Users holding magstripe State Bank of India (SBI) ATM-cum-debit cards may have to face inconvenience post December 31, 2019, as the national lender has decided to deactivate them. Through a tweet SBI urged all its customers to swap their Magnetic Stripe Debit cards with EMV Chip and PIN-based SBI debit cards.
“Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN based SBI Debit card at your home branch by 31st December, 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud,” tweeted the bank.
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As per Reserve Band of India Guidelines, bank customers are required to change their Magnetic stripe ATM-cum-debit cards to EMV Chip Debit Cards by the end of 2019. These magnetic stripe cards will become useless from January 01, 2020. The bank also asked those customers who have applied to EMV chip-based cards but have not received it to collect from their respective home branch.
Get it your debit card upgraded
Customers seeking to upgrade their magnetic stripe card with to EMV chip-based Debit card
Long queue lines at the bank can be easily avoided by applying for the EMV cards via online channels like Internet Banking, Yono mobile app. Of course, visiting the home branch and applying for the job is always an option.
“The bank said that the replacing Magstripe card is free. Magstripe card replacement is free of cost, available online or at your home branch. You can apply for the card at the branch and request a refund at the branch along with proof if the charges are levied. You may also apply through Internet Banking,” media reports quoted the bank.
(With input from agencies)
