What is BSR Code?
BSR code stands for Basic Statistical Return Code. It's an seven digits unique code povided by RBI (Reserve Bank of India) to all the registred Indian financial institution or bank.Know More
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General Information About Bank BSR Code
What is BSR Code?
The RBI provides all registered Indian banks with a seven-digit unique code known as the Basic Statistical Return (BSR) Code. The first three digits identify the bank, while the next four digits identify the bank branch.
Formation of the BSR Code
The formation of BSR code is as follows:
- The first three digits identify the bank and
- The next four digits identify the bank branch.
Example: Breakdown of the BSR Code
Applications of BSR Code
The BSR Code has the following applications:
- The BSR code is primarily used for Tax TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) returns.
- BSR codes assist banks in keeping a clear record of online tax payments, which are all made available to the Income Tax Department by the banks.
- BSR codes are typically found on the following documents: TDS certificates, OLTAS challan and deduct details, and the Challan Identification Number (CIN), which is unique to each challan.
How are BSR Codes classified?
BSR Codes are classified as follows:
|BSR1:||Return on Advances from all branches on the last Friday of June and December. It’s divided into two parts – Part I which deals with accounts with limits more than Rs. 10,000 and Part II which deals with accounts limits of Rs.10,000 and less.|
|BSR2:||Return Deposits from all branches on the last Friday of June and December.|
|BSR3:||Return Advances against the Security of Selected Sensitive Commodities from Head Offices on last Friday of each month.|
|BSR4:||Return on Ownership of Bank Deposits (once in two years) from all branches (replacing present annual survey from head offices) on the last Friday of March.|
|BSR5:||Return on Bank Investments (annual) from Head Office (on the lines of Survey of Bank Investments) on the last day of March.|
|BSR6:||Survey on Debits to Deposits Accounts (Quinquennial) from April to March of the year.|
|BSR7:||Survey on Aggregate Deposits and Gross Bank Credit (Quarterly) by head offices of the bank as on last Friday of June, September and December, and as on March 31.|