Contents overview :
3.1 UPI Transactions
Introduction to UTR Number
In today's digital era, where the vast majority of financial transactions happen online, having a system to monitor, verify, and authenticate every transaction is critical. Enter the UTR Number or Unique Transaction Reference number. This is a 12-digit number exclusive to each electronic transfer, ensuring that all details of a monetary transaction, whether big or small, can be easily tracked.
What is UTR Number?
A UTR number is a 12-digit unique code assigned to each electronic transaction within India, be it through National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), or Immediate Payment Service (IMPS).
Imagine you're reading a book, and you use a unique bookmark for each chapter. Similarly, for every transaction, the banking system assigns a unique 'bookmark' or UTR number to identify and locate it.
Decoding the UTR Number: Structure & Significance
The structure of the UTR is straightforward – it is a 12-digit unique code. For example, let's take a UTR number: 912345678912. Here, '9123' might represent a bank code, '45678' could be the date of the transaction, and '912' the unique transaction number for that day. The structure ensures no two transactions, even from different banks, share a UTR.
Why is the UTR Number Essential?
- Traceability: The UTR number ensures that each transaction can be precisely traced within the banking network. It acts as a unique identifier, ruling out any ambiguity.
- Verification: If there's any dispute regarding a transaction, the UTR number is the first point of reference to validate the transaction's authenticity.
- Swift Resolution: In case of transaction failures or delays, the UTR number helps bank officials quickly identify the issue and rectify it.
Using UTR in Various Transactions
When transacting using apps like Google Pay or PhonePe, the UTR helps keep a tab on one's expenses. For instance, after paying for a dinner via UPI, you get an SMS stating, "Your account XXXX1234 has been debited by ₹1500. UTR: 912345678912". This UTR is proof of your payment.
Bank Transfers (NEFT/RTGS)
Imagine sending a significant amount, say ₹1,00,000, for a property down payment via RTGS. Once done, the bank provides a receipt with the UTR number. If the recipient claims non-receipt, this UTR will be your go-to reference for the bank to track and verify.
How to Check and Track a UTR Number
Lost your UTR number? Don’t panic. Log into your internet banking or mobile banking app. Navigate to the 'Past Transactions' or a similar section. Click on the particular transaction, and you'll find the UTR number mentioned.
Problems and Solutions Related to UTR
Issues might include transaction delays or transaction failures post UTR generation. In such cases, armed with your UTR, reach out to your bank's customer service. They can use the UTR to quickly locate the transaction status and advise accordingly.
Differences Between UPI UTR and Banking UTR
While the purpose of the UTR remains the same, there's a difference in its application:
- UPI UTR: It's unique to UPI-based transactions. Each time you use a UPI app like Google Pay or PhonePe, a UTR is generated.
- Banking UTR: Generated for bank-based transactions, like when using NEFT, RTGS, or IMPS.
The UTR number is not just a set of digits; it's a critical tool in today's digital banking era, ensuring security, transparency, and efficiency in financial transactions.