What Is a UTR Number? Format, Full Form, and Use in Banking

Understand what a UTR number is, how it helps track NEFT/RTGS/IMPS/UPI transactions, and why it’s essential for personal and business finance in India.

Authored By FlexiLoans | Date:04/09/2025

• Quick Summary
• What: UTR stands for Unique Transaction Reference number
• Why: It tracks fund transfers via NEFT, RTGS, IMPS, and ECS
• Who: Issued to both the sender and the receiver for each transaction
• How: 12 to 22-character alphanumeric code depending on payment mode
• Use Case: Provide UTR to confirm payment during vendor or loan settlements

Introduction

If you’ve ever transferred money electronically between bank accounts in India, chances are you’ve encountered the term ‘UTR number’. But what is it exactly? Why is it important and how can you find it when you need to track a payment? This comprehensive guide will help you understand what UTR numbers mean, how they work, and why they matter for individuals and businesses alike.

Understanding UTR Numbers

UTR stands for Unique Transaction Reference. It is a unique alphanumeric code assigned to every electronic fund transfer initiated through NEFT, RTGS, IMPS or UPI in India. Its key characteristics are –

• Uniqueness: Each fund transfer gets its distinct number. No two transactions will have the same Unique Transaction Reference number.
• Length: These numbers are between 12 and 22 characters long, depending on the payment mode. IMPS and UPI UTRs are 12 digits, NEFT UTRs are 16 characters and RTGS UTRs are 22 characters long.
• Format: A UTR number contains encoded details like the remitting bank’s IFSC, transaction type, date, and running sequence number. However, this format varies slightly between NEFT, RTGS, and IMPS.
• No Fees: Banks do not charge any fee for generating or providing customers with a UTR number.

In a nutshell, a UTR is a unique financial fingerprint for every electronic money transfer.

Importance of UTR Numbers

1. Tracking Payments

The primary purpose of UTR numbers is to enable real-time tracking of money transfers. By noting down the Unique Transaction Reference, both the sender and recipient can check the transaction status through their bank’s online portal or mobile app.

2. Proof of Payment

The system generates a Unique Transaction Reference number only after processing a fund transfer, making it definitive proof of payment. In case of any disputes regarding payments, you can check the UTR number and present it to your bank, tax authorities or other parties as an official receipt of the transaction. This is especially important for businesses to maintain accurate records and apply for a business loan in the future.

3. Facilitating Accounting and Taxation

Banks rely on UTR numbers to keep systematic records of all digital transactions for accounting purposes. The unique reference makes it easier to tally high volumes of payments, generate financial statements, and report to regulatory bodies. UTRs also help customers file IT returns accurately as the Income Tax Department may ask for these numbers to verify the genuineness of declared transactions.

4. Preventing Fraud and Duplication

UTR numbers play a vital role in combating payment fraud. Since each transfer has its own non-reusable UTR, it eliminates the risk of the same transaction being processed or claimed multiple times. In case of any suspicious activity, banks can quickly audit the trail of UTR numbers to pinpoint anomalies and protect customers from financial scams.

How to Find Your UTR Number?

1. Check your bank statement or passbook: Your physical bank statement will usually list down UTR numbers under a column named ‘Reference Number’ or something similar.
2. Log into Internet / mobile banking: Navigate to the transaction history or e-statement section on your bank’s mobile app or online portal. Here you can view the UTR number against each entry by clicking on the payment details.
3. Refer to SMS or email notification: If you have registered for SMS or email alerts with your bank, you will automatically receive a confirmation message with the UTR number when you make a fund transfer.
4. UTR number in Google Pay: For transactions made through Google Pay, you can find the UTR number by opening the app, tapping on the transaction, and scrolling down to the ‘Transaction Details’ section. “Where is the UTR number in Google Pay?” is a common query and the app makes it quite convenient to locate this reference number.

UTR Number Formats for NEFT and RTGS

NEFT UTR Number Format

They are 16 characters long and follow this format:

• Characters 1-4: Remitting bank’s IFSC
• Character 5: “N” representing NEFT
• Characters 6-7: Last 2 digits of the year
• Characters 8-10: Julian date of the transaction
• Characters 11-16: 6-digit sequence number

Example: ####N24DDD123456

RTGS UTR Number Format

These are 22 characters long and structured as follows:

• Characters 1-4: Remitting bank’s IFSC
• Character 5: “R” representing RTGS
• Character 6: Payment channel code
• Characters 7-10: Year of transaction
• Characters 11-12: Month of transaction
• Characters 13-14: Date of transaction
• Characters 15-22: 8-digit sequence number

Example: XXXXRCYYYYMMDD########

Comparing Payment Modes & UTRs

UTR Numbers and Business Loans

UTR numbers have a special significance when it comes to business loans. When you apply for a business loan, banks will often ask for UTR numbers of past transactions to verify your company’s financial health and creditworthiness. This is especially true for MSME business loans, where the lender needs to assess your repayment capacity and cash flows.

Maintaining proper records of UTR numbers can greatly strengthen your case when seeking business loans for women entrepreneurs, machinery loans or unsecured business loans. It demonstrates sound financial management and helps establish trust with lenders.

Additionally, if you take an online business loan from a digital lender like FlexiLoans, you can easily use this unique reference to track the disbursal status and ensure timely credit of the loan amount to your bank account. The same applies when making EMI payments on your business loan — the transaction reference serves as confirmed proof of payment.

The Bottom Line

These unique transaction identifiers are indispensable to India’s fast-growing digital payments landscape. They bring transparency, accountability and security to online money transfers while simplifying payment tracking for customers. For businesses, these reference numbers are essential for bookkeeping, taxation and loan applications.

Whether you are an individual tracking a personal payment or an MSME planning to apply for a business loan, understanding the basics of these reference codes is crucial. By knowing what they mean, where to find them and how to use them effectively, you can take charge of your banking activities with confidence.

If you are looking for quick business loans to fuel your company’s growth, consider exploring FlexiLoans business loan options. With an online business loan from FlexiLoans, you can get funds up to ₹50 lakh with minimal documentation and no collateral. Use FlexiLoans’ handy EMI calculator for business loans to plan your repayments and apply for a MSME business loan in just a few clicks!

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