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Rate Date : 05/10/23
General Information About Bank BSR Code
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.
Structure of the BSR Code
BSR code is seven digits unique code. The first 3 digits is bank code & last 4 digits is an unique identifier number for the particular bank or financial institution branch.
Example: Breakdown of BSR Code
Where are BSR Codes used?
BSR code is used for mainly Tax TDS (Deduction at Source) and TCS (Tax Collected at Source) returns. BSR code help banks to keep a clear record of online payment done towards tax, which is all made available to the Income Tax Department by the banks. BSR Codes usually appear on the following documents, such as TDS certificates, In OLTAS challan and deduct details, In Challan Identification Number (CIN), which is unique for each challan.
How BSR Codes are 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.|