Explain about TRF:
The TRF full form is Transfers. transferring money inside the same bank from one account to another. The movement of money is referred to as a “transfer.” When money is moved from one account to another, the phrase is frequently used. Sometimes, TR and Xfer were used as TRF. All names, however, mean the same thing.
The following areas of banking frequently employ TRF: financial records Banking SMS transactional passbook. In the event of a bank transfer, we will text your registered mobile phone number to inform you of the billed or paid amount. Regardless of who completes the transaction, banks don’t charge TRF to you.
Importance of TRF:
- Transferring money aids in keeping expenses down while reducing the number of bank branches.
- Customer service is aided by transactions and Transfers within and between branches.
- The amount of money credited or debited from the account as a result of the transfer of funds is shown on the bank statements.
- Transactions that are carried out manually are more significant because human interaction is necessary throughout the entire process. Therefore, the transfer of funds can increase accuracy while making sure that money goes to the right account.
- When money is sent through the Treasury Management System, there are no delays and the procedure is immediate, which saves a lot of time.
What is the need for TRF?
It is more cost-effective to staff an office with only those who can physically send money to the branch. Otherwise, it may get very costly. The TRF full form is Transfers, only the amount the branch may require is transmitted, not the entire amount as in the case of manual transactions, so to minimize the amount of work required. As a result, bank branch expenses are decreased. greater accuracy Make sure you’re sending the right amount of money when your bank transfers money.