What is UTR No in RTGS?

To know about what is UTR no in RTGS, I must say that a UTR Number (Unique Transaction Reference number) is a unique identifier assigned to each financial transaction made through the RTGS (Real-Time Gross Settlement) system. The RTGS system is used for transferring large sums of money (typically above Rs. 2 lakh) between banks in real time, ensuring immediate settlement of funds.

What is Meant by UTR Number?

The UTR number is crucial as it allows both banks and customers to track the status of a transaction, providing a clear audit trail in case of any queries or issues. It is generated automatically by the bank initiating the RTGS transaction and serves as a reference for both the sender and the recipient.

A UTR number typically consists of 22 characters, following a structured format:

• The first four characters represent the bank code (e.g., SBIN for State Bank of India).

• The next four characters are the year of the transaction.

• The remaining characters are a unique sequence number assigned by the bank to identify the specific transaction.

For example, an RTGS UTR number may look like SBINH212345678901234.

The UTR number helps both the sender and the receiver track the status of the RTGS transaction, providing proof of payment.

In case of any transaction failures, delays, or errors, the UTR number is necessary for bank officials to trace the transaction and resolve issues.

The UTR number is vital for keeping a detailed record of transactions, particularly for businesses and individuals who engage in large financial transfers.

I hope this helps you with your doubt, what is RTGS UTR number. This is a key element in RTGS transactions, ensuring transparency, and smooth fund transfers between banks.

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UTR numbers are probably not unfamiliar to you if you have ever transacted with banks in India. This number is a crucial component that you'll need if you wish to perform any type of money transfer if you haven't already but want to in the future. What is a RTGS UTR number exactly, and why is it crucial to your transactions? Let me help you understand that.

What is a UTR number in RTGS in India?

"UTR number" refers to a Unique Transaction Reference number in India. In India, a particular bank transaction is identified by this number. UTR numbers are utilised by all Indian banks for all forms of money transfers. Each UTR number, which is created to authenticate each fund transfer, is distinct. In India, the banks that start the transfer produce UTR numbers. The UTR number makes it simple to monitor the progress of your transactions.

RTGS UTR number tracking?

Your UTR number can be found anywhere, namely, for each transaction. Your UTR number can be found by just looking at your bank statement. Just below each transaction's specifics, the UTR number is shown as "Ref no." In India, UTR numbers frequently appear as follows:

Each UTR number has a few characters that are typically variable based on the bank that creates them.

Your account statement is one of the easiest and quickest ways to find the UTR number for a specific operation. Using the smartphone app or online banking of your bank, you can quickly download or simply view this statement. The 22 or 16 characters that are often found next to the date of the transaction are the UTR number.

How to identify the UTR number of RTGS transactions

The full form of UTR in RTGS is a

Unique Transaction Reference. Compared to NEFT transactions, RTGS transactions have UTR numbers that are 22 characters long instead of 16. The two different sorts of bank transactions each have their own UTR number format. The RTGS transaction UTR number format is:

Here is a brief breakdown of RTGS transaction UTR numbers:

• The sender's bank code is represented by the first four characters in the string, which stand for the IFSC.

• R stands for RTGS system.

• C stands for "transaction channel."

• YYYYMMDD - denotes the transaction's date in the following order: month, day, and year

• Indicating the series number is ########

I hope now you know all about RTGS UTR number.