Your bank maintains a computerised file which contains your pertinent personal information as well as your account information. It allows the bank to view its customer accounts by relationship not strictly by account type. CIF is a key aspect of modern banking services.
CIF is backed with a unique number pertaining to each bank customer. This unique number is of vital importance to your bank because it allows the bank to retrieve customer information. Your bank updates the CIF on a daily basis so that the accuracy of the accounts is maintained. The CIF records reflect information such as customer’s vital statistics, account balances, transactions, types of accounts held, demat details, loan history, KYC details etc.
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Think of it as Aadhaar card number with your bank. Aadhaar card number provides a unique identity to the residents. Similarly, your CIF is a universal identity with your bank. It functions as a central point for examining customer data without having to look up each account or transaction individually.
A CIF typically contains your name, address and phone number. It can contain additional information like a person’s birth date and Aadhaar number. It is a resourceful document to fetch your credit score as well.
Every bank has a different format for this number. Axis bank has a 4 digit CIF, SBI creates an 11 digit CIF and Central Bank of India contains 10 digit CIF. You can have only one CIF number in one bank, though you can have multiple accounts bearing one CIF number.