TGA is a long-used raster graphic format. It was developed by Truevision Inc. (now Pinnacle Systems) back in 1984. It was initially used by the developer only for its own graphic adapters, but gradually gained popularity (primarily in the field of video processing and animation). Widely used in computer games, where it is used to store textures (including 3D video games). The name of the format comes from Targa Graphic. TGA files may partially contain image transparency information. They can become the main one for creating GIFs.
PSD is a fairly common raster image format; the most popular graphic editor Adobe Photoshop is used to create files of this format. The name of the format is an abbreviation for Photoshop Document, and the developer is Adobe Systems. In other words, it is a graphic file format specially created for this program. Its feature is that it stores text information, layers, layer masks. PSD saves all layers created when working in Adobe Photoshop, and you can continue to work with them at any time. Also uses transparency and translucency options.