TRF Full Form : What is TRF Meaning, Renewal, Charges, lien lift & Debited TRF in Banking

TRF Full Form : You may come across the term TRF in your daily life especially in the banking field. But what does it mean?  We are going to explore the essence of TRF in this article, but before the start, let me share an incident that had happened with one of my friends. On my friend’s smartphone there is often an SMS stating that “TRF debited from your bank account” or sometimes credited. Initially he ignores the messages & just thought it may be any normal or regular charges that have been deducted but later on the amount of deduction has increased. Sometimes it reflects 700 rupees or sometimes 500 rupees and many more.

Then he simply asked me what this “TRF debited” means? And what kind of charges are deducted from my bank account? I checked all his banking messages. And I explained to him about TRF, i.e it is just the transferred amount from one bank account to another. Then we contacted the bank customer services for our query. We found that there was an online service or you can say that a type of subscription was activated on his account. On this behalf a regular basis of the amount is deducted from his bank account. Then we have requested to cancel the service. This is the whole incident. This may have happened to you too or may happen in future so you should know all about the terms “TRF” and TRFR, “debited TRF”, “TRF charges” etc. Hence today we will understand about this most common term “TRF ”. 

There are different types of TRF terms and have different meanings and also are of different full forms. For example, TRF may stand for different terms in various fields, like 

TRF Full Form	Uses (in Field)
Thermal Recovery Factor (TRF)	used in the field of oil and gas
TRF	used as transfer of funds in banking field
Treasury Receipt Form (TRF)	also used in the field of banking
Temporary Residence Permit (TRF)	used in the field of visa related terms and it is a kind of document that allow immigrants live temporary in a country on the basis of certain conditions
Telegraphic Funds Transfer (TRF)	used in the field banking
Time Resolved Fluorescence (TRF)	used in the science and medical field
Test Report Form (TRF)	used in the field of education as the report card of results or examination tests

As we saw above, there are different meanings of TRF, but what are we searching for? That we have to consider or find. Here in this important article, we are talking about TRF, which is used in the field of banking.  

What is TRF Meaning in Banking

Let’s begin with this simple question, what is TRF?  As we saw above, TRF simply stands for TRANSFER, which means the transfer of money or funds from the bank account of one person to another person’s bank account of different banks or of the same banks. Or basically you can say that TRF is nothing, just the transactions or movement of money between the holder’s bank account. This is the brief introduction to TRF, let’s move on and check more about TRF. 

What is the Full form of TRF in banking?

Till now you may get the meaning of TRF ! But this is the most common query of many people. So, this needs to be addressed! The full form of TRF is transfer of funds. It may be transferred funds from one bank account to another bank account in the same bank or in different banks.

TRF in Our Daily life

We mainly notice TRF in the banking sector as transfer of funds. In practicality you may have seen TRF on your bank passbook transaction history, or in bank statements or bank mini statements, and I am pretty sure most of you have mostly seen TRF in SMS messages of transactions. For your convenience we have listed TRF generally seen in the following way: 

• TRF in Bank Statements 
• TRF in Bank Passbooks 
• TRF in Transaction SMS messages 
• TRF in Mini Bank Statements 

Debited TRF meaning in banking ? 

It is clearly seen that Debited TRF is formed by the merger of two different terms, that is “Debited” and “TRF”.  To understand the meaning of Debited TRF more clearly, let’s consider or discuss these both terms separately: 

Debited – first consider the term Debited, as we all know the meaning of debited is mainly used in terms of banking or transaction amount. When a person does a transaction in any form whether purchasing items from the grocery store or paying bills or transferring money to a friend who is in trouble! As the transaction completes, a message appears on your smartphone that the so and so amount has been debited from your account. Which simply implies that a certain amount of money or fund has been deducted or withdrawn from that person’s bank account. Which furthermore clarifies that debited in general means reducing or decreasing something. Here it defines the decrease in the bank account balance. 

TRF –  TRF is the short form used for term Transfer of funds. As the meaning is hiding in its own words transfer of funds, it talks about, when a person makes payment or done online transaction by paying its bills like telephone bill, water bill, electricity bill or simply sending funds/ money from their bank account to another beneficiary’s bank account, then this all refers to transferring of money or you can say that movement of money between bank accounts in the digital format. 

Together they are called “Debited TRF” now if you look carefully this phrase is reflecting a meaning that a transaction or transfer of money is done and money is debited or withdrawn or deducted from the payer’s bank account and is credited or transferred or added to the receiver’s bank account. I hope you got the meaning of debited trf in the banking sector but for your reference it is suggested that you should always consider these terms from the individual bank’s official website or terminologies provided by your local bank branches. Because these terms may vary from bank to bank.  

What is TRF charges in Banking

Again, this can also be explained on the basis of splitting them separately and then we are able to understand easily what TRF charges are? 

As we already know about TRF, it is the abbreviated form of transfer, which means transfer of money or movement of money from an individual bank account to another individual bank account. You can also understand it as, it is the deposited or credited amount in one’s bank account which is transferred or debited from another’s bank account. 

As the name itself gives the idea of what we are talking about, charges can be applicable on anything, it could be in the form of fees of the given service. Or it could be the amount for what you are paying off. In terms of online charges, it could be the extra cost or charges for which the service is being provided to you. For example, nowadays we use UPI based apps like Paytm, PhonePe, and GooglePay to meet our regular basis transactions. If you have noticed these apps are now taking some kind of charges in the form of “Platform Fees” if you had done transactions using these apps like mobile recharge. So, charges can be collected in any format by telling you a particular thing.  

On combining these above two terms we get “TRF charges”. Now, I think you have the glimpses of what TRF charges are called? Let me elaborate, it states that when there is a transfer of funds or money in any format like paying bills, making online payments and sending money to your friends, relatives, or to a merchant, it leads to deduction of money from your bank account, and there could be charges of making this transfer of money/funds which is known as TRF charges. 

It is not necessary that every small or any normal transaction or transfer of funds are subject to charges. In simpler words TRF charges are not applicable on every transfer of funds. It depends on how much amount of money you are transferring and which platform you are using to successfully transfer. 

For example, if a person does a transaction or transfers money using the platforms like NEFT, RTGS, IMPS, then there could be different TRF charges for using each different platform. And these TRF charges also vary bank to bank for using NEFT, RTGS, IMPS or any other service. For example, if a person holds an account in Bank Of India (BOI), a bank and transfers some amount through NEFT to another person, then there could be different TRF charges as compared to the person holding an account in ICICI bank and uses NEFT service of its bank. But the difference in the TRF charges will be very minimal. 

trf charges in bank of india

As we have already discussed TRF charges. But if we talk about TRF charges of a particular bank like Bank of India (BOI), the statement of TRF charges remains the same but the difference will be that the particular bank can charge transfer amounts according to their transferable charges structure. This could be different for individual bank’s terms and conditions. So, if you have your bank account in (Bank of India) bank and you are checking your bank statements or transaction history in your bank passbook, while doing this, you have come across many TRF charges… TRF charges… etc then it is always a better idea to have the knowledge of what kind of TRF charges are being deducted through your bank account. You can inquire this to the bank’s customer service or you can also visit your nearest bank branch for more clarification. The bank employees will explain to you about each and every single TRF charge.   

What is the meaning of TRF lien lift?

Before going directly to the TRF lien lift meaning, let’s first understand what does this term “lien” mean in the finance or banking sector? 

Lien – it is a very important term in the world of banking & finance. It is a term which gives the lender a legal right to take back or seize the assets like property or car for which loan has been borrowed in case of not paying all loan EMI in the given time frame. In other words, lien is the amount in the form of debt, or non-payment of taxes, or the loan EMI that is due. 

For more understanding let’s take an example, when a person wants to buy his dream home or a dream car but doesn’t have enough money then, he is left with no choice but to knock on the doors of lenders and banks for borrowing loans. If the person gets a loan from the lenders and banks for that particular asset, then he has to pay his loan EMIs in due time, if the person is unsuccessful in doing that, then the lender has the legal claim to take away that asset, this is termed as lien. 

This debt and skipped loan EMIs are converted into the “lien amount”. Which sometimes appears in your bank statements. If you do not want your assets to be taken away or seized by the lenders then you have to clear off your all-pending dues or EMIs with the given penalties or interest in the provided time. 

TRF lien lift – it means the transfer of lien amount. When there are pending dues of loan EMIs like car loan, home loan, personal loan, etc, and also in the case of not paying taxes in the given time it leads to the lien amount. If you do not want to suffer from unexpected penalties or other kinds of charges, then you have to pay your all default or pending dues in the time given by your lender, which contributes in the lift of TRF lien amount. 

TRF Details FAQs