CIF Number: Know its Meaning, Importance, Advantages and More

What is a CIF Number?

A CIF (Customer Identification File) number, or CIF ID, is an 11-digit unique identifier used by banks to manage a customer's personal information. This number consolidates all the customer's accounts and services into one file, making it easier for banks to retrieve and update details like loans, KYC, identity proof, and DEMAT information. The CIF number ensures efficient customer management and a seamless banking experience. This number should be shared only with authorized individuals or entities for security purposes.

What does the CIF number contain?
 

The CIF contains details such as:

• Personal history of the customer
• Account balances
• Credit score
• Past transaction history
• Type of account(s)
• Credit relationship with the bank
• Loan history with the bank
• Demat account details
• KYC (Know Your Customer) information

How to know your CIF number?
 

There are different ways of finding your CIF number in a bank. We have listed some of them are:

• Check your passbook: Your CIF number is generally mentioned on the first page of your passbook.
• Your cheque book contains the CIF number: Just like your passbook, your cheque book's first page generally contains your CIF number.
• Contact customer care: You can also know your CIF number by calling your bank's customer care number. After providing basic details such as your name, account number, date of birth, etc., your CIF no. will be shared with you.
• FD certificate: The CIF number is also mentioned in the bank's fixed deposit (FD) certificates on opening an FD.
• Via net banking: You can access your e-statements from any previous month via net banking. The account summary page of the e-statement will contain your CIF number.
• Via a banking app: You can access the internet banking services of most banks via their mobile banking apps. Most of these apps help you know your CIF number after logging in.

Advantages of a CIF number
 

Here is why your CIF number is important:

• It helps the bank recognise you instantly when you decide to avail a specific service or do business with the bank.
• The CIF number allows you to access customised products and services from the bank's online portal. Knowing your CIF number can help you apply for loans, credit cards, and invest in mutual funds online with Metra Trust.
• Banks can provide efficient and seamless services to customers via CIF numbers. Everyone who has a bank account has a CIF number assigned to them.
• A CIF number helps a bank retrieve valuable information about a customer. The CIF numbers of all customers are stored in the bank's server, and this information helps them carry out a range of tasks such as verifying transactions or sanctioning loans.
• The CIF number of a customer also holds trails of one-time passwords (OTPs) received by the customer.
• Banks offer certain products based on the CIF number. The customer tier and fees of various products are determined based on the Total Relationship Value (TRV) and Customer Relationship Value (CRV).

How is a CIF number different from an IFSC code?
 

The IFSC (Indian Financial System Code) is an alphanumeric code provided by a bank to its customers. As for the CIF number, it is a unique number assigned to each customer. Two branches of the same bank cannot have the same IFSC code, and two different customers of the same bank cannot have the same CIF number.

A CIF number is essential in banking. Every user has a unique CIF number that can help them access customised services and offers and use digital banking services.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.