TRF means transfer of funds from one bank account to another within the same bank. It denotes the debit/credit amount in a bank statement or in a passbook. TRF can mean the transfer of any funds so it can be the SMS charges or any other as well. There can be several methods for transferring the find like NEFTs, IMPS, IFSC and RTGS as well. Banks use this term to decrease the space while sending bulk messages to their customers and one can also receive it in their respective bank’s app.This must be enough to make you understand what is TRF in banking.What are the TRF charges?NEFT(National Electronic Funds Transfer)The TRF charges for NEFT that are upto Rs 10,000 is Rs 2.50 per transaction + ST applicableFor above Rs 10,000 it will be Rs 5 + Service Tax applicableRTGS (Real Time Gross Settlement)The TRF charges for RTGS is Rs 5 + Service Tax applicableThis is all I got to learn about the TRF meaning in banking Read More:Which is faster NEFT or RTGS?Which is faster IMPS, NEFT or RTGS?How to cancel NEFT transaction?
Hi there. Are you as confused as I am when a corporate lingo is used? If yes, then we’re on the same page. I face the hardest time understanding the abbreviations and meanings behind these terms. My father used to know all these so well, especially when it comes to banking. On the contrary, I never used to remember them. So, I came across another banking slang called TRF. Thus, I went up to my father and asked about the TRF full form in banking. Let me share the things he said about this terminology.
Meaning of TRF in banking
TRF comes from the word “Transfer”, which basically refers to the transfer of funds from one bank branch to the other. It can include any kind of fund transfer as well. The TRF method holds its importance in the branch’s budget maintenance. It also helps in minimising the number of bank branches.
The TRF means in bank stands for "Transaction Reference Number" or "Transfer Reference Number." The bank TRF means to identify and track a specific financial transaction.Transaction Reference Number (TRN): It is a unique alphanumeric code assigned to each transaction. It serves as a reference point for both the sender and the recipient.It allows them to track the transaction's status and resolve any issues that may arise. It is usually generated and provided by the banking system when a transaction is initiated.Transfer Reference Number: It is used especially in the context of fund transfers or payments. It is a unique identifier associated with a specific transfer of funds from one account to another.It helps in tracing the details of the transfer and confirming its completion. There are several methods for transfer of funds like NEFTs, IMPS, RTGS and IFSC. The TRF charges differ from bank to bank.In either case, whether it's Transaction Reference Number or Transfer Reference Number, both help in the smooth processing and tracking of financial transactions.If you are dealing with online banking, electronic payments, or transferring funds between accounts, you may encounter these reference numbers. This should help you understand what is the meaning of TRF in bank.Apply for Home Loan at Low Interest Rates through NoBroker Read moreWhat is PRCR in Bank Statement
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What Is TRF In Banking
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October 14, 2022
2022-10-14T09:48:39+00:00 2024-01-02T16:23:26+00:00Comment
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