UTR Full Form in Banking [Unique Transaction Reference]

UTR full form in banking can either refer to a Unique Transaction Reference (India) or a Unique Taxpayer Reference (United Kingdom).

In this article, we’re going to be exploring UTR in the Indian context, which refers to Unique Transaction Reference.

That said, if you are looking for information on UTR from a UK perspective, you can find additional resources on this topic throughout our site.

This article is part of our free series on banking in Asia, ranging from opening a corporate bank account in Singapore to banking regulations in Thailand.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. UTR Full Form in Banking
  2. Frequently Asked Questions
  3. Do You Want Help Opening Accounts?

UTR Full Form in Banking

UTR full form in banking refers to a Unique Transaction Reference, which is used to identify transactions in India. The UTR is automatically generated by the sending financial institution any time a funds transfer is initiated. In short, UTR is a transaction reference number that both account holders and financial institutions can use to identify transactions.

In fact, UTRs are generated by the sending banks regardless of whether the account holder is sending funds through a National Electronic Funds Transfer (NEFT) transfer, Real-time Gross Settlement (RTGS) transfer, or Immediate Payment Service (IMPS) transfer.

That said, the most common use of a UTR transfer is to track the progress of an existing transaction when it appears to be delayed. In other words, if a sender of a transaction feels that a transfer is taking longer than it should, they can use the UTR number to try and confirm the status of the transaction. To do so, the sender will need to confirm the UTR for the transaction in question and then contact the bank directly to confirm the status of the transaction.

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Frequently Asked Questions

Below are three of the most common questions that we receive from people looking into a UTR full form in banking. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

What Does UTR Mean in Banking?

UTR in banking means Unique Transaction Reference number, which is a unique 16 digit number automatically generated by banks for each transaction. Bank customers can find this number by reviewing their account statement via online banking.

What Is RTGS and UTR?

RTGS and UTR refer to Real-Time Gross Settlement (RTGS) transfers and Unique Transaction Reference (UTR) numbers. Importantly, customers can use UTR to trace RTGS transfers. In other words, when a RTGS transfer appears to be taking longer than it should, the bank customer can obtain the UTR through their online banking and then contact the bank to confirm the status of the transaction.

How Can I Check the UTR Number?

You can check the UTR number of a transaction by accessing your detailed account statement through your online banking platform. You will need to access the transaction details and navigate to the UTR Number, which will be a combination of 16 digits. Unfortunately, you will not be able to receive a direct update on the status of your transaction unless it has already completed. So, instead, you will need to contact the bank and provide them with the UTR to confirm the status of any pending transactions.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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