The Unique Transaction Reference (UTR) is a unique identifier which helps both banks and customers to track and verify payments. Whether you’re sending money, receiving payments, or just trying to track a transaction, understanding what a UTR number is and how to use it can be crucial. Find out all your need to know about UTR number in RTGS, NEFT, IMPS, its full form, meaning, importance, tracking and how to use it in this blog down below.
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What is the UTR Number?
UTR full form stands for Unique Transaction Reference number given to every bank transaction. It is a unique identifier assigned to every financial transaction in India that happens through electronic payment systems like NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), or IMPS (Immediate Payment Service). It helps make sure that payments are accurate and it is easy to track, and secure. With a UTR number, you can easily monitor your payments, and it helps prevent mistakes and fraud related to banking . Each transaction gets its own unique UTR, so there’s no mix-up with other payments.
A UTR number is typically a 22-character code, but this can vary slightly depending on the bank. Each bank uses a unique method to generate UTR numbers, which include the bank’s code, the date of the transaction, and a unique identifier.
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What is the Importance of UTR Number?
- Managing Transactions: From the beginning to the end, managing payments is made easy with UTR numbers. They can be used by banks and clients equally to guarantee error-free and accurate fund transfers and receipts.
- Resolving Disputes: In case of any issues or disputes regarding a transaction, such as delays or failures, the UTR number acts as a reference that helps banks and financial institutions quickly locate and resolve the problem.
- Proof of Payment: For businesses and individuals alike, the UTR number serves as proof of payment. It’s often required for audit purposes, filing tax returns, or just keeping your financial records accurate.
- Facilitating Smooth Communication: When dealing with multiple transactions, especially in business, UTR numbers make it easier to communicate with banks and counterparties about specific transactions, reducing the chances of confusion.
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How to track UTR Number?
Tracking your UTR number is a very easy, and simple task. You can do it in a few different ways like:
- Bank Statement or Passbook: You can check your bank statement or passbook. Each transaction will have a unique reference number, which is your UTR number.
- Internet Banking: To check the UTR number via internet banking, you can follow these below mentioned steps:
- Log in to your online banking account.
- Go to the transaction history or statement section.
- Select the specific transaction, and you’ll see the UTR number in the details given.
- Mobile Banking: To check the UTR number via mobile banking, you can follow these below mentioned steps:
- Open your bank’s mobile app.
- Go to your account details and then transaction history or statements.
- Choose the transaction you want to check, and the UTR number will be mentioned.
- Email or SMS: If you receive transaction alerts through your email or SMS, the UTR number will be included in these notifications. You can also check the account statements sent to your email to find the UTR number.
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How to identify UTR Number of RTGS Transactions?
To identify a UTR (Unique Transaction Reference) number for an RTGS (Real Time Gross Settlement) transaction, you can follow these steps:
- Bank Statements or Passbooks: UTR is listed with transactions in your bank statement or passbook. Look at the 22 character reference number that will be your UTR.
- Internet Banking: Once you are done Log in to your bank’s internet banking portal. Go to the transaction history section to find the UTR number for each RTGS transaction.
- Mobile Banking Apps: Open your bank’s mobile banking app. And go to your transaction history or statement section to find the UTR number.
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Understanding the UTR Number Format for RTGS:
The UTR number is usually 22 characters long and it is in this “XXXXRCYYYYMMDD########” format. Here’s what these characters mean in UTR number format in RTGS:
- XXXX: The first four characters represent the IFSC code of the payer’s bank.
- R: This letter indicates that it’s an RTGS transaction.
- C: Represents the transaction channel (e.g., 1 for internet banking, 4 for ATM).
- YYYYMMDD: Represents the year, month, and day on which the transaction was done.
- ########: The last eight digits are the sequence number which is unique to that transaction.
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How to identify UTR Number of NEFT Transactions?
- Bank Statements or Passbooks: UTR is listed with transactions in your bank statement or passbook. The UTR number is listed next to each transaction, This helps you track and confirm the status of your NEFT transfer.
- Internet Banking: Once you are done Log in to your bank’s internet banking portal. Go to the “transaction history or account statement” section to find the NEFT transaction you wish to track and locate related UTR number.
- Mobile Banking Apps: Open your bank’s mobile banking app. And go to your transaction history or account activity section to find the UTR number and you will find the NEFT information near that.
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UTR Number Format for NEFT:
The UTR number for NEFT transactions is 16 characters long and it follows this format: “XXXXNYYDDDNNNNNNNN”. Here’s what these characters mean in UTR number format in NEFT.
- XXXX: The first four characters represent your bank’s code.
- N: Indicates the NEFT server identifier.
- YY: Last two digits of the year the transaction took place.
- DDD: Day of the year the transaction occurred (e.g., 001 for January 1st).
- NNNNNNNN: A unique transaction number generated by the bank.
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Wrapping up
The UTR number is a small but significant part of India’s financial infrastructure, ensuring transparency, security, and traceability of transactions. Understanding how to track and use a UTR number can save you a lot of time and effort, especially in resolving transaction-related issues. Whether you’re a business owner, a frequent online shopper, or just someone who makes regular bank transfers, being aware of UTR numbers and their importance is essential for smooth financial management.
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FAQs
What is the UTR number?
A UTR number (Unique Transaction Reference) is a special code assigned to each financial transfer made to or from India. It helps track the transaction and appears on the recipient’s bank statement, making it easy to identify and verify the payment.
What is the 12 digit UTR number?
The 12-digit UTR number is a unique code created by the bank to identify and track a specific or a particular fund transfer. You can find this number in your bank statement under the transaction details, often named as the reference number. For example, it looks like XXXXR520190109599036XX. This number helps make sure that your transaction is accurately processed and can be easily tracked.
Are UPI and UTR the same?
No, UTR numbers and UPI IDs are not the same.
