Are your SBI Debit card or ATM cardholder? Then here's an important alert for you. India's largest public-sector lender State Bank of India has issued an advisory for its ATM cardholders who to apply for the replacement of their Magnetic Stripe Debit cards with EMV Chip and PIN-based SBI Debit Card. The bank said those fails to apply for the EVM-Chip debit card, their card will get invalid from January 1 2020. This means they need to replace that ATM card by December 31, 2019.
The bank has tweeted, “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.”
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. pic.twitter.com/t9K3TiGTad— State Bank of India (@TheOfficialSBI) November 30, 2019
According to RBI Guidelines, bank customers are required to change their Magstripe Debit Cards to EMV Chip Debit Cards by the end of 2019.
"In view of the continuing frauds on Magnetic Stripe Cards, it is proposed to deactivate these cards by 31.12.2019 (irrespective of the validity period of the card). In case any SBI customer has not received the new EMV Chip card, they are requested to approach his/her home branch," the bank said.
SBI has also informed its customers that the conversion process from Magnetic Stripe to EMV Chip card is safe and free. “The conversion process is safe and comes with no charges, the bank said.
Those SBI customers with magnetic stipe ATM card will not be able to use it to withdraw money after December 31, 2019.
How to upgrade from Magstripe to EMV chip-based Debit card:
SBI customer can replace their Debit card by using a various medium like Internet Banking, visiting their Home Branch. Customer can also apply for the new cards on various channels including net banking, SBI's Yono App.
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.”
Before applying for EMV chip-based Debit card, SBI customers need to ensure their current address is updated in their account and the card will be sent to registered addresses only. “Before applying, please ensure that your current address is updated in your account as the card is sent to the registered address only,” SBI said.