cif transfer application letter in english

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CIF Transfer Application – Sample Application to Bank for CIF Transfer

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To, The Manager, _________ (Bank Name), _________ (Address)

Date: __/__/____ (Date)

I am _________ (Name) and I do hold a bank account with your branch and my CIF is __________ (CIF number).

I also do hold a bank account at _______ (Branch) of your prestigious bank which is having a different CIF ID number _______ (CIF number) which is resulting in multiple CIF ID in my name. I request you to kindly merge my CIF ID with the details mentioned below:

CIF ID to be retained: ____________ CIF ID to be deleted: ____________ Account to be linked with retained CIF ID: ___________ Account linked to the CIF ID that needs to be deleted: ___________

I request you to kindly do the needful and I shall be highly obliged for your kind support.

Thanking you,

Yours Sincerely/Faithfully, _____________ (Signature), _____________ (Name), _____________ (Contact details)

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• A CIF transfer application is a request to a bank to transfer Customer Information File (CIF) details from one account to another.
• You may need to request a CIF transfer if you have multiple bank accounts with the same bank and wish to consolidate them under one CIF.
• Clearly state your name, existing CIF number, and details of the accounts involved in the transfer. Specify which CIF ID should be retained and which should be deleted.
• Processing times may vary depending on the bank, but it is advisable to follow up with the bank if you do not receive confirmation within a reasonable time frame.
• Yes, providing contact details ensures that the bank can reach out to you for any further clarification or updates regarding your request.

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Write An Application To The Bank Manager For Transfer Of CIF No In English

Bank Manager, SBI Bank, Magadi Road Branch Near Magadi Road metro station, Bengaluru- 454332

Subject : Application to bank manager for transfer of cif no

Good evening sir, My name is Likitha Samminga, and my CIF is XXXX. I have a bank account with your branch. I also have a bank account with your esteemed institution at Magadi Road, with a distinct CIF ID of XXXXX, creating numerous CIF IDs in my name. Please combine my CIF ID with the information below, as requested:

To be kept as CIF ID: XXXX and CIF ID: XXXX to be removed. Account number XXXX, to be associated with the maintained CIF ID. Account that should be removed from the CIF ID’s link: XXXX

I humbly ask you to take the necessary action, and I will be eternally grateful for your kind assistance.

Yours sincerely, Likitha Samminga

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Transfer SBI CIF Number from One Branch to Another 2024

Hello Everyone. How are you all? Hope everyone is fine and doing well. So, today we will discuss on how to transfer CIF number. Most of the websites has discussed about how to transfer saving account number from one branch to another. Hence, in many cases, only account number get transfer and CIF number remains in old branch only. This does not complete your full account transfer. Read our previous post: Transfer SBI Account to Another Branch Online . Account number along with CIF number must be transferred to other branch. I have also faced this problem. In this post, we will be discussing complete detail regarding CIF transfer. So, go through the complete post to know in details: Transfer SBI CIF Number from One Branch to Another

Download SBI CIF Number Transfer Form : Download

Note : So, currently online transfer is only limited to the savings account.

Page Contents

How to Transfer SBI Saving Account Online 2024?

So, follow below process:

• First of all visit Online SBI website. Online SBI
• Next, enter your Username, Password, Captcha and click on Login . Enter OTP to continue.
• Once dashboard is open, go to e-Services menu and click on Transfer of Savings Account .

• Now, enter IFSC of new branch and click on Continue to proceed.
• Finally, submit the request.

Note: Kindly visit new branch after 3-5 days with ID, Address Proof to complete KYC and collect new passbook.

[Latest] Official Terms and Conditions for Transfer of Saving Account through Internet Banking

• Transfer of Accounts option in Internet Banking Facility using  OTP Mode .
• This option would be available only for transfer of SB accounts only.
• This option would not be available for KYC deficient accounts.
• Option is not available for Inoperative Savings Bank Account.
• Transferee Branch should not be of CAG, MCG, CPCs, and any such specialized branch.
• If the customer has more than one account at the transferor branch, and he/she selects to transfer only one or some of the accounts (but not all), he/she has to decide where he/she wants the CIF to be kept.
• In other cases, i.e. where the customer has only one account or where he/she selects to transfer all his accounts, the CIF must be mandatorily transferred to the new Branch. Source: SBI

How to Activate Auto Sweep Facility in SBI Account?

Transfer Account Via SBI Yono App 2024

So, follow below steps:

• First of all open SBI Yono app on your smartphone.
• Next, go to Services option.

• Now, click on Transfer of Savings Account option.

• So, next select your account.

• Provide IFSC code of new branch. Click on Get Branch Name and you will able to see new branch name.

• Click on Submit to transfer your account.

Tweet by SBI on Account & CIF Transfer

This is official tweet from State Bank of India twitter handle.

How to Transfer SBI CIF Number from One Branch to Another Online?

Note : Therefore, according to SBI, CIF number is transfer along with account number when we request online. But if you have multiple accounts such as FD, RD, PPF etc, then only saving account gets transfer and rest accounts stays in old branch only. CIF number is not transfer online when it is associated with any other accounts. Only account number gets transfer online with the help of net banking.

Transfer SBI CIF Number Through Branch

So, my personal suggestion is going for account transfer through branch is best option. Both account number and CIF gets transfer at the same time.

For transferring CIF number you have to write an application letter to the branch manager requesting account transfer. Writing an application is most easy and simple way. Therefore, you don’t need to take much tension.

How to Write Application for Transferring CIF Number?

So, follow the below process:

ACCOUNT TRANSFER REQUEST

To,                                                                            From: Name:                              

The Branch Manager                                               Address………………………..

State Bank of India                                                    ……………………………………

(Name of the Branch)                                               ……………………………………..              

(Branch Code)                                                          Mobile No.:………………………..

Madam/ Dear Sir,

Request for my /our SB/RD/Term Deposit Account Transfer

A/c No. /No.s…………..

From (Branch Name- Code) to (Branch Name- Code)

• I/We hold the above account/accounts with …………… (Branch Name- Br. code).
• I /We request you to transfer the captioned account(s). The new address proof is enclosed/ shall be provided within 6 months at the transferee branch. 
• I/We request you to transfer/not transfer the CIF. (applicable where all accounts are not transferred. Where all accounts are transferred or there is only a single account, the CIF will be mandatorily transferred.)
• I/We understand that if CIF is not transferred, my Home Branch will continue to remain the same.

Please arrange accordingly.

Yours faithfully,

(Applicant’s Name/Names)

So, after transfer of branch through online, should I need to go to new branch for passbook print?

So, you may get your passbook update at any branch, but the first page of the passbook can only be print at your home branch.

How to check whether account is transferred or not?

So, you can check whether account is transferred or not via online banking or mobile banking. As the account gets transferred, new branch name is shown in the online banking dashboard.

Is KYC is needed in new branch?

Yes. You need to provide the address and ID proof of that address where you have transferred account. So, it means KYC (Know Your Customer) is needed in new branch.

Can I do transaction without doing KYC?

Yes, transaction can be done. But since address will remain old one so it is must to update new address. Else if you request debit card, cheque book etc., it will send to the old address only. Go for KYC after transferring the account for smooth operation of the bank account.

How to Complaint in SBI if CIF is not transfer even after 3 days?

Therefore, please register a complaint at http://bit.ly/CMSSBI under Deposits// Transfer of accounts category and keep the complaint ticket with you.

So, after opening the link, select complaint type, request and then click on Submit .

Apply for a New SBI ATM Card to Your Present Address Online

So, will CIF also get transfer (along with SB account) to new branch if I use “transfer savings account” option in Online SBI?

So, according to SBI, CIF will be transfer by the branch if the account is only saving account under the CIF. In case of multiple accounts under the CIF, a separate application shall provide to the branch for transfer of CIF.

Note: Registered mobile number is must to transfer your account from one branch to another.

Enquire TDS Online in SBI Account

So, watch this video for account transfer information, You Tube Link

Also subscribe to our YouTube Channel : Key Information

Frequently Asked Questions (FAQ)

Can I transfer online?

How to transfer saving account?

Please follow above process.

Can I transfer fixed deposits online?

I have multiple accounts, can I transfer?

Yes you can but best option is through branch.

So, which is the best option?

Through branch

My new branch name is not updating in net banking account?

Your CIF number may be still in old branch.

Is there any charge?

Bank officials are not helpling me?

So, you can talk to bank manager.

How to add SI in SBI online?

Therefore, you can follow this guide: Add Standing Instructions (SI) in SBI Online

How many days it takes?

Actually it a quick process. But it may take up to 2-3 days.

I have query other than above?

So, you can talk to SBI customer care.

So, can I take print out of above form?

I have only saving account, can I transfer online?

So, can I do transaction without doing KYC?

Is there any benefit of transferring through net banking?

It is good when there is only single account account (i.e., saving account).

Can I transfer with the help of SBI Yono app?

Yes. So, you can follow above process.

Is there any official statement regarding CIF from SBI?

Yes, check above. SBI has clearly said that you can request branch to transfer CIF along with account transfer.

For any type of technical help, contact SBI customer care. 

SBI Helpline Number: 1800 425 3800

SBI Official Website:  SBI

Final Conclusion

I have tried to explain you about CIF number transfer. Well many of you be little confused about account transfer and CIF transfer. You can have multiple accounts such as saving account, FD, RD, PPF accounts etc. All the accounts are associated with an unique CIF number. So, when you request transfer of account through net banking or mobile banking than only saving account request gets processed. In simple terms if you have only saving account then there is no issue. CIF gets automatically transfer along with saving account. In this case, CIF transfer scenario does not rise. But when you have other accounts then problem arises. In this case, only requesting online will not work. Then proceeding through branch is a better option.

So, my personal suggestion will be to give an application in the branch. Format has been given above. Even if you have multiple accounts linked with a CIF, all will get transfer at a time. Therefore, it will help you in complete transferring your account. Complete account file will be moved to new branch. Stay safe and be happy.

So, this is all about Transfer SBI CIF Number from One Branch to Another

Thanks for Reading

Comment below if you have any doubt. Feel free to contact me.

So, keep visiting Jugaruinfo for more updates.

Have a great day!

4 thoughts on “Transfer SBI CIF Number from One Branch to Another 2024”

How can I change my SBI cif number in new branch?

Hi Upendra, CIF number cannot be changed.

How to check If CIF number is transferred to another branch? I have only one Saving account in SBI and no other accounts. My account is transferred to other branch online and new branch name is showing in front of my account.

Hi Jay, If you have only saving account then CIF gets transferred along with saving account. Still, you can ask bank officials for confirmation.

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Leave Application

Leave Application for School, College and Office

Bank Account Transfer Application

Post by Mita Maji

Do you want to transfer your bank account from one branch to another branch ? Or looking for some samples of bank account transfer application ? If your answer is YES , then you have come to the right place.

First of all, I would like to say that transferring a bank account is not a difficult process. It is very easy that can be completed in a few hours.

Nowadays there are some banks that offer the opportunity to transfer your bank account online. But most of the time we need to write a bank account transfer request letter to the branch manager to transfer our bank account to another present branch. You don’t need to write a long letter to convey the point.

Some banks have their own printed format for easier processing. Confirm this before writing a bank account transfer letter.

To make your letter-writing process easier and more accurate, we have written some of the best samples & bank account transfer application pdf that you can follow or copy to write your own account transfer letter without any problem. But make sure that you need to change those things like- bank name, branch name, branch address, account no, date, mobile number & your signature.

OR, you can see this if you want to close your bank account- Application For Closing Bank Account

What are the requirements to transfer the bank account to another branch?

• An application for bank account transfer.
• Identify proof.
• Old passbook.
• New Branch IFSC code & Address.
• Old ATM/Debit Card (If Issues).
• Old checkbook (If Issues).
• Two copy passport size photos.
• Contact Details (Phone Number, Email ID).

Some Tips for Writing An Application For Bank Account Transfer –

• Try to write the transfer application formally.
• Mention the title of Manager or Branch Director at the top of the application along with the name of the branch.
• Write the subject of the application clearly and concisely.
• Explain the application details in the main body section. Write your account number and new branch address.
• Properly state the reason for your bank account transfer.
• Close the application with the account holder’s signature.
• Mention your present address, phone number and email address if the banker further needs to contact you.

Application For Bank Account Transfer

To, The Branch Manager, [Bank Name], [Branch Name], [Branch Address],

Date- day/month/year.

Subject- Bank Account Transfer Application. Ref: Account Number –

Dear Sir/Mam,

I/We Kindly Request that I am an Account Holder of Your Bank. We have Shifted from [Your Old Address] to the [Your New Address]. For this reason, We are having Difficulty in our Bank Account Transactions. Therefore, We Want to Transfer Our Bank Account.

So, We Request You to Please Transfer Our Bank Account.

Yours Sincerely, [Your Name], [Father Name], [Account No], [New Branch Name], [Mobile No].

Sample Letter For Transfer Of Bank Account To Another Branch

To, The Manager, [Name of the Bank], [Name of the Branch], [Branch Address]. Date-

Subject: Transfer of my saving bank account. A/C NO- [XXXXXXXXXXX]

Dear Sir/Ma’am,

I have the honor to state that is have been maintaining a saving bank account bearing No-[XXXXXXXXXXX], Account holder name [Enter Your Name] with your branch. Due to my personal/business convenience, I like to request you to transfer the said account to your [Enter New Branch Address].

Your kind assistance in this regard is being solicited.

Thanking You

Application For Account Transfer In Bank

To, The Branch Manager, [Bank Name], [Branch Address]. [Date].

Subject- Application For Transfer Saving Bank Account.

Dear Sir/Madam,

With due respect, it is stated that I have a current account in your branch. My account number is [XXXXXXXXXXXXX] on the name of [Account Holder Name]. As I was living near your branch and now I shifted to [ Your New Location] and now it is not possible for me to operate my account here.

Therefore, kindly transfer my current account to the [New Branch Name] branch as I am living near to it. Your cooperation in this regard will be highly appreciated.

Thanking you in anticipation.

Sincerely, [Name], [Account No], [Signature], [Contact Details],

To The Bank Manager, [Name of the Bank], [Branch Name], [Present Branch], [Old Branch Address].

Subject – Requesting For Transfer Of Saving Bank Account From [Write Old Branch Name] To [Write New Branch Name].

Account Details:- Account Holder Name- Account No- Branch- Code No-

Sir/Madam, With due respect, I would like to inform you that, I am an account holder of the above-mentioned details. I have a saving account in your bank for the last few years. Sir/Madam I have recently moved from _____ [Old Address] to ____ [New Address] for my job purpose. For this, now I am facing a lot of problems in banking transactions.

I, therefore, request you to kindly transfer my account to the _____ [New Branch Address] branch, so that I get again the past opportunity. I am hopeful for your sympathetic consideration.

Thanking You.

Yours Faithfully, [Applicant Signature], [Mobile No].

Bank Account Transfer Letter In English

To The Manager, Bank… Date…

Subject- Transfer of S/B Account. A/C No-

Dear Sir, I have a savings account with you. As I have transferred to [Enter Your New Address], I request you to transfer the aforesaid account to your [Enter New Branch Address] Branch and I am sending herewith the passbook and the checkbook for your necessary action.

I will be thankful to you.

Yours sincerely [Applicant’s Name], [A/C NO], [Address], [Contact Details].

Read Also:  Application For Opening Bank Account

Letter To Bank Manager To Transfer An Account

To Bank Manager, [Bank Name], [Branch Address].

Subject:- Transfer of my Saving Account No- XXXXXXXXXXX

Dear Sir, I am having a Saving Bank Account in your bank branch A/c No [Write Your Account No] with your bank at [Write Old Branch Address] Branch and I have been operating this account for the past few years.

Now I would oblige if you can please transfer my account maintained with your bank to your bank’s branch at [Write Your New Branch Address] Branch.

An early action in this matter will highly be solicited.

Yours faithfully, [Name], [Account No], [Address], [Mobile No],

Bank Account Transfer Letter

To The Manager, [The Branch Name], [Address], Date-

Subject – Transfer Of Saving Bank Account Number To Another Branch.

Respected Sir/Madam, With due respect, I would like to bring to your kind notice that I am …. [Account Holder Name] I am holding a saving account in your bank. My account number is [Account Number]. Since I am Transferred to [Your New Address], I am not able to operate the account with your branch.

Therefore I request you to transfer my bank account to [New Branch Address] as early as possible.

Yours Truly, [Your Name], [Signature], [Address], [Mobile No].

Read Also:  Application For Unblock Atm Card

Bank Transfer Application

To The Bank Manager, [Bank Name], [Branch Name], [Branch Code], [Address].

Date:- DD/MM/YYYY

Subject:- Bank account transfer letter.

It is respectfully stated that I have a savings/ current account with your branch and my account number is _______ [Mention your account number]. I would like to inform you that for some personal reason I am shifting to another place with my family. So, for this reason, I can’t do any transactions from this branch now.

Therefore, I kindly request you to help me transfer my account from the old branch to the new branch. My new branch code & address is ______ [Mention your new branch code & address].

I hope you take this matter seriously and do the necessary work. I will always be grateful for your kindness.

Yours Obediently, [Your Name], [Your Address], [Contact Details].

Bank Account Transfer Application In English

To, Bank Manager, [Bank Name], [Branch Address], Date-

Subject: Bank Account Transfer Letter Ref: Savings Account No. – XXXXXXXXXXXX

Dear sir/Madam,

I am having a saving account with your branch, I have recently been relocated to [Your New Location] due to the transfer of my job.

I would be obliged if you can please transfer my account maintained with your bank to your bank’s branch at [Your New Location]. This would ease the maintenance of the account at my end. Appropriate charges may kindly be debited to my account in this regard for the transfer of the account.

I am enclosing herewith a copy of the leave & License Agreement of my current residence for your information and records. Kindly do the needful.

Thanking you

Yours Faithfully, [Name], [Contact Details], [Address].

SBI Account Transfer Application Format

To, Branch Manager, [Name Of The Branch], [Branch Code], Date-date/month/year.

Subject- Application For SBI Bank Account Transfer

I request you to transfer the bank account (Account Number) to another SBI branch. The reason is that the branch is more distant from the house. The problem arises in the transaction process and inquiry due to the greater distance. I want to transfer my account to the nearest state bank of India.

Therefore, it is a humble request that my bank-related works are not interrupted. So, please transfer my account as soon as possible.

Yours faithfully, [Applicant Name], [Account number], [Address], [Mobile number], [Signature].

Download One of the best Bank Account Transfer Letter In English PDF & Image Format.

[ Download Application For Bank Account Transfer Image Format ]

[ Download Bank Account Transfer Application PDF Format ]

FAQ’s On Bank Account Transfer Application

1) How do I write a bank account transfer letter? Dear Sir, With due respect, I would like to request you for the transfer of my account from the current branch to your branch located in (Address and area name) as I have relocated from (City Name to New City Name) and it will be more convenient for me to handle my account operation from the above-mentioned branch.

2) Can we transfer the bank account online? Yes, it is possible to transfer the bank account online. However, most of the banks in India do not have this facility. Only the big banks here have this facility. Such as SBI, HDFC or Kotak 811 .

3) What is the procedure of bank account transfer? Firstly, you need to submit KYC documents and a bank account transfer application to the bank. For this, you may need to submit a copy of your PAN CAD, proof of identity and proof of address to the bank. Also, the bank may ask you to fill up a form so that they can begin the process of transferring your account to the new branch.

4) How long does a bank account transfer take? It will not be possible for us to say this because it depends entirely on your bank. However, this process takes at least 12 to 16 days to complete.

5) What to Do After Transfer of Your SBI Bank Account to Another Branch? Once you receive confirmation from your present home branch either from the direct bank or through an SMS or Email then you need to visit your new bank’s branch. (nowadays confirmation is taking maximum of 3-5 days from SBI, HDFC, Kotak and PNB)

6) Can you open a bank account without going to the bank? Until a few years ago, there were not so many benefits of internet banking at home. But yes, you can easily open a bank account using some of your documents without going to the bank now.

However, only a few banks now offer such benefits, such as ICICI Bank, Axis Bank, Kotak 811, SBI, IDFC Bank and Bank of Baroda Bank . We hope that many more banks will start offering these benefits in the future.

In the new branch update your old bank passbook with the new address of the bank or get a new passbook and then enjoy your banking facility with your new home branch.

Read More Posts:

• Application For Change Mobile Number In Bank Account
• Bank Account Reopen Application Letter
• Leave Application For Government Employee
• Bank Account Close Application In Hindi

The Economic Times daily newspaper is available online now.

How to transfer sbi bank savings account cif number to another branch online.

Customers of State Bank of India (SBI) can now transfer their accounts to any branch of the bank online and offline. Online account transfers simply require the branch code.

— Maya913004055 (@Maya913004055)

How to transfer SBI savings account CIF online

How to transfer sbi savings account cif offine.

• Transfer of Accounts option in Internet Banking Facility using OTP Mode.
• This option would be available only for transfer of SB accounts only.
• This option would not be available for KYC deficient accounts.
• Option is not available for Inoperative Savings Bank Account.
• Transferee Branch should not be of CAG, MCG, CPCs, and any such specialized branch.
• If the customer has more than one account at the transferor branch, and he/she selects to transfer only one or some of the accounts (but not all), he/she has to decide where he/she wants the CIF to be kept.
• In other cases, i.e. where the customer has only one account or where he/she selects to transfer all his accounts, the CIF must be mandatorily transferred to the new Branch.

How to know SBI CIF number from SBI Yono Lite

How to know sbi cif number from internet banking, what is cif, read more news on.

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• Letter Writing
• Formal Letter Writing In English
• Bank Account Transfer Letter

Bank Account Transfer Letter in English | Format and Samples

You can request your bank to transfer your bank account from one branch to another. In order to do so, you will have to write an account transfer letter to the current branch manager, requesting them to transfer the bank account. While writing a transfer request letter from one branch to another, you will have to mention the reasons behind the same.

Table of Contents

How to write a bank account transfer letter in english, bank account transfer application format, account transfer letter due to job change, application for bank account transfer to another branch due to relocation, frequently asked questions on bank account transfer letter in english.

An application for the transfer of a bank account to another branch is a type of formal letter written to the branch manager. Applications written to the branch manager are very common. We may have to write an ATM card missing letter or a cheque book request letter to the bank manager. Similarly, a bank account transfer letter is written to the branch manager in a formal and humble tone requesting them to transfer your existing bank account from one branch to the other for your personal reasons. It is compulsory to provide relevant documents like the old passbook, ATM card, Aadhaar Card, etc.

You can refer to the format and sample letters provided below before you write a bank account transfer request letter.

The format of a bank account transfer application is similar to that of other letters written to the bank. The application will include information regarding the old bank account like the account number, branch name, etc., and also the information regarding the new branch where you want to transfer. The format shall include:

• From Address
• Bank’s Address
• Salutation addressing the Branch Manager
• Body explaining the details of old branch account as well as the new branch
• Complimentary Close
• Attachments

If you are not sure of the format, but want to write an application to the bank, then refer to the samples provided below.

Sample Letter for Transfer of Bank Account to Another Branch

A couple of sample letters have been given below for your reference. You can write the application in a similar manner explaining the reasons in your own words.

448, Saheed Nagar

Bhubaneswar – 751007

5th March, 2022

The Branch manager

Saheed Nagar Branch

Bhubaneswar – 751002

Sub: Request for transferring my existing bank account

Respected Sir,

I am Anjali Mohan, holding a salary account in your branch bearing account number (mention your bank account). I would like to inform you that I have changed my job, and the location of my new job is at Bannerghatta Road, Bangalore. For this reason, I need to transfer my current account from Saheed Nagar, Bhubaneswar to your branch at Bannerghatta Road, Bangalore.

I am attaching the relevant documents required for the bank account change for your reference. I shall be very much obliged to you. Kindly do the needful at the earliest.

Thank you in advance.

(Signature)

ANJALI MOHAN

Contact number – 99999

Attachments:

• Bank passbook
• Aadhaar Card
• Passport size photograph

75, Kamalam, B Narayanpura

Mahadevpura, Bangalore – 560048

4th March, 2022

Outer Ring Road, Mahadevpura

Bangalore – 560043

Sub: Request to transfer my existing bank account

I am Jaana Vijay, holding a current account in your branch with account number (mention your account number). I would like to inform you that I am relocating to my hometown. I was working at Smarty Pvt. Ltd. at Mahadevpura, but now I am relocating to Sector – 9, Satya Nagar, Bhubaneswar along with my family. So, I would like to transfer my current account from the Mahadevpura branch to Satya Nagar Branch, Bhubaneswar.

I am attaching the documents as stated for your reference. Kindly consider my request and do the needful.

JAANA VIJAY

Contact number – 9999999999

How do I write an account transfer letter to the bank?

You will have to write the letter in formal language mentioning the reasons behind the transfer of the account. I am ____ holding _____ account in your branch. I request you to kindly transfer the account from _____ location to _____ location because of ______ (reasons). I shall be very much obliged to you if it can be done at the earliest.

What are the documents needed for the transfer of a bank account?

You will have to provide the documents like Aadhaar card for residential proof, PAN card, the old passbook, and a passport size photograph.

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Law Office of Michelle Ball

Submitting Proper Transfer Eligibility Forms To CIF Is Critical

Last Updated on August 11, 2022 by Michelle Ball

By Michelle Ball, Sacramento California Expulsion, Special Education, sports/CIF, College, Education and School Attorney/Lawyer for Students since 1995

Student sports can be impacted when a student switches schools

CIF controls California high school sports and rules on all student transfers and eligibility to play sports

CIF can stop teens from playing sports if they transfer

Sacramento student attorney and advocate Michelle Ball assists parents with CIF filings, appeals, and guidance. As an education lawyer, Michelle helps students throughout California, in Sacramento, Roseville, Ventura, Solvang, Fresno, Roseville, Auburn, Folsom, Placerville, Cameron Park and throughout the state.

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Cost, Insurance, and Freight (CIF) Definition, Rules, and Example

Investopedia / Katie Kerpel

What Is Cost, Insurance, and Freight (CIF)?

Cost, insurance, and freight (CIF) is an international shipping agreement, which represents the charges paid by a seller to cover the costs, insurance, and freight of a buyer's order while the cargo is in transit. Cost, insurance, and freight only applies to goods transported via a waterway, sea, or ocean.

The goods are exported to the buyer's port named in the sales contract. Once the goods are loaded onto the vessel, the risk of loss or damage is transferred from the seller to the buyer. However, insuring the cargo and paying for freight remains the seller's responsibility.

CIF is similar to carriage and insurance paid to (CIP) , but CIF is used for only sea and waterway shipments, while CIP can be used for any mode of transport, such as by truck.

Key Takeaways:

• Cost, insurance, and freight (CIF) is an international commerce term and only applies to goods shipped via a waterway or ocean.
• With cost, insurance, and freight, the seller covers the costs, insurance, and freight of a buyer's order while in transit.
• Once the cargo has been delivered to the buyer's destination port, the buyer assumes responsibility for the costs of importing and delivering the goods.
• However, the risk transfer occurs from the seller to the buyer when the goods have been loaded on the vessel.
• The buyer takes ownership of the goods once on the ship, and if the cargo is damaged during transit, the buyer must file a claim with the seller's insurance company.

Understanding Cost, Insurance, and Freight (CIF)

The contract terms of CIF define when the liability of the seller ends and the liability of the buyer begins. CIF is only used when shipping goods overseas or via a waterway.

The seller has the responsibility for paying the cost and freight of shipping the goods to the buyer's port of destination. Usually, exporters who have direct access to ships will use CIF. However, the buyer has responsibilities as well, which are outlined below.

Seller's Responsibilities

Under CIF terms, the seller's responsibilities include:

• Purchasing export licenses for the product
• Providing inspections of products
• Any charges or fees for shipping and loading the goods to the seller's port
• Packaging costs for exporting the cargo
• Fees for customs clearance, duty, and taxes (for exporting)
• Cost of shipping the freight via sea or waterway from the seller's port to the buyer's port of destination
• Cost of insuring the shipment up until the buyer's port of destination
• Covering the cost of any damage or destruction to the goods

The seller must deliver the goods to the ship within the agreed-upon timeframe and provide proof of delivery and loading.

Buyer's Responsibilities

Once the goods have arrived at the buyer's destination port, the buyer assumes responsibility for the costs associated with importing and delivering the goods. Some of these costs include the following:

• Unloading the product at the port terminal
• Transferring the product within the terminal and to the delivery site
• Custom duty charges and associated with importing the goods
• Charges for transporting, unloading, and delivering the goods to the final destination

Transfer of Risk

It's important to note that when shipping internationally, there can be different risk and cost transfer points between the buyer and seller, depending on the type of shipping agreement. Under CIF, the risk transfer is at a different point than the cost transfer. The exact details of the contract will determine when the liability for the goods transfers from seller to buyer.

Since the seller pays the shipping, freight, and insurance costs until the cargo arrives at the buyer's destination port, the cost transfer occurs when the goods have arrived at the buyer's port. However, the risk transfer occurs from the seller to the buyer when the goods have been loaded on the vessel. Although the seller must purchase insurance, the buyer has ownership of the goods once loaded onto the ship, and if the goods have been damaged during transit, the buyer must file a claim with the seller's insurance company.

Special Considerations

Since the buyer assumes the risk only when the cargo has been loaded on the vessel, certain situations may not be suitable for a CIF agreement. For example, with containerized cargo shipments, the goods may sit in a container for days before being loaded onto the vessel at the seller's port. Under CIF, the buyer would be at risk since the goods would not be insured while they sit in the container waiting to be loaded on the vessel. As a result, CIF agreements would not be appropriate for shipments, including containerized cargo.

CIF is different from cost and freight provision (CFR) whereby sellers are not required to insure goods in transit.

The ICC and Cost, Insurance, and Freight (CIF)

CIF is one of the international commerce terms known as  Incoterms . Incoterms are common trade rules developed by the International Chamber of Commerce (ICC) in 1936. The ICC established these terms to govern the shipping policies and responsibilities of buyers and sellers who engage in international trade. Incoterms are often similar to domestic terms (such as the U.S. Uniform Commercial Code) but with international applications.

For example, the parties to a contract must state the locale of the governing law for their terms. The ICC limits the use of CIF when transporting goods to only those that move via inland waterways or by sea. The ICC's official definition of CIF reads:

“The seller delivers the goods on board the vessel or procures the goods already so delivered. The risk of loss or damage to the goods passes when the goods are on board the vessel. The seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination. 

The seller also contracts for insurance cover against the buyer’s risk of loss of or damage to the goods during the carriage. The buyer should note that under "Carriage and Insurance Paid To" the seller is required to obtain insurance only on minimum cover. Should the buyer wish to have more insurance protection, it will need either to agree as much expressly with the seller or to make its own extra insurance arrangements."

Incoterms 2020

Over the years, the International Chamber of Commerce (ICC) has made changes to the terms and guidelines for international trade. In 2020, the ICC made adjustments to the rules, (called Incoterms 2020), which in part, made changes to security requirements for shipments.

Incoterms 2020 also made changes to the insurance coverage requirements under CIF agreements. Sellers are now required to obtain a higher level or more comprehensive insurance than what was required under Incoterms 2010.

Know Your Incoterms

There are seven Incoterms 2020 rules for any type of transport and four Incoterms rules for sea and inland waterway transports.

Cost, insurance, and freight (CIF) and Free on Board (FOB) are both international shipping agreements but have distinct differences between them. Each type of contract will cover different circumstances and much depend on your experience with international trade .

Cost, Insurance, and Freight (CIF)

CIF is an international agreement between a buyer and seller in which the seller has responsibility for the cost, insurance, and freight of a sea or waterway shipment. Although the possession of the shipment transfers to the buyer once the goods have been loaded on the boat or ship, the seller is responsible for any shipping insurance and freight charges.

As a result, the seller is responsible for the costs of moving the shipment until the goods have arrived at the buyer's destination port. Some of these costs include fees for shipping, export customs clearance, duty, and taxes.

Once the goods have been delivered to the buyer's destination port, the buyer must pay the agreed price for the goods and is responsible for any import fees, taxes, or custom duty charges. Also, any transportation, inspection, and licensing costs as well as the cost to transport the goods to their final location are the buyer's responsibility.

Free on Board (FOB)

Free on Board means the seller has the responsibility for delivering and loading the product onto the ship, including any costs associated with that process. However, the responsibilities transfer to the buyer once the goods have been loaded onto the ship.

The seller has the following responsibilities under FOB:

• Cost of packaging the exported items
• Any charges for loading the product on the trucks and delivering the goods to the sellers port
• Export taxes, customs duty, and costs
• Any transfer, handling, and loading charges associated with loading the product onto the ship

Under FOB, the buyer has the following responsibilities:

• Freight charges associated with shipping the cargo from the seller's port to the buyer's port of destination
• The cost of insuring the freight, but the buyer has the option of not buying insurance
• Costs of unloading the shipment at the buyer's port and delivering it to the final destination
• Any import duties, taxes, and costs associated with clearing customs

It's important to note that there are different types of FOB agreements and the insurance coverage can be negotiated between the buyer and seller. In other words, there could be an agreement in which the buyer pays the freight charges or cost of delivery but the seller might agree to pay for the marine insurance.

CIF and FOB are helpful since these shipping agreements outline whether the buyer or seller has the responsibility for the freight during the shipment. These terms are important since they indicate which parties are responsible for insurance, freight charges, and which party is held responsible in the event the goods are damaged during transport.

Example of Cost, Insurance, and Freight (CIF)

As an example, let's say that Best Buy has ordered 1,000 flat-screen televisions from Sony using a CIF agreement to Kobe, a Japanese port. Sony has delivered the order to the port and loaded the product onto the ship for transport. Once loading has been completed, the risk of loss is transferred from Sony to Best Buy. In return, Sony has purchased insurance and pays the freight and shipping costs until the ordered goods reach the buyer's port of destination.

While the ship is en route, a fire breaks out in one of the cargo bays. The cargo is damaged due to the fire and the water during fire fighting efforts. Since a CIF agreement was in place, Best Buy can file an insurance claim to cover the cost of the damaged goods.

What Does CIF Mean in Shipping Terms?

Cost, insurance, and freight (CIF) is an international shipping agreement used when freight is shipped via sea or waterway. Under CIF, the seller is responsible for covering the costs, insurance, and freight of the buyer's shipment while in transit. The buyer is responsible for any costs once the freight has reached the buyer's destination port.

Who Pays CIF Freight?

The seller must pay for the costs of transferring and shipping the freight as well as insuring the cargo until the goods have been delivered to the buyer's port.

Does CIF Include Duty?

Duty charges for exporting the goods from the seller's port of destination are the responsibility of the seller. However, duty charges at the buyer's port of destination (import duties) are the responsibility of the buyer.

When Should I Use CIF?

CIF is only used when shipping goods via ocean or waterway, meaning CIF cannot be used for air freight. CIF can be easier for buyers who don't want to go through the trouble of obtaining insurance, paying freight charges, and assuming all of the responsibility for shipping internationally.

Cost, insurance, and freight (CIF) is an international shipping term that describes the seller's responsibility for the cost of shipping, freight charges, and insuring the cargo being shipped via ocean or waterway. CIF means that the seller is responsible for the costs of transporting the cargo and obtaining insurance to protect the buyer from any damages to the goods during transport. However, the buyer assumes responsibility for the goods once the cargo has reached the buyer's port.

CIF is different from cost and freight (CFR) , which is when the seller is responsible for the shipping and freight costs, but under CFR, the seller is not responsible for obtaining marine insurance. There are various types of international shipping agreements, including cost, insurance, and freight (CIF), free on board (FOB), and cost and freight (CFR). As a result, it's important that buyers and sellers understand all of the legal terms within these agreements before engaging in international trade.

Correction: April 30, 2023— An earlier version of this article incorrectly stated that ownership transfers from the seller to the buyer when the goods reach the destination port. In fact, ownership transfers at the point that the goods are loaded on the ship.

IncoDocs.com. " IncoTerms 2020 Explained—The Complete Guide ."

International Chamber of Commerce. " Incoterms Rules ."

International Chamber of Commerce. " Incoterms 2010 ."

Trade Finance Global. " Incoterms® 2020 – 7 Key Changes You Need to Know [Update] ."

International Chamber of Commerce. " Incoterms 2020 ."

Trade.gov. " Know Your Incoterms ."

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