Bank of India (BOI) is a state-owned commercial bank primarily based in Mumbai with a total of 5092 branches in every state of India as well as a presence in 22 foreign countries. The bank offers banking options and financial services to both corporate and retail customers while also dealing in foreign exchange, mutual funds, and credit card services. The bank functions on three main business sections called treasury, wholesale and retail banking operations and it also has specialized branches dealing with small scale industries.
So, coming to the main question “What does TRF mean in a BOI account?” and why does it seem to confuse so many of us when we see it in a message or notification?
Well to start with TRF stands for the word transfer and it means any funds transfer, be it for internet charges, SMS charges, or any other purpose, from one BOI account to another BOI account. It is shown in the form of a message on your phone or as an entry in your bank account statement whenever any funds transfer took place concerning your account.
The message shows you the amount of money credited or debited and the time at which the transaction occurred along with a TRF sign after it which notifies you that this a type of funds transfer. Furthermore, no kind of additional charges is levied when a TRF occurs regardless of who made the transaction.
The key point here is that transfers can only happen if the other account is a BOI account too. BOI usually writes TRF instead of transfer for the apparent reason of saving space when sending bulk messages to thousands of customers every day. It is more like a notification alerting you of some funds transfer which eventually shows up on your passbook also.
To sum it up TRF is a short form for Transfer/Funds Transfer usually used by Bank of India whenever any transaction occurs concerning your account. TRF can occur only for accounts within the same bank and doesn’t cost anything additional.
It can be checked in your messages section of the phone where notification may have shown up whenever the funds’ transfer took place and can also be seen in your bank statement or passbook whenever you want. The main purpose of using such a kind of short-form is to save space and lines while sending out messages to customers regarding the transaction details.