According to National Payment Corporation of India (NPCI), the number of UPI transactions made during the month of December in 2024 was 16.73 billion. And the average daily UPI transactions in the same month was around 539.68 million.
But this barely scratches the surface of India’s massive transaction flow. In this vast ocean of transactions, what do you think differentiates one transaction from another? The answer to that question is the UTR number. But what is UTR?
UTR is a unique identification of each transaction. It is attached to every transaction made in India, whether it is made through Immediate Payment Service (IMPS), National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS), or Unified Payment Interface (UPI)
In this article, we are going to see what is UTR number, its full form, and where to find it.
What is the UTR Number?
UTR’s full form is Unique Transaction Reference. It is an alphanumeric code that is generated by financial institutions after a transaction is made to make it easier to identify each transaction. In India, a UTR number is assigned when money is transferred between two financial institutions. It is also used to trace a payment in case of delays or for reference purposes.
A UTR number is usually 16 digits long for NEFT transactions, 22 characters for RTGS transactions, and 12 digits long for UPI transactions. It contains essential details like the bank code, transaction method, channel, date, and a unique sequence number. NEFT, RTGS, and UPI are electronic payment systems in India, and each is meant for a specific kind of transaction.
How Can You Find a UTR Number?
You can find your UTR number in different ways. These include:
1. Bank statements or passbook
UTR number is present on bank statements or passbooks of your account in the transaction history section. You can even call your financial institution’s customer care helpline to get the UTR number for a specific transaction.
2. Online website portals
Most financial institutions provide online website portals to offer financial services. You can find your UTR number by logging into these websites using your credentials and checking your transaction history.
3. SMS or email notifications
If you have applied for an SMS or email service with your financial institution, you will automatically be notified after each transaction. That notification also contains the UTR number.
4. Mobile banking
If you use your smartphone to make most of your transactions, you will get a payment receipt after every transaction. The UTR number is also mentioned in the receipt.
Uses of UTR Number
UTR number has several uses, which are mentioned below.
1. Transaction tracking
The major use of a UTR number is to track financial transactions. It provides a unique identifier for each payment. This simplifies the monitoring and verification process of each deposit and lowers the risk of errors.
2. Accounting purposes
UTR numbers play a crucial role in the accounting process. They assist in maintaining accurate financial records by classifying the transactions, preparing financial statements, and simplifying audits.
3. Tax purposes
UTR numbers especially assist auditors in tracking if the right amount of money has been earned and then withdrawn. This process helps ensure compliance with tax regulations and reduce risks by presenting a clear record of financial transactions.
4. Proof of payments
UTR numbers act as solid proof of transactions, which helps offer clarity and resolution in disputes or financial discrepancies.
How to Identify UTR Number in NEFT and RTGS Transactions?
In NEFT transactions, the UTR Number is 16 digits. The first four digits are the IFSC code of the financial institution, and the next digit notifies the transaction channel. The next four digits indicate the year, the next three digits indicate the Julian date, and the last four digits indicate the sequence number of the transaction.
In RTGS transactions, the UTR Number is 22 characters. The first four digits are the IFSC code, and the next is the alphabet ‘R’ referring to RTGS. The next digit indicates the channel of that transaction. The next four digits indicate the year, the following two digits are for month, the next two digits indicate the date, and the last eight digits indicate the sequence number of that transaction.
Wrapping Up
The UTR number makes every transaction unique. It helps track every transaction easily, ensures efficient accounting and tax compliance, and even resolves disputes that might arise due to financial discrepancies. The secure transfers also enhance trust in every transaction.
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FAQs
You can find your UTR number through the following methods-
1:On your bank statements or passbook. 2: By logging into internet banking, where you can access your transaction history. 3: Via email or SMS notifications from your financial institution, which will include the UTR number after a transaction.
UPI and UTR are both different things. UTR is a Unique Transaction Reference assigned to every transaction after completion. UPI or Unified Payments Interface, on the other hand, is a digital payment system that allows instant transactions using UPI-powered applications.
The UTR and UPI Transaction ID are the same things. They both serve as a reference number for a particular transaction.
You don’t have to activate a UTR number. Every time you make a transaction using NEFT or RTGS, a UTR number is generated by respective financial institutions.
Each transaction is assigned a unique UTR number. Therefore, you can have multiple UTR numbers if you make multiple transactions. However, a single UTR number is linked to one specific transaction.
20 February 2025
4 mins read
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