Did you receive fund transfer SMS on your mobile? Have you noticed that a term is written after the amount? This term is TRF. Do you know What is TRF meaning in Banking?
If you do not know or heard about TRF then you have to read this brief post about TRF meaning.
Another question is also arising in your mind that what is the full form of TRF in Banking? Right! Don’t worry we have all the information to clear all your doubts.
Read More: TRF Meaning in Bank of India
What is TRF in Banking
In simple words, TRF means transfer. The term transfer means funds transfer. When you transfer funds from your one bank account to other bank account of the same bank then it is known as TRF.
This term is commonly used when funds transfer takes place from one account to another. Sometimes, TR and Xfer have used instead of TRF. But the meaning of all the terms is the same.
What is the TRF Full Form in Banking?
The full form of TRF in banking is Transfer.
Why Banks use this term?
Usually, TRF has used due to following reasons.
- Many a time you might have noticed that this TRF term has written on your bank statement. This indicated the credit and debit of the amount from one account to another.
- Similarly, when you transfer any amount to a third party or receive an amount from them at that time TRF word comes into use.
- In most cases, the TRF word has used when you do funds transfer between two accounts of a similar bank.
Where you can see TRF Word?
So far, we have provided the details of TRF Meaning in Banking, now you will learn where to find the TRF number.
Usually, you can see TRF in Banking in the following areas.
- Bank Statement
- Bank Passbook
- Transaction SMS
Why do Banks apply TRF Charges?
However, there is no clear answer to that but every time you use their SMS facility and internet banking they charge a certain amount of fee in the name of TRF.
Moreover, TRF is not only the funds transfer fee but it might have monthly SMS charges and internet banking fees as well.
However, if you found the TRF Charges wrong then you might contact your bank.
Ans. In banking, TRF stands for transfer.
Ans. The meaning of TRF on the bank statement is Transfer. All the money transfer that happened between different accounts within the same bank are denoted by the term TRF. Generally, the TRF is written on the bank statement which tells how much amount is credited or debited to our account from other bank accounts.