Almost every financial institution in India uses UTR numbers to send money locally, which is helpful for recipients who have not received credits related to their transactions.
UTR stands for Unique Transaction Reference. This number is used to identify a specific payment transaction. For example, a unique number is assigned by the bank involved in facilitating a fund transfer to recognize any fund transfer.
What is a UTR Number?
UTRs, or Unique Transaction Reference numbers, are used to identify NEFTs, IMPSs, and RTGSs transactions. All banks use UTR numbers in India for the local mode of payment transfers, and they can be beneficial for recipients who have not received an update or credit about their payment.
How to get UTR Number?
Your bank statement will contain your UTR number. Just beneath each transaction detail, the UTR number appears as “Reference Number”.
So, for example, an Indian UTR number might look something like this: XXXXR7310682908954385XX
UTR numbers usually contain a few characters that differ according to the bank that generates them. Using your account statement is one of the easiest and fastest ways to find out the UTR number of a specific transaction.
Using the mobile app or internet banking of your bank, you can download or view this statement. UTRs usually appear next to transaction dates, and they comprise either 22 or 16 characters.
Also Read: Difference Between NEFT and RTGS
UTR Number Format
For RTGS, the UTR number is 22 characters long.
For NEFT, the UTR number is 16 characters long.
This is the format of UTR No. for RTGS transaction is “AAAARCYYYYMMDD########” where:
- AAAA is IFSC first four characters – bank code of a sender
- R represents RTGS system
- The channel C represents the transaction
- YYYYMMDD represents the year, month, and date of the transaction
- ######## denotes the sequence number
How to track UTR Transaction?
UTR numbers can be used to check the status of your NEFT transactions if they are delayed. For example, should your account be debited for a specific transaction but the recipient hasn’t yet received the funds, you can quickly contact the bank’s customer service team so that they can track the transaction.
Alternatively, you could ask your assigned Relationship Manager to track the transaction’s status using the UTR number.
Here are other ways of tracking the status of your UTR transaction:
- Access your bank’s mobile app or internet banking
- Review previous transfer information
- Enter the UTR number to find the specific transaction
- A transaction’s status will be displayed
Also Read: Difference Between IMPS and NEFT
How to find the UTR Number of NEFT Transaction?
The UTR number for a transaction can be found by examining the detailed account statement within your online banking department of your bank, as we mentioned earlier. Then, click the information tab or narration to find the UTR number. There will be a detailed explanation of the transaction.
Using the UTR number format, you can quickly identify every type of transaction. NEFT transactions are identified by a 16-character UTR number, as we discussed previously. Therefore, an NEFT transaction’s UTR number can be used to follow its progress easily.
Why do I need a UTR number?
A UTR number is primarily used for identifying and monitoring financial transactions. For example, using the UTR number, you can track fund transfers if they are held or taking more time. You can also refer to an earlier transaction with the UTR number.
UTRs are generated between two Indian bank accounts when money is transferred between them. There are two ways to transfer money between accounts in different banks in India i.e., NEFT and RTGS. For both transactions, a UTR is generated by the bank.
Frequently Asked Questions
What is the UTR number in NEFT and RTGS transactions?
Unique Transaction Reference Numbers are referred to as UTR numbers. Transactions using NEFT and RTGS are made with UTR numbers. In addition, the bank offers a UTR no. for every transaction, which can be used for future inquiries regarding the transaction.
What is the UTR reference number?
The Unique Transaction Reference (UTR) identifies transactions made through IMPS, RTGS, or NEFT.
Can I check my UTR number online?
Check your Government Gateway account to find your UTR number. You can create a personal HMRC account using this tool. HMRC will send you reminders if your tax return hasn’t been submitted and correspondence if your tax return hasn’t been introduced.
Are UPI and UTR the same?
The UTR number won’t be mentioned as a UTR number, so some people may be confused when finding it. UTR is a term used to represent transaction numbers, UPI reference IDs, order numbers, and transaction identification numbers.
Can I submit a tax return without a UTR?
Tax returns must contain a UTR number to be accepted by HMRC. A return cannot be submitted without one.