UTR Full Form? | What is UTR | What is UTR Number?

UTR Full Form? | What is UTR Number? | What is UTR? | Know everything about UTR

Hello Dear, Do You know What is UTR? or What is Full Form of UTR. If you don’t have an idea about UTR, So don’t worry about it you have come to the right article. In this article, you’ll get all the information about UTR such as “What is UTR, What is Full Form of UTR? and more about UTR. Apart from this, we will also talk FAQs (Frequently Asked Questions) about UTR. So that you can understand more about UTR.

UTR Full Form? | What is UTR | What is UTR Number?
UTR Full Form | Digital Msmd

What is the Full Form of UTR?

UTR Stand for Unique Transaction Reference

What is UTR?

UTR is a unique number of characters created to recognize any fund transfer and is made by a bank that facilitates transfer. It is used to identify a particular transaction in India.
In your bank statement, you will get the UTR Number, which is called Ref no under transaction details. It could be something like XXXXAYYDDD666666. This is the UTR Number of the NEFT transaction.

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What is the UTR Number in NEFT?

Transactions done using the NEFT payment system have something like this XXXXADDD888888 UTR Number.
First, Four (4) Digits XXXX – These initial four characters are for XXXX bank code like SBI Bank code is SBIN.
Next, One (1) Digit A – It shows the server used in the transaction. A code refers to the system identifier.
Next, Two (2) Digits YY – These two digits are for the last two digits of the year like 20 out of 2020 will be written here.
Next Last one, Six (6) Digits 666666 – This is a 6 digit sequence number

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What is a UTR Number in RTGS?

Transactions done using the RTGS payment system have some such HDFCR820200709599036XX UTR Number.
First, Four (4) digits XXXX – This initial four-character is for XXXX Bank code like HDFC Bank code is HDFC.
Next, One (1) digit R – This R digit denotes RTGS that this transaction has been done using RTGS System.
Next One (1) digit –  This digit shows the channel of transaction how the transaction has been done eg 1 digit is used for internet banking, 3 for treasury, 4 for ATM, and 5 for mobile.
Next Four (4) Digits – These 4 digits represents YYYY year like 2021.
Next 2 digits –  This 2 digit denotes MM month like 09
Next 2 digits –  This 2 digit represents the DD day like 01
Last 8 digits –  This is a sequence number of 8 digits.

What is the Role of UTR Number in NEFT and RTGS Payment Systems?

The UTR Number helps monitor financial transactions. It can also be used to track the transfer of your funds.
In India, the UTR Number is generated when transferring money from one bank to another bank. There are two ways to transfer money online from a bank. One method is NEFT, and the other way is RTGS.
NEFT Transaction is processed in batches, so the transfer is not immediate while depositing funds into the beneficiary’s account through RTGS does not take more than  2 hours. Though it is not the fastest method it is used only when the transaction amount is more than ₹2 Lakhs.

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FAQ’s About UTR

What is UTR Number?

The UTR number is known as the specific transaction reference number. It is used for NEFT and RTGS transactions. For each transaction, the bank providers a UTR Number, which you can use for any queries related to future transactions.

How many digits is a UTR Number?

According to RBI, UTR numbers are 16 characters long, and in RTGS it is 22 characters long.

How to find UTR Number?

The UTR number is found below the Ref No of your transaction details on the bank statement. For this, you can extract a detailed account statement through online banking. Apart from this, you can also get the UTR Number at your email address after the transaction.

When is UTR Number used?

If the sender has sent the money and the money has been deducted from his account and still the recipient has not received the money. In such a situation the UTR Number is then used to trace the payment.

What is its purpose? and Why do I need a UTR Number?

The main purpose of the UTR Number is to identify and monitor financial transactions. UTR numbers can be used to track your fund transfers if they are stuck, or are taking longer than usual, or if you want to know something about the transaction then the UTR Number itself is used.

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