written by khatabook | December 16, 2022

A Complete Guide for Unique Transaction Reference (UTR) Number in India

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When you open a bank account, the bank will assign you a unique transaction number, also known as a UTR number. This number is used to identify your transactions and it differs from your bank account number. You can find your UTR number on your bank statements or contact your bank directly if you need to know your UTR number. When you make a payment, you must include your UTR number so your bank can process the payment. If you are making an international payment, you must include your UTR number. Your UTR number is a unique identifier for your bank account and is used for domestic and international payments. 

Did You Know? UTR numbers are assigned by banks or other financial institutions and are not interchangeable between institutions.

What Is The UTR Number In India?

A unique transaction reference number in India is also known as a UTR. This is a 10-digit alphanumeric code that banks generate to identify specific transactions. This code is unique to each transaction and helps to track it easily. When making online payments, it is important to ensure that the UTR is entered correctly to avoid delays or errors. 

The UTR is generated by the paying bank and is mentioned on the transaction receipt. It is also mentioned in the monthly bank statement. In case of any disputes, the UTR can be used to track the transaction and ascertain the exact amount that was paid. The UTR is an especially important code and must be kept safe. It should be noted down or saved somewhere where it can be easily retrieved. In case of any queries, the UTR can be used to easily track the transaction and get all the necessary details. 

Also Read: Important Guidelines on Contactless Payment and Operations

How To Find a UTR Number? 

Follow the steps below to find a UTR number:

  • You will need to log in to your online banking account to find your UTR. ‘
  • Once you are logged in, you should see a list of all your recent transactions.
  • Find the transaction you are paying for and look for the UTR next to it. 
  • It is usually a long number starting with a letter. 
  • If you cannot find your UTR online, you can call your bank, and they will be able to provide it to you. 
  • You will need to give them your account number and the date of the transaction you are making the payment. Several characters in each UTR number vary based on the bank that issued it. 
  • Another simple and most practical ways to obtain the UTR number is by consulting your account statement. 
  • You can download or read the account statement using your bank's website. 

How do UTR Numbers Work?

The UTR number works in several ways as mentioned in the points below:

  • A UTR is a 10-digit code that uniquely identifies a transaction. 
  • This number is assigned by the payer's bank and is used to track transactions through the banking system. 
  • The payee's bank also uses the UTR to reconcile transactions against their records.
  • When a payer initiates a transaction, their bank will generate a UTR and assign it to the transaction. 
  • This UTR will track the transaction as it moves through the banking system. 
  • The payee's bank will use the UTR to reconcile the transaction against their records. 
  • The UTR is a critical component of the banking system and ensures that transactions are processed correctly. 
  • Without a UTR, tracking transactions and reconciling them against records would be difficult. 

What Is The Importance of an UTR Number in India?

The UTR is an important part of the Indian financial system as it helps to ensure that all transactions are processed accurately and efficiently. It also helps to prevent fraud and ensures that the correct amount of money is transferred between the parties involved. The Income Tax Department also uses the UTR to track and verify financial transactions. This helps ensure that individuals and businesses are paid the correct amount of taxes. 

The UTR is a valuable tool in the fight against corruption and black money. Tracking all financial transactions makes it easier to identify and investigate corruption and money laundering cases. 

In conclusion, the UTR is a vital part of the Indian financial system and plays a crucial role in ensuring the accuracy and efficiency of financial transactions. It also helps to prevent fraud and corruption. 

How To Use UTR Number For Transactions?

If you have made a transaction using your bank account in India, you will be allotted a unique transaction reference number. This number can be used to track the status of your transaction. To do so, you will need to visit your respective bank's website and enter the number in the designated field. Once you have done so, you will be able to view your transaction's status. In case you cannot find your bank's website, you can also visit the National Payments Corporation of India (NPCI) website. This website provides a consolidated view of all transactions using the UTR number. 

How To Identify the UTR Number of RTGS Transactions?

In India, a unique transaction reference number (UTR) is generated for all RTGS transactions. This is a 16-digit alpha-numeric number assigned to each transaction and used to identify it. The UTR can be found on the transaction confirmation page or statement generated after completion. It will typically be located near the top of the page, in the transaction details section. If you cannot find the UTR on the confirmation page or statement, you can contact your bank or the RTGS service provider and request the UTR for the specific transaction. 

Also Read: All About UPI– United Payments Interface

How To Find UTR Number of NEFT Transactions?

In India, a unique transaction reference number (UTR) is assigned to every NEFT transaction. This number can be used to track the transaction's status and ensure that it is processed correctly. To find the UTR for a particular transaction, you must log in to your online banking account and locate the transaction in your account history. The UTR will be listed in the transaction details. If you cannot find the UTR in your account history, you can also contact your bank directly and request the UTR for the transaction in question. Once you have the UTR, you can track the transaction's status on the RBI website. Simply enter the UTR in the search box on the site, and you will be able to see the transaction's status. 

Conclusion

UTR number is a unique transaction reference number that is assigned to each transaction by a bank or other financial institution. UTR numbers can be used to track and trace transactions and can be useful for identifying and resolving disputes. UTR numbers can be found on bank statements and may also be printed on receipts or invoices associated with the transaction.
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FAQs

Q: How can I find my unique transaction reference number (UTR)?

Ans:

The UTR number is mentioned in the transaction acknowledgement slip provided by the bank or financial institution. It is also mentioned in the bank statement.

Q: What is the unique transaction reference number (UTR) format?

Ans:

The UTR number has a fixed format and is always 20 digits long. The first four digits represent the bank code, the next two digits represent the year, the next two digits represent the month, and the next two digits represent the day. The remaining ten digits are generated using a mathematical algorithm.

Q: How is the unique transaction reference number (UTR) generated?

Ans:

The UTR number is generated using a mathematical algorithm that uses the date and time of the transaction, the amount, and other details to generate a random reference number.

Q: Who generates the unique transaction reference number (UTR)?

Ans:

The unique transaction reference (UTR) number is a 20-digit alpha-numeric number generated by banks and financial institutions while processing direct credit (NEFT) and direct debit (RTGS) transactions.

Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.
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Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.