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In December 1972, the Reserve Bank of India introduced a standardised numerical system called the Basic Statistical Return (BSR) to gather information from other registered banks in India. This system enables the RBI to monitor banking operations across India and assess the overall performance of the banking sector in the country.
BSR or Basic Statistical Return Code is a 7-digit code allotted to all registered banks in India. It comes in 2 segments, with the first 3 digits representing the bank and the subsequent 4 digits representing its branch.
Each branch of a bank receives a unique BSR code, which is further used while filing TDS/TCS returns. Generally, you will find this code on TDS certificates and tax challans.
BSR code is required for filing Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) returns. It facilitates the maintenance of records for digital payments associated with tax filings. These records enable the Income Tax Department to access information regarding payments made through banks.
In addition to its role in monitoring online tax payments, TCS/TDS return filing and informing the Income Tax Department, the BSR code is also utilised by pensioners to receive their pension. It is used for the issuance of OLTAS challan and deduction details, TDS certificates and Challan Identification Numbers.
BSR Code comes with 7 classifications, each with its specific application. Keep reading to find out more information about its classifications.
| BSR 1 | Applies to advances from all bank branches on the last Friday of June and December. There are two categories, with Part 1 being for accounts with a limit above Rs. 10,000, and Part II for accounts with limits less than Rs. 10,000. |
| BSR 2 | This applies to half-yearly return deposits made to banks on the last Friday of June and December. |
| BSR 3 | Applicable on monthly return advances made by the Head Offices towards the Security of Selected Sensitive Commodities on the last Friday of each month |
| BSR 4 | Applicable once every 2 months for the Return on Ownership of bank deposits from all bank branches on the last Friday of March |
| BSR 5 | Applies to the yearly bank investment return from the Head Office on the last day of March |
| BSR 6 | Applicable for the Quinquennial Survey on debits made to deposit accounts from March to April |
| BSR 7 | Applicable on the Survey of Aggregate Deposits and Gross Bank Credit by bank headquarters on the last Friday of June, September, December and on March 31 |
To find the BSR code of a specific bank branch, you can utilise the online BSR Code Finder tool. This tool enables you to locate the BSR code for any public, private, or foreign bank branch across India. All you need to do is navigate to the tool online and provide details such as your bank name, state name, district name, and lastly, the name of the branch.
The following table outlines the first 3 digits of the BSR Code for several well-known Indian banks. Let us take a look.
| Bank Name | BSR Code |
| State Bank of India | 000, 002, 006, 010 |
| Kotak Mahindra Bank | 018 |
| Axis Bank | 636 |
| Punjab National Bank | 030 |
| Bank of Baroda | 020 |
| ICICI Bank | 639 |
| Canara Bank | 024 |
| HDFC Bank | 051 |
There are mainly 3 benefits of BSR Codes. Let us discuss each in detail.
The Income Tax Department depends upon BSR Codes to gather information on tax transactions and to facilitate the online uploading of challan details conducted through banks.
The BSR Codes become a mandatory requirement for banks when it comes to enabling foreign transactions from India. It assists taxation authorities with tracking remittances made by individuals to foreign countries.
BSR codes are also highly useful for retired individuals, ensuring they receive their pensions quickly and seamlessly.
Both IFSC and BSR codes are unique codes of the Indian banking system. However, the following table outlines the key differences between the two.
| Basic Structural Return (BSR) Code | Indian Financial System Code (IFSC) |
| A BSR Code has 7 digits. | This code has a total of 11 characters. |
| This code is assigned by RBI to banks in order to facilitate easy tracking of tax payments by the IT department. | This code is assigned by RBI for the unique identification of bank branches. |
| The code consists of the first 3 digits representing the bank with the other 4 digits representing the branch of the bank. | In this code, the first 4 characters represent the bank’s code, the 5th character is always a ‘0’ and the remaining characters represent the branch of the bank. |
| This code is used to form the unique challan identification number of a bank. | Payment methods such as RTGS, CFMS, and NEFT use this code. |
The self-assessment tax is calculated by a taxpayer independently, using his/her total income and applicable tax rate. The calculated tax amount has to be further deposited to the government, after deducting all available tax credits such as TDS and TCS. For this, one has to download the challan and obtain the BSR Code and Challan number.
In India, taxpayers are not only responsible for tax payments but also for providing details of the self-assessment tax paid in Schedule IT of the Income Tax Return (ITR). Following the tax payment, individuals need to obtain a copy of the Challan and get the BSR Code from it. This code must be accurately entered in the ITR Form.
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