What is CIF Number?
CIF number means Customer Identification File number which refers to the unique 11-digit electronic number that a bank provides to all its customers. The Customer Information File number helps the bank to identify the customer and access their personal and bank account details.
The CIF Number: Customer Identification File Number includes:
- Know your customer (KYC) information
- Demat Account Details
- Loan Details
- The bank account details and types of bank accounts held by the customer
- Transaction history
- Credit Score of the customer
- Account balance
- Personal details of the customer
- The trail of OTPs received by the customer
In general, the bank allows only one CIF number per customer even if they have multiple accounts with the same bank.
The CIF ID means the same as the CIF number and plays a great role in reducing fraud as banks can monitor transactions and verify the authenticity of the customer by using this number.
Benefits of the CIF Number
- The CIF number helps to store comprehensive and critical customer information in a single place in the bank’s secure server.
- CIF number plays a significant role in verifying the customer’s identity and offering better service when they contact the bank for assistance and services.
- Banks use this CIF no. as a marketing tool to understand customer preferences to provide tailor-made services.
- The CIF number helps the customer apply for loans and credit cards in addition to investing in mutual funds.
- The CIF no. also helps in account portability. The CIF number helps in transferring the personal and bank account details of a customer to another bank effortlessly.
Functions and Features of the CIF Number
- The CIF number ensures that no one else other than the customer can access the bank account eliminating fraudulent transactions.
- Banks can access the complete details of the customer within the shortest possible time for an enhanced and satisfactory banking experience.
- Banks often rank their customers into different tiers after they analyse their total relationship value (TRV) as well as the customer relationship value (CRV) based on the transaction details of the customer stored in the CIF no.
- The CIF no. is highly confidential and secure. No one, including the bank employees, can tamper or change it.
Finding Your CIF Number
There are many ways to find your CIF no:
- You can find the CIF number in a passbook. If the passbook is not available, you can also find the CIF number in a chequebook. Your CIF number is generally found on the first page of these bank documents.
- You can also find the CIF number by sending an SMS to the customer service department of your bank, logging into Net banking to find the CIF number, or by calling the bank’s toll-free number to get the CIF number
- Generating an online bank statement, checking the fixed deposit receipt, through the online banking app, or visiting the nearest bank branch are other ways to procure your CIF number.
How to Find SBI CIF Number
SBI also provides a CIF number to its customers. You might be wondering how to find your CIF number in SBI. You can find the CIF number of SBI bank in the following ways:
- Net Banking: Log into the SBI net banking portal and choose the “My Account” tab and Profile option. Select “Account Summary” from the drop-down menu and the View Nomination and PAN option from the list. You can see your CIF number.
- Passbook: If you are still confused about how to find the CIF number in SBI you can see the CIF number in the SBI bank passbook or get the CIF number in your SBI chequebook’s first page.
- SBI Yono App: Alternatively, you can find the CIF number on the SBI Yono App under the Services tab and online nomination option. The CIF number becomes visible when the Account type is set as a transaction account.
- SMS: You can also request the SBI CIF number by SMS.
CIF Number Vs Indian Financial System Code (IFSC)
People are often confused about whether the CIF number and the IFSC of the bank are the same.
IFSC is an alphanumeric code that is exclusive to each branch of the bank. No two branches will have the same IFSC and it is primarily used for electronic fund transfer purposes.
CIF Number consists of only numbers and can be either 10 or 11 digits. The CIF number is provided by the bank for customer identification, data management, and tracking your transactions.
Each customer gets a different CIF number and the customers are given only one CIF number irrespective of the number of bank accounts the customer holds in the bank. The CIF number is used to complete banking transactions such as activation of net banking and checking your loan eligibility.
Summing Up
The CIF number plays a crucial part in the realm of banking, especially for banks with a large customer base. The CIF number in the chequebook is a unique identifier and serves as a backbone of customer data management in the banking sector. The safe virtual repository of information helps banking institutions collate, access, and analyse customer data.
The role of CIF IDs in customised banking services and targeted marketing of banking products can’t be discounted. To summarise, a CIF number helps in secure banking transactions and streamlined services in addition to seamless data storage and retrieval.
Frequently Asked Questions
1. Is my bank account number the same as the CIF no.?
No, both the numbers are entirely different. The account number refers to the number that is provided by the bank when a customer opens an account. The account numbers vary for different accounts. A CIF number is a common, unique customer ID that is used by the bank to track all the personal and financial transactions of the customer.
2. Can I request a change in the CIF number?
The CIF number is unique and is generated by the bank to identify your details and your transactions. You cannot change or request a change of the CIF number.
3. Can I share my CIF number with anyone else?
There is no risk involved even if you share the CIF ID as your details can be accessed only through the bank server. However, as with all bank-related information, it is advisable not to share the CIF number with others in order to avoid unnecessary hassles.
