UTR Full Form

UTR stands for Unique Transaction Reference, a number unique to each bank transaction. It is used in net banking, wherein each transaction is accompanied by a code of 22 or 16 characters. This can be used to track the transfer of money. It is usually used in IMPS, NEFT, or RTGS transactions, although the format of the UTR is different for each of these. These can thus easily be identified by a UTR number, which serves as a reference number. RTGS was initiated in 2004, NEFT in 2005 and IMPS in 2010. Therefore, UTR first came into use along with RTGS in 2004. This number is automatically generated by the banking system and it can even be used to infer the bank of the sender, date of transaction, etc.

This Story also Contains

1. Net Banking
2. NEFT, RTGS and IMPS
3. Format of UTR
4. Use of UTR
5. How to Track Transaction Using UTR
6. UPI and RRN

Net Banking

Financial transactions that take place via the internet come under net banking. It is an all-in-one online resource for all contemporary banking requirements, including money transfers, checking account balances and statements, ordering cheque books and bank cards, and making investments in securities on the stock market. It is extremely useful since it is available round-the-clock, is time saving, is constantly monitored and also makes bill payments easier. However, it is prone to technical glitches. Therefore, one might wish to track their transaction. This can be achieved using the UTR number.

NEFT, RTGS and IMPS

UTR is generated for NEFT, RTGS as well as IMPS.

NEFT: The Reserve Bank of India maintains the National Electronic Money Transfer (NEFT) electronic funds transfer system (RBI). The setup was created and kept up to date by the Institute for Development and Research in Banking Technology beginning in November 2005.

RTGS: Real Time Gross Settlement, known as RTGS, is a system that allows for the continuous and real-time settlement of fund transfers on a transaction-by-transaction basis (without netting). "Real Time" refers to processing instructions as soon as they are received; "Gross Settlement" refers to the individual settlement of each funds transfer order.

IMPS: In India, an electronic money transfer mechanism for fast payments between banks is known as Immediate Payment Service or IMPS. Through mobile devices, IMPS provides an inter-bank electronic fund transfer service. The service is accessible every day of the year, including holidays.

The difference between the above three can be studied from the table below:

Format of UTR

UTR number is a 16 or 22 character code, depending on the type of transaction made. It is 16 characters long for NEFT and 22 characters long for RTGS. A lot of details can be inferred from a UTR number due to its format. Consider a UTR number ZZZZRCYYYYMMDD######## for an RTGS transaction. The 22 characters in the code can be inferred as follows:

1. ZZZZ represents the IFSC code, i.e., the bank code of the sender. It is unique to each branch of each bank but the first four characters remain the same for the same bank.

2. R represents RTGS here

3. C represents the channel of transaction

4. YYYYMMDD represents the date (four digits), month (2 digits) and date (2 digits) in the same order

5. ######## is the sequence number

Use of UTR

A UTR number is primarily used to track and identify financial transactions. If your fund transfers are taking longer than usual or are stuck, or if you just wish to refer to a transaction made in the past, you can use the UTR number to monitor them. When funds are transferred between two bank accounts in India, UTR is produced. This means it is produced during National Electronic Funds Transfer (NEFT) as well as during Real Time Gross Settlement (RTGS).

How to Track Transaction Using UTR

One can visit their bank's mobile app or online banking account. By using the UTR number to search for the necessary transfer in the past transfers section, the transaction's status should be shown.

One can even call their bank and provide them with the UTR code in order to get information about the transaction.

UPI and RRN

The National Payments Corporation of India developed the instant real-time payment system known as Unified Payments Interface. Transactions between individuals and merchants as well as between banks are made easier by this interface. It allows for the immediate transfer of money between two bank accounts using mobile devices.

In a UPI transaction, a RRN or Retrieval Reference Number is considered the one the most important parameters for reconciliation. The first four characters of a RRN are representative of the Julia date.