When you make an online bank transfer, whether through IMPS, NEFT, RTGS, or UPI, a Unique Transaction Reference (UTR) number is generated. Such reference is assigned to your transaction, and you can track and verify the same. In this article, we’ll discuss what a UTR number is, how to locate and track it.
What is a UTR Number?
You might be wondering what The 12-digit UTR number is. The term UTR stands for Unique Transaction Reference Number. This alphanumeric identification number is required for tracking specific transactions in India’s banking system. When you initiate a transaction using NEFT, RTGS, IMPS, or UPI, a unique UTR is generated, which serves as a digital signature for the transaction. This identifier allows banks and customers to verify and track payments as they move through the financial system.
UTR Number Meaning
- XXXX: First four , which are the sender bank’s IFSC code.
- R: Indicates the transaction processed through the RTGS system.
- C: Represents the transaction channel, such as Internet or mobile banking.
- YYYYMMDD: The transaction date in year, month, and day format.
- ########: A unique sequence number for that transaction.
Each UTR number varies slightly from bank to bank, though it is often 16 or 22 characters long, and you’d generally find it next to the date of the transaction on your bank statement. You can easily get this number by viewing your account statement, which is available via your bank’s mobile app or online banking.
Where Can I Find My UTR Number?
- Bank Statement – a UTR number is usually listed as the “Ref No.” under transaction details on your bank statement.
- Mobile Banking – If you use mobile banking services, then you can simply open your mobile banking application and head to transaction history where you’ll find the UTR number assigned to it.
- SMS or Email- Banks will send you transaction notifications if you’ve opted for sms and email services, these notifications include a UTR number and you can use it to check your transaction status. You can also see your UTR number sent by your bank on your email.
- Contact Your bank: You can also contact your Bank customer support And they provide you with the UTR number for a specific transaction
Online Tracking of Your Unique Transaction Reference Number
If you want to track a specific UTR number for a particular transaction, you can do so in a few easy steps online.
Step 1: Log In Your Bank’s Internet Banking Portal
Open the Internet banking webpage of your bank’s official site. Enter your User ID and password. Some banks ask for an OTP or security questions for added security.
Step 2: Navigate to Your Transaction History
Once logged in, look for ‘Transaction History’ or ‘Account Statement’.
If you have more than one account, select the one associated with the transaction you wish to track.
Step 3: Find Your Particular Transaction
Filter using date, amount, and/or type of transaction to locate your specific transaction. Click on it to see more details.
Step 4: Find your UTR Number
Scan the transaction records for fields labelled as ‘UTR Number, ‘Reference Number, or ‘Unique Transaction Reference.’
Write down the UTR number so you can check your transaction status.
In case you were unable to find it you may contact your bank’s customer center.
Why the Unique Transaction Reference Numbers are Important
The Unique Transaction Reference Number is very important while managing your financial transactions and at the time of the verification procedure of the same in banks. Here’s how it will help the banks and the customers:
1. Track transaction
UTR numbers are relevant proofs of payment, especially when a transaction involves a large sum like buying a property, paying for a loan, or other significant business transaction. This verification is normally required for legal and financial documents as proof that the payment was executed and the transaction was facilitated.
2. Proof of Payment
UTR numbers help banks and customers easily track transactions from start to finish. Moreover, they ensure that your money reaches the right recipient securely. With this tracking system, you can monitor your payment’s journey from initiation to completion with confidence.
3. Accounting Requirement
UTR numbers within accounting systems serve to manage and track specific transactions in an orderly manner. They prove to be very useful in the case of disputes or even while verifying financial records, which helps enhance the transparent nature of the banking system.
4. Tax Compliance
The UTR number fulfills an important requirement for tax identification. When filing tax returns, the numbers help the tax authorities verify financial transactions so that the reported income matches actual transactions. The verification process safeguards tax fraud and ensures that individuals and business organizations meet their tax obligations according to their financial activities.
Conclusion
UTR numbers are what define digital banking in the contemporary world. They track, verify, and confirm all our transactions, providing a level of security. Through these processes, you can easily find your UTR number so that you have full control to monitor your monetary transactions. Knowing your Unique Transaction Reference Number allows you to ensure tax compliance even when settling disputes or providing proof of payment.
Frequently Asked Questions (FAQs)
1. What is a UTR number?
In India, authorities assign Unique Transaction Reference Numbers to all transactions, making it easier to trace and verify them. Moreover, these alphanumeric codes ensure secure and transparent financial operations, allowing quick identification and resolution of any discrepancies.
2. Where can you find the UTR number?
The UTR number can be found in the bank statement within the transaction details section as “Ref No.”
3. Why is a UTR number required?
UTR numbers allow tracking of transactions, resolving disputes, providing proof of payment, and making tax payments.
4. Can I trace my UTR number online?
Yes. You can verify your UTR number at the Internet banking portal of your bank by fetching transaction details.
5. Is my UTR number confidential?
Yes. UTR numbers help in tracing transactions, but sharing them is not advisable. Since Unique Transaction Reference Numbers are linked to specific transactions in your account, keeping them private ensures security. Therefore, always handle them with caution to prevent unauthorized access.
Sources:
- Razorpay
- HDFC Bank
- Kotak Mahindra Bank
