Magnetic Debit Card Update: Are you debit card users of SBI, PNB, HDFC, ICICI, or other banks? Then this is important new for you! All public and private banks will block debit cards (ATM cards) which doesn't have EMV (Europay, Mastercard and Visa) after 1st January 2020. Customers using non-EMV chip debit card may have to face a problem during money withdrawal from the ATM as your debit card may be blocked after 31st December 2019.
According to the Reserve Bank of India (RBI) guidelines, all Indian banks need to replace the magnetic debit card of their customers with a new EMV card.
The magnetic debit card replacement is mandatory as it is aimed at meeting the international payment standards. Following the RBI guidelines, All Indian banks including SBI, PNB, HDFC Bank, ICICI Bank customers who are using a magnetic debit card are advised to replace their debit card or they will have to face difficulty in money withdrawal from the ATM.
"All Indian banks will have to replace all magnetic chip-based debit cards with EMV and PIN-based cards by 31st December 2019," RBI guidelines say. Keeping in view of the increase in the online frauds or ATM fraud on magnetic stripe cards, the RBI has proposed all Indian banks to deactivate them by 31st December 2019. So, all magnetic chip-based debit cards will be deactivated from 1st January 2020 (irrespective of the validity of the existing magnetic SBI debit cards).
Earlier, SBI asked its debit cardholders to replace their magnetic chip-based debit card by a new EMV debit card. The bank 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."
How to Apply for EMV Chip Cards Online?
- Visit bank's net banking portal and login to your account.
- Select “ATM Card Services” from the “e-Services” section
- Select the “Request ATM/Debit Card” option from the list
- Select the account number, enter the name you want on the card, select the type of card, accept the terms and conditions and click on the “Submit” button.
- You have to validate this request either using the OTP feature or your profile password.
- In case you have forgotten the profile password, you can use the One Time Password (OTP) to validate your request.
- Verify all your details and click on the “Submit” button.
- Your request will be submitted and a confirmation message will be displayed on the screen.
- Your SBI ATM Card will be delivered to your residential address mentioned in the bank’s database.