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you need to know BSR code


The BSR code, or Basic Statistical Return code, is a 7-digit code that is used by banks to keep a record of every digital payment made towards tax filings. It was introduced by the Reserve Bank of India in December 1972. The first four digits of the BSR code represent the bank code, the next two digits represent the type of tax payment, and the last digit is a checksum.

The BSR code is used by banks to track tax payments for a number of reasons. First, it helps to ensure that tax payments are properly recorded and that they are not lost or misdirected. Second, it helps to prevent fraud by making it more difficult for people to make false tax payments. Third, it helps to improve the efficiency of the tax collection process by making it easier for banks to process tax payments.

The BSR code is not directly mentioned in the Companies Act 2013. However, the Act does require companies to make digital payments towards their taxes. This means that companies will need to use the BSR code when making these payments.. visit official website 

process of obtaining or finding a BSR code involves the following steps:

  1. Visit the Bank:

    • If you need the BSR code for a specific branch, you can visit the branch in person. The BSR code is usually printed on the challans or deposit slips provided by the bank.
  2. Check Passbook or Account Statement:

    • If you are an account holder at the bank, you can check your passbook or account statement. The BSR code is often mentioned on these documents.
  3. Online Search:

    • Some banks provide an online facility to search for BSR codes. You can visit the official website of the bank and use the search tool to find the BSR code of a particular branch.
  4. Contact Customer Support:

    • You can contact the customer support of the bank through phone or email and inquire about the BSR code of a specific branch.
  5. Use RBI Website:

    • The Reserve Bank of India (RBI) also provides an online search tool for BSR codes. You can visit the official RBI website and use their BSR search facility.
  6. Check on Documents:

    • BSR codes are often printed on various financial documents, including tax-related forms and challans. Check any relevant documents you have for the BSR code.
  7. Visit Nearby Branch:

    • If you are unable to obtain the BSR code through the above methods, you can visit a nearby branch of the same bank and inquire about the BSR code.

Where is BSR code used

BSR code is used in challan identification number (CIN) which also comprises of the date of deposit and the challan serial number in 5 digits. . CIN will be unique for each challan it will be used for identifying the challan in the Online Tax Accounting System (OLATS). BSR codes will be helpful for a pensioner to get their pension, the Bank A/C No. along with the bank BSR code can be used by the pensioners to get their pension.

BSR code of banks

Name of Bank
BSR Code 
State Bank of India BSR Code000, 002, 006, 010
Axis Bank BSR Code636
Bank of Baroda BSR Code020
Canara Bank BSR Code024
HDFC Bank BSR Code051
ICICI Bank639
Punjab National Bank030
Kotak Mahindra Bank BSR Code018

what is 7 types of BSR code

BSR 1Applicable on advances from all bank branches on the last Friday of June and December. This is divided into two categories – Part I is for accounts with a limit exceeding ₹10,000, and Part II for accounts with limits below ₹10,000
BSR 2Applicable on half-yearly return deposits made to banks on the last Friday of June and December
BSR 3Applicable to monthly return advances made by the Head Offices towards the Security of Selected Sensitive Commodities on the last Friday of each month
BSR 4Applicable once every two months for the Return on Ownership of bank deposits from all bank branches on the last Friday of March
BSR 5Applies to the yearly bank investment return from the Head Office on the last day of March
BSR 6Applicable for the Quinquennial Survey on debits made to deposit accounts from March to April
BSR 7This quarterly code is applicable on the Survey of Aggregate Deposits and Gross Bank Credit by bank Headquarters on last Friday of June, September, December and on March 31

Difference between IFSC Code and BSR Codes:

Both IFSC codes and BSR codes are similar in the purpose they serve: they help uniquely identify the bank. The main difference between the two, however, is the number of digits used to represent the information. While IFSC codes comprise of 11 letters, BSR codes are only 7 digits in length.

Advantages of BSR code

  1. Improved tracking of tax payments: The BSR code helps banks to track tax payments more effectively. This can help to prevent fraud and ensure that tax payments are not lost or misdirected.
  2. Reduced risk of errors: The BSR code helps to reduce the risk of errors in tax payments. This is because the code is unique to each type of tax payment, making it less likely that payments will be made to the wrong account.
  3. Increased efficiency: The BSR code can help to improve the efficiency of the tax collection process. This is because banks can process tax payments more quickly and easily when they use the BSR code.
  4. Greater transparency: The BSR code can help to improve transparency in the tax system. This is because it makes it easier for taxpayers to track their tax payments and ensure that they are being paid correctly.

disadvantages of BSR code

  1. Complexity: The BSR code is a 7-digit code, which can be difficult to remember or input correctly. This can lead to errors in tax payments.
  2. Unfamiliarity: The BSR code is not as widely known as other payment methods, such as credit cards or debit cards. This can make it difficult for taxpayers to find out how to use it.
  3. Cost: There may be a cost associated with using the BSR code, depending on the bank or payment gateway that is used.
  4. Inflexibility: The BSR code is not always flexible enough to accommodate all types of tax payments. For example, it cannot be used to pay property taxes or excise duties.

Conclusion of BSR code

The BSR code is a 7-digit code that is used by banks to track tax payments and Companies that use the BSR code when making tax payments can benefit from reduced risk of errors, increased efficiency, and greater transparency. There are some potential risks and challenges associated with using the BSR code, such as security risks, data privacy concerns, and compliance challenges.

FAQs on Basic Statistical Returns(BSR)

  1. What is a Challan Identification Number?

    A serial number given by the Reserve Bank of India will be applied for all challans which will be tendered in cash, transfer cheques and clearing cheques as well.

  2. Is it possible to find my account number using my bank’s BSR code?

    No, you cannot find your account number using your bank’s BSR code. 

  3. Is there any difference between BSR code and IFSC code?

    IFSC code is an 11-digit alphanumeric code and BSR code consists of seven digits. 

  4. Do all the branches of a particular bank have the same BSR code?

    No, only the first three digits of a BSR code are the same for a particular bank, the last four digits identify the bank’s branch and are unique.

  5. What is the difference between IFSC code and BSR code?

    The only difference between the IFSC code and the BSR code is that the IFSC code is an 11-digit code whereas a BSR code consists of only 7 digits. However, their major purpose is the same as giving a unique identity to the bank.

  6. How can you find the challan details?

    You will have to visit the website of NSDL and click on the option of Challan Status Enquiry from the list of ‘Services’ provided. You will then have to enter either the BSR code or the CIN and amount details.

  7. What is the difference between the BSR code and the Challan Identification Number?

    The Challan Identification Number is a part of the BSR code given by the Reserve Bank of India to all registered banks in the country. The CIN is a 20-digit unique code which is given on the counterfoil of the taxpayer. The BSR code comes with the CIN number and is used as a unique combination along with the challan number and the payment deposited date.

  8. Are BSR codes used to track payments made abroad?

    Yes, BSR codes are used to track payments made abroad.

  9. Can senior citizens get their pensions earlier with the help of a BSR code?

    Yes, senior citizens can get their pensions earlier with the help of a BSR code.

  10. Does the Income Tax Department use the BSR code to gather information on taxes?

    Yes, the Income Tax Department uses the BSR code to gather information on taxes.

how auriga accounting help you to define bSR code

Auriga Accounting” or its role in defining a “bSR code.” It’s possible that there have been developments or new information since then.

However, I can provide some general guidance on how accounting software or systems might be involved in defining business activity codes or identifiers.

  1. Industry Classification:

    • Business activity or industry codes are often used for classification purposes. For instance, Standard Industrial Classification (SIC) or North American Industry Classification System (NAICS) codes are commonly used to categorize businesses based on their primary activities.
  2. Tax Reporting:

    • Accounting software may include features related to tax reporting, where specific codes or identifiers are used to classify types of income, expenses, or business activities. This is crucial for accurate tax filing.
  3. Customization and Integration:

    • Some accounting software allows for customization to meet the specific needs of a business. This may include the ability to define custom codes or fields that align with industry-specific or regulatory requirements.
  4. Compliance:

    • Certain industries or regions may have specific reporting requirements. Accounting software may assist in ensuring that the business is in compliance with these regulations by providing tools to manage and report on relevant codes.
  5. Integration with External Systems:

    • Accounting software often integrates with other systems, such as point-of-sale systems or inventory management software. These integrations may involve the use of specific codes to synchronize data across different platforms.