Let’s see What is UTR (Unique Transaction Reference number) in Banking. As technology makes everything as simple as possible, we have moved to send and receive money through electronic money transfers. It makes everything simple, and we don’t have to fill up forms or stand in long queues at the bank. When transferring money through electronic transfer like NEFT or RTGS, you will be nervous if it gets delayed right? Here comes the importance of the UTR number as your saviour to track your transaction status.
If you want to know more about UTR (Unique Transaction Reference) number, you can read more about this article. Here we have provided all the information related to UTR and how it helps you to send money and identify the translation status.
What is the UTR Number?
UTR (Unique Transaction Reference) number is a reference number attached to each transfer to identify an NEFT or RTGS transaction status. All banks in India use UTR numbers for all local remittances, and recipients can use them if there is no recent update or credit related to their transaction. On the recipient’s bank statement, the UTR you can see on the transfer received. The number may vary depending on the payment method you are using to transfer money, NEFT or RTGS.
When funds are transacted between two banks, a unique transaction reference will get generated by the concerned bank. It’s an important code in banking, it is used to track the status of a financial transaction. Each UTR number has a few characters that vary depending on the bank issuing it, usually consisting of 22 or 16 characters. If an NEFT or RTGS transfer takes longer than expected, it would be helpful to check the UTR to know the status of the transaction.
Importance of UTR number
The importance of UTR is used to identify and trackback financial transactions.
UTR numbers can be used by banks to track if your fund transactions are blocked or stuck. For example, if you have credited a certain amount from your account and the beneficiary has not received the amount, you can use this handy UTR to track the transaction. You can communicate with your bank representative with the help of your UTR number. The bank support team will trace the transaction and give you clarity about the process and the reasons for the delay.
You will easily get the UTR on your bank statement. Below the details of each transaction, you will find the UTR number in between 16-22 characters.
Never give your UTR to anyone who doesn’t clearly need it, as there are instances when fraudsters use someone else’s UTR to commit identity fraud. So it is important to keep your Unique Transaction Reference number (UTR) secret; otherwise, it may go into the wrong hands, and your transaction may get hacked.
However, UTR (Unique Transaction Reference) is frequently used as proof of payment in case of dispute and is used to identify and trace payment transactions. They can be used to track the development of a transaction and guarantee its successful conclusion.