06 Jan 2025
India's banking system uses a 16-character code, the UTR number, to identify transactions. This number is called the Unique Transaction Reference (UTR) number. It is used to ensure that a specific transaction has been completed. It can also track or resolve any complaints about the funds transfer.
Holders of the UTR number work within financial institutions, and it serves the prime purpose of tracking a money transfer accurately without delays. In the article below, the author will clarify a UTR number, how it works, what makes it significant, and where to look for it.
UTR is an acronym for unique transaction reference number, a code that the banks in India issue for every transaction that takes place through EFT. As a global identification number for a specific transaction, the UTR is a 16-digit alphanumeric value.
Following are some of the essential features of the UTR number:
It contains both numbers and letters of the alphabet The most common formats are alphanumerical codes. The usual pattern followed in a UTR number may be something like RTGS12345678901234 or NEFT01234567890123.
The UTR consists of alphanumeric characters that identify each transaction and distinguish it from other transactions. This makes it easier to follow transactions in case of disputes or delayed payments. From the following accounting equations, It is highly appropriate for the transaction.
UTR number means a real-time transaction, and hence, the number is valid until the time of the transaction.
UTR numbers are associated with different types of electronic fund transfers, including:
This system is used for high-volume transactions that must be cleared within the same day. Usually, the RTGS deals with transactions higher than ₹2 lakh.
Individuals can move money across Indian banks by using the NEFT mechanism. It operates through both net average call and net average deferred settlement, where transactions are effected in batches.
IMPS enables consumers to access instant fund transfer services across banks in India. These services are real-time and available 24×7, and immediate payments can be tracked with a UTR number.
The UTR number is obtained in the banking system when a transaction is created through one of the above means. It is allocated at the time of the transaction, and a copy of the receipt is given to both the sender and the receiver as evidence of the transaction's completion. The banking system also means that each UTR number is unique and should be directly associated with a transaction.
The UTR number is essential for various reasons:
The UTR number used by the sender assists the receiver in tracking of the status of a payment. For example, in case of a delayed transaction, the sender can call or write to their bank using the reference UTR number to check on the progress of a payment.
Even where there are complications concerning a payment, such as non-receipt or wrong payment, the UTR number is helpful in resolving the issue. This number connects the sender to the receiver and directs the bank to the location of the transaction in their database.
The UTR number assists people and companies in managing their accounts and keeping necessary records of financial operations. It is especially helpful in cases of clearances, accounts, or auditing.
The main focal point in this work is the payment, and the UTR number can be considered the final evidence of payment. While arguing whether a particular payment has been made, the UTR number proves that the transaction was done.
This aspect makes using the UTR number beneficial, especially when a particular customer has an issue with a specific transaction. Upon calling the bank, they can quickly provide the transaction details because the number is unique to the account, making it easier to retrieve the details.
Below are some common ways to locate it:
For NEFT, RTGS, or IMPS transactions, whenever a transaction is made, most banks nowadays send an email or an SMS to both the sender and/or the receiver containing the details of the transaction involving the UTR number. The message will usually include the following details:
In some transactions, the UTR number can be traced in your passbook or in the bank statement if the transaction was done through a specific account. For this reason, the UTR number is usually displayed beside the transaction information in the bank statement.
If you bank online, you can print a copy of the bank statement and get it in PDF or Excel format. That, too, may contain the UTR number of the completed transaction.
Although the use of passbooks may be limited, you may find that the UTR number is written next to the particular transaction. Usually, part of the transaction, such as the amount, the date, and the UTR number, is recorded in the passbook.
Online banks offer Internet banking services that allow you to review your transactions on their website. If you have made a NEFT, RTGS, or IMPS transaction, the UTR number will be in the transaction history. To find the UTR number on your bank's online platform:
However, if you fail to find the number through any of the mentioned channels, you can still consult your bank’s customer support. They will need the date on which the transaction was made, the amount, and any other information that will enable them to give you the UTR number.
When contacting customer care, be sure to have the following information ready:
The customer service team will use this information to search the bank’s system and obtain the UTR number.
Sometimes, the UTR number is not written in the transaction details when a payment is made through a cheque or demand draft. However, the UTR number is automatically generated electronically after clearing and processing the payment. After the cheque is cleared, you can approach the bank, and they will provide you with the UTR number.
Once you have obtained your UTR number, it can be used in several ways:
The sender and the receiver use the transfer's UTR number to check on the transaction's progress with the bank with which the sender has an account, or the receiver uses his/her local bank to check on the transaction. With the help of the UTR number, the bank can easily locate the required transaction to study, perhaps, what has happened.
The UTR number acts as proof of a failed or incorrect payment dispute. You can give the UTR number to your bank or to the recipient’s bank to solve the problem.
Different companies and people who often do many transactions also have the opportunity to reconcile their accounts with the help of the UTR number. Thus, using the obtained UTR number, they can check whether all the payments have been completed in detail.
The UTR (Unique Transaction Reference) number is integral to the Indian banking structure. It is used to safely track EFT (Electronic Funds Transfer) transactions. For NEFT, RTGS, or IMPS, the UTR number guarantees that every transaction is distinguishable and retrievable for future reference.
Therefore, it might be helpful to remind everyone involved in electronic transactions in India about how and where to obtain a UTR number. He added that it not only assists the users in managing the payment aspect to avoid unreported debts or to solve the debt dispute effectively but also aids in establishing a more efficient and precise financial order.
If you lose your UTR number, you can retrieve it through the following methods:
Another place to get it is in form 26AS, as mentioned above. This is true since the Indian income tax departments provide it in this form.
You can contact a particular authority, such as a bank, post office, or any other organization through which you made the payment. They may be able to give you the UTR number.
Call the Income Tax Department’s helpline or walk to the nearest tax bar.
Please be informed that your unique taxpayer reference number, or UTR for short, does not change with the tax year. It is a one-of-a-kind and is associated with one’s unique tax identification number.
You will not generally require a new UTR number. However, if you have a problem with your existing UTR number, you should contact HMRC to resolve the issue.
Yes, having a unique taxpayer reference number is compulsory when you want to complete a self-assessment tax return in the UK. This includes persons with their sources of income, such as employed persons, persons with rental income, and any other sources of income that attract tax filing.
Even if you are a non-resident taxpayer, you can require the UTR number if you have UK income or gains.
