UTR: Meaning, Full Form, & Tracking | How to Find UTR Numbers in Banking
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  • Personal
  • Business
  • Corporate
  • Private Banking
  • Privy League
  • NRI Services
  • Investors

Managing financial transactions can be more complex than you think with the increasing options available. UTR is a unique identification number that serves as a one-stop solution for tracking financial activities. UTR number is used to identify your transactions and separate them from your account number. It is a crucial component of India's digital payments infrastructure, without which managing bank operations would be challenging.

Kotak Mahindra Bank, like many other financial institutions, uses UTR numbers to ensure smooth and secure processing of your transactions. This article will look into UTR full form, how to check UTR numbers, how to track UTR numbers and more.

UTR Full Form and Its Significance

UTR full form is a Unique Transaction Reference and is an important element in facilitating banking. It's a unique identifier that ensures smooth financial transactions. Here are a few important features a UTR number carries.

  • Accuracy UTR numbers help ensure the transactions are accurate by providing a unique identifier for every payment, reducing the likelihood of errors or duplicate transactions.
  • Transparency UTR numbers provide transparency in financial dealings, which makes it easier for customers to track and monitor payments.
  • Prevents Fraud UTR numbers are essential for preventing fraud, with a secure and reliable way to complete transactions.

How to Find a UTR Number?

Finding UTR numbers is easy. Follow the steps given below to find it.

  • Check your bank statement: UTR numbers are listed on bank statements and can be found in transaction histories.
  • Contact your bank: You can call your bank's customer care helpline to obtain the UTR number for a specific transaction.
  • Use online banking portals: Most banks provide online banking portals where customers can view their transaction history and find UTR numbers.
  • Look for SMS or email notifications: Some banks send SMS or email notifications for transactions, which may include the UTR number.
  • Check payment confirmation receipts: If you have a physical or digital payment confirmation receipt, it may include the UTR number.

Remember that the UTR numbers are unique to each transaction, so keep them safe and secure.

How to Track UTR Number?

The UTR number tracking online can help you determine your transaction's status. You can track it in two ways.

  • Internet Banking or Mobile App
    Log in to your account with the Internet banking or mobile app. Check out your past transactions by clicking on the UTR numbers of a particular transaction. This will help you know the status of your payment.
  • Customer Care Helpline
    Call your bank's customer care number. When the person answers, give them the transaction UTR number you want to ask about. They'll use that number to update you on the transaction status

How Do UTR Numbers Work in India?

In India, the UTR reference number is a part of the financial system. Every bank uses a Unique Transaction Reference number to process payments efficiently. The UTR plays a vital role in preventing fraud and ensuring the taxes paid by individuals and businesses are correct. UTR details are also used by the Income Tax Department to monitor and verify financial transactions, which can help to prevent fraud and corruption.

Also Read: Tax on Savings Account Interest in India

Here are the features of the UTR number:

  • The UTR number is assigned by the payer's bank.
  • The bank through which payment is initiated uses UTR to track transactions.
  • The UTR is reconciled by the receiver's bank against the respective transaction.
  • The UTR will track your transaction as it goes through the bank.
  • The UTR will be used by the payee's bank to match up the transaction with their records.
  • Without UTR, it would be tedious to keep track of your transactions.

How to Identify the UTR Number of RTGS Transactions?

A UTR number format for an RTGS transaction is 22 characters long. You can identify different types of transactions with the format of a unique identification number. Find the UTR by following the steps mentioned earlier and track your payment.

The RTGS UTR number provides the following information:

  • The first four digits are the IFSC code of the payer's bank.
  • Next is the alphabet 'R' referring to the RTGS transaction.
  • Next is a digit indicating the channel of that transaction (1 means Internet Banking, 4 for ATM, and more).
  • The next four digits indicate the year of the transaction.
  • The next two digits are for the month of the transaction.
  • The next two digits indicate the date of the transaction.
  • The last eight digits represent the sequence number of that transaction.

How to Find UTR Number of NEFT Transactions?

The UTR number for NEFT transactions is 16 characters long. One can differentiate the type of transaction with the total numbers.

The NEFT UTR number provides the following information:

  • The first four digits are the IFSC code of the payer's bank.
  • Next is a digit indicating the channel of that transaction.
  • The next four digits indicate the year of the transaction.
  • The next three digits are Julian's date.
  • The last six digits represent the sequence number of that transaction.

Frequently Asked Questions

1. What is the Full Form of MAB?

UTR stands for Unique Transaction Reference and is given by banks to verify and track transactions. The UTR helps make transactions accurately and securely.

2. Are UTR numbers essential for international transactions?

Yes, whether you're sending money from abroad to India or transferring money between two Indian banks, you'll get a unique UTR number. This is a must-have if you want to keep an international transfer.

3. How can I track the UTR number through an offline method?

You can find the UTR number on your passbook if you have made a transaction directly through a bank. In front of a particular transaction, the UTR number will be recorded.

4. Is there a fee associated with tracking or checking UTR numbers?

No. The bank may charge a fee for payments made between two banks. However, no fee is charged to track or find UTR. This also applies to international transfers.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.