Managing funds can be challenging, especially for students receiving education loan funds from overseas. Whether you’re tracking the disbursement of your student loan or verifying a money transfer from your sponsor, understanding the UTR number is crucial in ensuring smooth transactions.
A UTR number helps students and financial institutions track transactions efficiently, reducing delays and errors in fund transfers. In this blog, we will explore the meaning, importance, and usage of UTR numbers, along with a guide on how students can locate them when required.
Table of contents
What is the Full Form of the UTR Number?
UTR stands for Unique Transaction Reference. It is a unique code assigned to every financial transaction made through banking systems, allowing both senders and recipients to track their funds.
The length of a UTR number varies depending on the payment method:
- NEFT Transactions: 16 characters
- RTGS Transactions: 22 characters
Format of UTR Number
The UTR number format typically follows the structure “XXXXNYYDDDNNNNNNNN,” where:
- XXXX represents the bank code,
- N is the NEFT server identifier,
- YY indicates the transaction year,
- DDD corresponds to the Julian day of the year, and
- NNNNNNNN is a unique transaction reference assigned by the bank.
This format ensures that every transaction has a distinct identifier for accurate tracking and verification.
What is the UTR Number?
A UTR number is a distinct identification number assigned to transactions processed via banking channels, particularly through NEFT, RTGS, and IMPS in India. It helps banks and customers to track and verify financial transactions efficiently.
The UTR number is also useful for students receiving education loans, as it enables them to monitor the status of their disbursed funds.
Check out the why UTR number is important:
- Cross-Border Transactions: Helps in tracking international wire transfers and remittances when paying tuition fees or accommodation expenses.
- Essential for Refunds: If a university or financial institution processes a refund, the UTR number helps verify the transaction.
- Loan Repayment Tracking: Students repaying education loans can use the UTR number to confirm successful EMI payments.
- Avoiding Payment Disputes: In case of payment disputes, the UTR number serves as concrete proof of the transaction.
- Scholarship Disbursement Tracking: Helps students receiving scholarships verify fund transfers from government or private organizations.
Also Read: Check out 5 best ways to check and track your education loan status online and offline and understand what loan application status denotes.
UTR Number in UPI Transactions
In UPI transactions, a UTR number is also generated to track and identify payments. Unlike NEFT and RTGS, which follow specific formats, UPI UTR numbers are typically 12-digit numeric codes unique to each transaction.
These numbers help users track payments, resolve failed transactions, and verify fund transfers in UPI-based applications such as Google Pay, PhonePe, and Paytm.
If a UPI payment is delayed or unsuccessful, the UTR number can be used to raise a dispute with the respective bank or payment service provider.
How to Find UTR Number in UPI Transactions?
To locate your UPI transaction’s UTR number, check the transaction history in your UPI app (such as Google Pay, PhonePe, or Paytm), your bank statement, or the transaction details in your bank’s net banking or mobile app.
If needed, you can also contact your bank’s customer support for assistance in retrieving the UTR number.
- UPI App: Check the transaction history within the UPI app (e.g., Google Pay, PhonePe, Paytm).
- Bank Statement: The UTR number is also listed on your bank statement.
- Bank’s Netbanking/Mobile App: You can find the UTR number in the transaction details within your bank’s netbanking or mobile app.
How to Track UPI Transactions Using UTR Number?
To track a UPI transaction using the UTR number, check the transaction details in your UPI app, bank statement, or online banking portal. If there is an issue with the payment, provide the UTR number to your bank or payment service provider for resolution.
You can also use it to verify the status of a transaction in your history and confirm whether the funds have been successfully credited or debited.
- Use the UTR Number: Share the UTR number with customer support or your bank to investigate and resolve any issues.
- Check Transaction History: Use the UTR number to locate the specific transaction in your transaction history.
How is a UTR Number Used?
The UTR number is a critical tool for tracking transactions between banks and customers, ensuring transparency and security in financial transfers.
Students receiving education loans or international remittances can use the UTR number to verify whether their funds have been credited successfully, avoiding unnecessary delays or disputes.
- Check Transaction Status: Use the UTR number to verify whether the loan amount or scholarship fund has been credited.
- File a Complaint: If there is a delay in fund transfers, providing the UTR number helps banks investigate the issue quickly.
- Confirm Payments with Universities: Students can share the UTR number with universities as proof of tuition fee payments.
- Monitor Forex Transactions: When converting currency or loading a forex card, the UTR number helps in tracking payments.
Also Read: Know how to check your SBI education loan status online. Know the other ways of tracking loan status based on your convenience.
How to Verify UTR Number?
To verify a UTR number, you can check your bank statement, passbook, online banking portal, mobile banking app, or transaction confirmation emails/SMS notifications. Here’s how:
Where Can I Find My UTR Number?
Students receiving education loan disbursements or other financial aid transfers can find the UTR number in the following ways:
- Bank Statement: The UTR number is mentioned next to the transaction entry.
- Online Banking: Log in to Internet banking or mobile banking and check the transaction details.
- SMS Notifications: Some banks send the UTR number via SMS after completing a transaction.
- Customer Support: If you cannot find the UTR number, contact your bank’s support team and provide transaction details for assistance.
What to Do if You Can’t Find It?
- Contact Customer Support: If you cannot locate the UTR number, reach out to your bank’s customer support and provide transaction details like the amount, date, and beneficiary to retrieve it.
Tracking Transaction Status
Once you have the UTR number, you can use it to track the status of your NEFT or RTGS transactions through your bank’s online or mobile banking platforms.
To sum up, understanding the UTR number is essential for students managing education loans and international fund transfers. Whether you are tracking a loan disbursement, tuition fee payment, or forex transaction, the UTR number ensures transparency and security in financial dealings.
FAQs
A UTR number is a unique reference number assigned to each transaction made through NEFT, RTGS, or IMPS in India.
The UTR format is typically “XXXXNYYDDDNNNNNNNN” which includes the bank code, NEFT server identifier, year, day, and a unique ID.
You can find your UTR number in your bank statement, transaction details in online banking, SMS alerts, or by contacting your bank.
Yes, a UTR number is a type of reference number used to track financial transactions.
Yes, students can use the UTR number to check the status of their education loan disbursement.
A UTR number typically consists of 16 to 22 alphanumeric characters, depending on the bank.
If your transaction is delayed, contact your bank with the UTR number for further investigation.
Yes, each bank follows a unique format for UTR numbers, but they all serve the same purpose.
Yes, the UTR number helps track international transfers, but SWIFT codes may also be required for cross-border transactions.
No, the UTR number is not confidential, but it should not be misused, as it is tied to transaction records.
Yes, you can retrieve your UTR number by checking your bank statement, online banking portal, or by contacting customer support.
To learn more about bank accounts for students, the best education loans, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
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