If you still have a magnetic stripe State Bank of India (SBI) ATM-cum-debit card, by the end of the year it will become useless, i.e., the lender will deactivate it. Through a tweet, SBI said that has proposed to deactivate all magnetic strip cards by December 31, 2019, irrespective of the card’s validity period.
As per RBI guidelines, SBI has replaced all magnetic stripe cards of its customers with EMV chip and PIN based 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,” said the tweet.
The bank has also asked those customers who have applied for the EMV chip-based card and have not yet received it to visit their home branch as soon as possible to switch from the magnetic card.
If you still have not got an EMV chip-based debit card, here is how you can get it, according to SBI’s FAQ section.
- What is an EMV Chip Card?
Europay, MasterCard and Visa (EMV) chip-based debit cards come embedded with a microprocessor chip that stores and protects cardholder data. This is supposed to be a more secure technology as compared to magnetic stripe cards.
- How to check if your EMV based card has been issued?
You should check with your home branch if the replacement card has been issued. If it has been issued, the branch will give you details of the dispatch. If it has not been issued, you can apply for the replacement EMV chip debit card at the home branch. The ATM card will be sent to your home address within 7 working days. You can also apply for the replacement card via your Internet banking account at www.onlinesbi.com.
- How to apply for an EMV debit card via Net banking?
Login to www.onlinesbi.com using your user ID and password. Select ‘e-Services’ option, under that choose ‘ATM Card Services’ and then ‘Request ATM/Debit Card’.
- After receiving the EMV chip based SBI debit card, how do you activate it?
You have to generate a “Green PIN” to start using the card.
- Is there any charge for the replacement? What about annual maintenance charge?
It is free of cost. There will be no change in annual maintenance charge as compared to Magstripe Card.
- Why the switch?
The Reserve Bank of India (RBI) had asked all banks to replace their customers’ magstripe based old ATM cum debit cards with new EMV chip-based ones. According to the RBI circular, dated August 27, 2015, the last date to comply with this order was December 31, 2018.