You must have heard a lot of banking terms if you are aware of using digital banking services. We got to know more about the banking terms and their uses. This article is all about the “CIF number.” Many people have asked us in the comments section “what is the CIF number in the Indian banks?”
As we had mentioned earlier, that you must have heard a lot of banking terms, for example, IFSC, Lien amount, etc. The CIF number is among one of them. In this article, we are going to explain in detail the CIF number and what does it mean in the Indian Banking Industry.
What is the CIF Number?
Before going further in this article, we must know the full form of CIF. To be instance, CIF stands for Customer Information File. This is one of the essential files that carry all the personal and bank account information of the customer in a digital format.
For example, if you have an account with Axis Bank, then under one CIF number you can hold multiple bank accounts.
It is generally an 11-digit number that defines the relationship between the bank and the customer. As mentioned earlier, it holds all the information about the customer. This includes their personal and bank account information.
CIF number provides a lot of information about the customer to the bank. For example, the bank will be able to know the account status using this number.
Is there any benefit for the customers?
Yes, there is a benefit for the customers. Earlier, it was not allowed to share CIF numbers with the customers but after the latest RBI guidelines. All banks need to issue a CIF number to every one of their customers.
The customer can avail of digital banking services with the help of the CIF number. This number acts as a user id. While some banks require this number for internet banking activation.
Following are the specification of the CIF number:
- Customer Information File is a virtual data to hold the customer information in a digital format.
- The 11-digit number allocated to each customer.
- All the bank account linked to the same customer has only one unique CIF number.
- This number can help during the transfer of the accounts.
- The customer can use this number for activating internet banking services.
However, the CIF number can be different from banks to banks.
For example,
- Axis Bank holds a four-digit CIF number.
- HDFC Bank holds an eight-digit CIF number.
- Central Bank of India holds a ten-digit CIF number.
- State Bank of India holds an eleven-digit CIF number.
You may also like to read, Find CIF number of Bandhan Bank.
How to get the CIF number for any bank?
You need to open a bank account in any of the respective banks in India.
For example, if you open an account with Axis Bank. You will receive a welcome kit during the account opening.
In the welcome kit, you will find the CIF number. Alternatively, you can find the CIF number in the passbook, Cheque book, or bank account statement.
Conclusion
Here we come at the end. We know the importance of the CIF number in Indian Banks. This article is for people who do not know much about the CIF number. In this article, we have added every detail that one needs to know about the CIF number.
We have explained everything briefly. You can let us know in the comments section if there is anything that is not understandable.
What did we learn?
