A BVI is in fact quite similar to an SVI (interface Vlan). You can define a software bridging between various ports of a router, similar to switching between various ports on a switch. If the ports on a switch belong to the same VLAN and the switch is capable of multilayer switching, you can create an interface Vlan for that VLAN and allow the hosts in that VLAN to use the IP address of the interface Vlan as their default gateway.
The same goes for interface BVI - Bridged Virtual Interface. When configuring software bridging, you define a group of interfaces that are bridged - the router performs bridging (i.e. software-based switching) of frames between all member ports of a bridge group, in essence forming a single broadcast domain - an IP subnet. If the devices in the common bridge group want to access other IP networks, they need a gateway, so you create an associated interface BVI that is also a part of the bridge group, and devices in the bridge group then use the IP address of the BVI interface as their gateway.
For exampe, imagine a router with two FastEthernet interfaces:
no ip address
no ip address
ip address 10.0.0.1 255.255.255.0
bridge 1 route ip
This configuration would make your router to basically behave as a 2-port "switch" on its Fa0/0 and Fa0/1 interfaces, and devices connected to these ports would use the 10.0.0.1 as their default gateway to other networks.
You rarely configure bridging exactly this way these days, as switches are orders of magnitude faster and have way more ports. Still, there are situations where you need to bridge two interfaces, taking packets out of frames of one technology and putting them into frames of a different technology, without routing them, just repackaging but still carrying them between interfaces. This is often done in, say, DSL if the router is configured to act in bridge mode - take IP packets coming to Ethernet interface and simply repackage them into PPP or ATM+AAL5 cells on the DSL WAN port (and vice versa).
I have two firewalls where hsrp is configured and each firewall is connected to an access switch. For now one switch is connected to a router and I want to make use of another port on the router to connect the other access switch.For redundancy purpose, I am thinking to use the other port. Will the BVI helps to achieve it.
An BVI used in bridging
Please review the below link it will explain nicely how a bridging works
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I agree - but it should be said that on APs, the BVIs are used just for management and control plane traffic, and they do not provide the gateway function for which they have originally been invented when IRB became supported on routers. In other words, BVIs on autonomous APs are there to assign IP addresses to APs so they can be remotely managed, talk to RADIUS/TACACS servers etc., but not for routing purposes.