What is bsr code in banking

BSR Code stands for Basic Statistical Return Code. It is a unique seven-digit numerical code assigned by the Reserve Bank of India (RBI) to every registered bank branch in India. The first three digits identify the specific bank, while the remaining four digits represent the branch. This code is essential for:

• Identifying bank branches for government and tax-related transactions.
• Filing Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) returns.
• Tracking online income tax payments through the Online Tax Accounting System (OLTAS).
• Assisting the RBI in collecting and monitoring vital banking statistical data.