Meaning In Bank?
The TRF Merv meaning in a bank is shown by the bank in SMS form or as an entry in the bank passbook. We will read the most common places where you can see the TRF place: the bank statement, SMS of the transaction, and the bank passbook.
Why Does The Bank Apply TRF Charges?
The definite answer to this question is not clear yet. But the banks do charge the TRF charges whenever you use various facilities like SMS, Internet banking, and more. TRF charges are the charges banks debit every month, and it is not limited to fund transfer. If, in any case, you think that the charges that are deducted are not fair, then you can contact the bank for the same.
What Are TRF Transactions & TRF Payment?
TRF payment and TRF transactions is the other name for the word charge. Whenever a payment is debited into the account, then it is called a TRF payment. And whenever a payment is credited into the account, then that is also called a TRF payment. The bank will also send an Email if the customer enables it.
Final Thoughts
Basically, TRF represents the word transfer. Most banks use it to show the transactions happening between the accounts. These TRF transactions and transfers could be done on an online platform.
If the transfer is between the bank accounts of the same bank, then three are no charges, but otherwise, the customer needs to pay certain charges to the bank.
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