Hey, Do you hold a bank account with the Bank of India? If yes, then you must come across the term TRF. Do you know what is TRF meaning in the Bank of India?
Many of you saw a message on your mobile notification panel about TRF. Now, the question arises of what exactly the TRF Meaning in BOI.
We have provided all the information related to What is TRF in Banking.
Read More: TRF Meaning
TRF Full Form in Banking
Before we go to the Trf meaning in Bank of India, you must know about the TRF Full Form in Banking.
So, the full form of TRF in Banking is Transfer. Yes, you heard it right! You must have seen this Transfer word many times in your life.
Read More: Bank of India Customer Care Number
TRF Meaning In Bank
The simple meaning of TRF is the Transfer of funds from one bank account to another. When the fund transfer happens from one bank account to another it is known as TRF.
Sometimes, banks use TRF, TR, or Xfer for that.
TRF Bank of India
The meaning of TRF in the Bank of India is funds transfer. Whenever a transfer of funds occurred from one BOI bank account to another BOI account it will incur a TRF charge.
So, any kind of fund transfer such as internet banking charge, SMS charge, processing fees, etc. is come under TRF.
A certain amount of charge will be debited or credited whenever a fund transfer takes place. Whenever TRF credit or debit the bank will instantly give notification on your mobile.
Read More: Bank of India Balance Check Number
Where you will find TRF
Usually, the Bank of India provides TRF on the front page of the passbook. However, banks send an SMS for TRF notification. The bank keeps its customers updated with TRF SMS alerts.
Moreover, you can also find the TRF details on your bank statement as well. The BOI will levy some TRF charges whenever funds transfer takes place.
Why does the Bank of India use TRF instead of Transfer?
The Bank of India has not mentioned the reason behind the term TRF. However, they use it in the short form. Maybe the prime reason for that is they have lakhs of customers and many transactions took place every day.
So, using the TRF will help them to save a little space as well as time. They have to send bulk messages every day to thousands of customers.
Read More: BOI Account Balance Check
What is Bank of India TRF Charges?
The TRF Charges of your Bank of India account are mentioned on your bank statement and passbook. Moreover, the bank also sends the details of BOI TRF charges in the form of SMS to its customers.
So, we highly recommend you to go through your inbox and passbook to know about BOI TRF Charges.
What is TRF Meaning in Bank Statement?
The TRF meaning in bank statement means the transfer fund charges. The following are the charges that are included in TRF by the Bank of India.
- Internet Charges
- SMS Charges
- Fund Transfer Charges like NACH, IMPS.
TRF Charge Latest News
The Income Tax Department has asked all the banks to refund the fees collected after 1 January 2020 on transactions made through digital payment means like Rupay Card or BHIM UPI.
About The Bank of India
The Bank of India is an Indian Government owned bank. The bank has a total of 49, 767 employees till March 2020. The total number of branches of BOI is 5,107.
Bank of India was founded 114 years ago on 7 September 1906. The headquarters of the BOI is in Mumbai, India.
However, to know more information about BOI visit here.