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Key Highlights
- UTR full form is Unique Transaction Reference. It is a unique reference code linked to money transfers, which helps track financial transactions easily.
- You can share UTR as proof of payment for various transactions, such as a down payment for a home purchase, loan EMIs, etc.
- You can find this reference number through various simple ways like bank statements, bank passbooks, internet banking, etc.
The full form of UTR is Unique Transaction Reference which is an alphanumeric code that banks in India use to track financial transactions. Each time you transfer money online, you receive a UTR number.You will get this number when you use fund transfer modes like IMPS (Immediate Payment Service), NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement), etc.Through this blog, you'll find out what a UTR number is, its needs, and how you can check it.
What Is a UTR Number?
UTR number is a unique numberthat serves as an identifier for each financial transaction. In simple words, it serves as a reference code that helps track and check the status of fund transfers.Thus, a UTR number makes it easier to trace money transfers between bank accounts. Also Read: Looking to Transfer Money Online? Keep These 4 Points in Mind For a Safe and Smooth Transfer
What Is an Example of a UTR Number?
The UTR number is unique for every transaction and its length varies depending on the mode of transfer. For instance, it typically comprises 12 characters for UPI (Unified Payments Interface) transactions, 16 for NEFT, and 22 for RTGS.Let’s understand this better with the help of an example:
| UTR Number | |||||||||||||||||||||
| X | X | X | X | R | C | Y | Y | Y | Y | M | M | D | D | # | # | # | # | # | # | # | # |
- XXXX : The first characters indicate the IFSC (Indian Financial System Code) of the sender bank.
- R : The next character, ‘R’ states that the transfer was executed through RTGS.
- C : The following character ‘C’ represents the channel of transaction, for example, internet banking.
- YYYYMMDD : These reveal when the transaction was done i.e. the year, month, and date.
- ######## : This is nothing but a sequence number assigned to the transaction.
Why is a UTR Number Useful?
A transaction reference number helps streamline the management of financial transactions, making it more efficient. Here’s how:
- Makes Tracking of Money Transfers Easy: As briefly stated above, UTR is a unique number linked to your financial transaction. Both, the sender and the receiver can seamlessly track the status of money transfers.
- Serves as Payment Proof: You can use the UTR number as proof of making relevant payments. A few examples include a down payment for a home purchase, loan repayments, etc.
- Helps Maintain Accurate Records: A UTR number facilitates the process of accounting. Since no two transactions can have the same UTR, it helps in ensuring accuracy and transparency in your books of accounts.
How Can You Check Your UTR Number?
There are several simple ways to check the reference number for a financial transaction. Let’s discuss some of the commonly used methods:
- Bank Passbook: A bank passbook is one of the most common ways to check UTR number. By reviewing your passbook, you can easily find the transaction reference number.
- Bank Statement: This is another commonly used document to know the UTR number. Go to the respective transaction and read the description to know its UTR.
- Internet Banking: You can quickly find UTR in the transaction history or statement section, after logging into your internet banking account.
- Mobile Banking: Login to your account through your mobile application and look for transaction history or statement options to know the UTR associated with various transactions.
- Email: If you have opted to receive bank statements online, you can access your email and check for the details in your e-statement transaction-wise.
- SMS: In case you have availed of the SMS facility, you usually receive a transaction confirmation, including the relevant UTR number.
Use UTR Number to Track Transactions Seamlessly
As explained, UTR is a unique number assigned to a financial transaction. It helps track money transfers and maintain records accurately. Besides, you can also present it as proof of payments for various transactions like loan EMIs.Speaking of EMIs, they spread your total loan obligation over a pre-defined period, offering you repayment flexibility. Loans also help bridge your immediate financial needs with financial goals.From home loans to personal loans to business loans , choose the loan type that best suits your needs. Reach out to Aditya Birla Capital to get a loan tailored to your needs. Also Read: 5 Ways to Transfer Money from One Bank to Another
FAQS - FREQUENTLY ASKED QUESTIONS
What is a UTR number?
UTR number is a unique reference code linked to financial transactions which helps track money transfers easily.
What is UTR full form?
UTR full form is Unique Transaction Reference.
Could you give some examples of transfer modes where the reference number is generated?
It gets generated each time you transfer money using modes like IMPS, NEFT, RTGS, etc.
How is UTR useful?
It helps to track money transfers and serves as proof of payment. Besides, it also helps to maintain accurate records.
Could you give a few examples where I can use the transaction reference number as payment proof?
You can use the transaction reference number as proof of payment in transactions like a down payment for a house purchase, loan EMIs, etc.
How can a transaction reference number help maintain accurate accounts?
A transaction reference number is a unique identifier for every money transfer. Hence, it helps in maintaining accuracy and transparency in financial records.
How do I find my UTR number?
You can find it through different sources like bank statements, a bank passbook, internet banking, mobile banking, etc. Notably, you can find the reference number quickly and easily through any of these ways.
How do I get my UTR number through internet banking?
Simply log in to your internet banking account and search for the transaction history or statement option. You will find the transaction reference number here.
I am more comfortable using my mobile application. How can I find the reference number there?
Similar to internet banking, search the transaction history or statement option to find the reference number for your transactions.
Is it possible to receive the reference number via SMS?
If you have availed of the SMS facility from your bank, you might receive a transaction confirmation, including the reference number.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
