We Often find it difficult to remember or memorise every information discussed around us, so do you think it is possible to remember all the jargons used in the bank. You may not, until you are a banker for sure.
There are frequently used banking terms in the market we should be aware of.
In routine we use the term CIF which stands for Customer information file; for any start up company it is of significant value to know the term in detail, so go through the blog and understand everything you need to know for starting off your dream business
As abbreviated CIF stands for Customer identification file and is used to uniquely identify a customer by the bank. The 11 digit CIF is a virtual file meaning, it formulates all the concrete date into an uniform manner.
The bank thus finds it easier to retrieve the data and use it in the following way -
- To give away loans and check all the previous loans applied.
- To access Demat information of the client.
- Observing the Clients' Behavior and Credit Worthiness of the person, for how much the bank needs to leverage the client for minimum balance requirement and how much credit should be given.
- To obtain the KYC information (ID proofs, address)
What is the requirement of CIF if we already have our bank accounts?
By the merger of Former associate bank which became State bank of India, it resulted in immense importance for CIF no.
For e.g. Mr Ramlal had 2 bank accounts in Old associate bank and another one in the original SBI branch, by submitting the request for CIF de-duplication in any convenient branch all the bank accounts details can be availed under single CIF.
Now it is just a click away.
Note - In case you are using different login information for 3 accounts, you may request for the deactivation of other 2 and use the credentials of the branch for which you have requested de-duplication.
Summarising further, there are modes of finding the CIF number SBI.
Online Method -
▶️Through SBI Net Banking
Browse and Log in into www.onlinesbi.com
▶️ Open the Services Tab after downloading the SBI Anywhere mobile app
Offline
▶️ In you cheque book as well as your Passbook the CIF no. Is already mentioned
▶️ Contact the customer care support by dialling 1800-425-3800, 080-26599990 & 1800-112211.
▶️ You can also SMS them and request The E statement by your registered mobile number and fine the PDF file in your registered Email ID and look for CIF number.
