TRTR is one of the terms used in our financial instruments. In banks, this term used is different for different banks. Like in Indian overseas bank the Term TRTR means transfer made through mobile banking. But commonly TRTR full form in banking means is transfer transaction. When any transaction takes place from one account to another account whether it is in cash or cashless, it is recorded or printed in bank passbook or mini statement of the account holder and against the transaction TRTR is printed. This TRTR is a proof that the transaction has taken place in the bank account of the account holder
Cashless term refers over here as making transactions in the account through mobile app, internet banking etc.
There are two types of TRTR
- a) TFR- transfer of money in the same bank between two accounts.
- b) TLR- Transactions that are done through bank branch.
What role does this TRTR plays in banking Transactions?
- It makes sure that all the transactions whether withdrawal, deposits of cash and transfers done in an account are in the records of the banks and the customers pass book and the mini statements.
- It is a proof to a customer regarding the transaction that took place in their account.
- TRTR also see that no fraudulent transactions take place.
- It helps to trace the financial record of the customer as TRTR is maintained on the real time bases.
How do bank updates TRTR transactions?
When any transaction is made the bank through its automated machine it checks all the information and process the request and updates and modifies the account statements at the same time at which the transaction took place i.e. real time.
TRTR has been proved very beneficial, as it helps the customers to keep track of their financial transactions. The customers also feel secured and are at ease that their money is safe.
