What is the Full Form of UTR?

The full form of UTR is Unique Transaction Reference. The UTR number is given to each fund transfer in India. To identify an IMPS, NEFT, or RTGS transaction, a UTR number is utilized as a reference. For local money transfers, every bank in India uses UTR numbers. With each transaction having a code of 22 or 16 characters, UTR is utilized in online banking. Tracking the transfer of funds is possible with this.

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Although the UTR format varies for each of them, it is typically utilized in IMPS, NEFT, or RTGS transactions. A UTR number, which acts as a reference number, can thus readily be used to identify these. NEFT was launched in 2005, RTGS in 2004, and IMPS in 2010. As a result, UTR and RTGS were initially utilized in 2004. 

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More About UTR 

The banking system automatically generates this number, which can be used to deduce information such as the sender’s bank, the transaction date, etc. The NRI savings account statement clearly displays the UTR number. The UTR number is a 16 or 22-character number found next to the transaction date on the statement, which can also be downloaded or read. 

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Format of UTR Code

The format of the UTR code is as follows: BANKRCYYYYMMDDNNNNNNNN. Where;

BANK = Bank Code (eg: HDFC, ICICI, SBIN)

R = RTGS (Real Time Gross Settlement)

C = Channel code (eg: 9 for RTGS)

YYYY = Year code (eg: 2023)

MM = Month code (eg: 08 for August)

DD =Day (eg: 18 for 18th August)

NNNNNNNN = 8-digit unique transaction code

Use the UTR and contact the bank’s customer care department if a debit has been made to an NRI account but the beneficiary has not received the money. The bank could track the transaction with its help. The transaction process in India is facilitated and sped up by the UTR number.

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