What Is The Full Form Of TRF In Banking?
TRF full form in banking is the TRANSFER of funds. Banks and financial institutions use TRF terms to label the transaction happening between two banks or two accounts. It is possible that the TRF is used to indicate the transaction from one bank account to another, but the branch or bank is the same. These transfers are mostly carried out with automated systems but these can be manual transfers as well.
What Else Should You Know About TRF?
You may have seen that some banks charge a TRF fee or charge on transactions, which basically means that in order to complete the transaction you must pay a fee. Depending upon the bank, this TRF fee duction may vary, but not by a huge difference. However, when the TRF is indicating the transfer from one branch to another, but the sender and beneficiary’s bank are the same, in that case, no TRF charges will be deducted. And some banks have their account in other banks, so whenever a person transfers funds to any other bank, there is a higher chance that the carried out transfer would be Intra TRF.