State Bank of India (SBI) customers take note! The bank has issued an advisory to its customers holding its ATM cards. The SBI has announced that it will deactivate its magnetic stripes ATM-cum-debit cards from December 31, 2019. The bank has also requested its customers to upgrade their old cards to EMV chip-based ATM debit cards before December 31, 2019.
"Upgradation of Magstripe Debit Cards to EMV Chip Cards for enhanced security and towards compliance of the Reserve Bank of India (RBI) guidelines. Esteemed customers may please note that Magstripe Debit Cards blocked by them will remain blocked permanently. They are requested to apply for replacement EMV Chip Cards, free of cost, through online SBI, or through their home branch," the bank said in its statement.
The bank had also tweeted last month asking its customers to upgrade their old cards to the more secure EMV chip and PIN-based 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," SBI had said in its tweet.
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
"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 added.
The bank has said that it will not charge any fee from its customers for upgrading their magnetic stripes ATM-cum-debit cards to new EMV chip cards. The upgradation is free of cost and the "conversion process is safe and comes with no charges," the bank cleared.
What is EMV chip technology?
The EMV technology stands for Europay, Mastercard and Visa and is a globally accepted standard for debit card payments. The EMV chip-enabled debit cards come laden with an embedded microprocessor chip that stores and safeguards cardholder's data. The EMV technology is safe and secure when compared to Magstripe versions of the ATM-cum-Debit cards.
What SBI customers should do?
SBI customers can visit the home branch of the bank and get their old cards replaced. They can also do it through SBI net banking or by SBI Yono App.
"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," SBI said.
SBI customers should also note that before getting their old debit cards upgraded, they should update their address in their respective accounts so that the bank sends the card to their registered address only.
If the customers are using internet banking to upgrade their old cards then they need to login to onlinesbi.com with their user ID and password. They then need to click on the eServices tab and go to 'ATM card services'. Follow the instructions and upgrade their old cards to the new ones.
Customers can also verify if their ATM-cum-Debit cards have a magstripe by checking if there is no chip on the face at the centre-left position of the card. And, if there is a chip present on the face (centre-left position) of the debit card, then the card is an EMV chip debit card.