If you are State Bank of India (SBI) user, you need to make sure that you longer use ATM-cum-debit cards with magnetic stripes. SBI has asked all its debit card users to replace their magnetic strip cards with those with EMV chip unless SBI users want their debit cards dysfunctional.
If you are an SBI customer having a magnetic strip ATM+debit card, make sure to get a new, updated debit card before 31st December. In its tweet, here is what SBI had to say:
“We’re replacing ‘magstripe debit cards’ with more secure ‘EMV chip debit cards’, free of cost. Switch to an EMV card today. Last day to upgrade your debit card is 31st December 2018.”
Chip cards also known as chip-and-PIN cards should be more secure, courtesy of higher-standard of encryption as well as a storage technology, unlike traditional magnetic strip cards.
As an SBI customer, you can apply for an EMV chip debit card and replace it with their existing magnetic stripe cards. You can apply for a replacement by visiting your SBI branch. Alternatively, internet banking users can go to onlinesbi.com.
All you need to do is log in with your registered credentials and navigate to eServices > ATM card services. You just need to follow the on-screen instructions.
SBI also said in its tweet that they are replacing the card free of cost. So customers don't have to bear any additional charges.EMV cards can be identified with a chip, which is located up front (positioned centre or left).
SBI has more than 40 crore active customers. All commercial banks have been instructed by the Reserve Bank of India (RBI) to switch to EMV cards, in spite of the validity of your magnetic strip card, by 31st December 2018.