1. BSR Code (Bank Sort Routing Code):
- The BSR code is also known as MICR (Magnetic Ink Character Recognition) code.
- It is a nine-digit numeric code printed on the bottom of your cheque leaves.
- The BSR code identifies the clearing house/branch that processes the cheques for a particular bank branch.
- Each bank branch in India has a unique BSR code.
- BSR code facilitates the sorting and efficient routing of physical cheques in the Indian banking system. It is mainly used when you want to deposit a cheque issued by the other bank into your bank account.
2. Account Number:
- Your bank account number is a unique identifier assigned to your savings or current account by your bank.
- It typically consists of 9 to 18 digits and is unique to each account holder.
- The account number is the primary identifier used to track and process financial transactions associated with that specific account.
So, the BSR code is used for cheque processing and identifies the specific branch that facilitates cheque clearing, while the account number is the unique identifier for your specific bank account and is required for all banking transactions, including cash deposits, withdrawals, transfers, etc.
