If you are an SBI account holder and are yet to upgrade your debit card, you'd best hurry because the old cards will be blocked after two weeks. "We're replacing 'Magstripe Debit Cards' with more secure 'EMV Chip Debit Cards', free of cost. Switch to an EMV Card today. Last day to upgrade your Debit Card: 31st December 2018," said the country's largest bank said on Twitter recently.
This development is in line with RBI guidelines to banks directing them to migrate entirely to debit and credit cards with EMV chips, so named after its creators Europay, MasterCard and Visa. The EMV chip stores payment data on a chip-enabled payment card with support for dynamic authentication. This means that the card generates dynamic data every time it is used for a transaction, making it impossible for fraudsters to copy user data off the credit or debit card. In contrast, the magstripe card stores user data on a magnetic stripe capable of static data authentication only, making it easier for fraudsters to copy data from them.
The SBI tweet also carried a link to an FAQ prepared by the bank on the new EMV Chip Debit Cards. Here are some of the most important ones:
How will I know whether my Debit Card is a Magstripe Card?
You can identify your debit card as a Magstripe Debit Card if there is no [golden] chip located on the face (center-left position) of the card.
What is an EMV Chip Card?
EMV Chip technology is the latest global standard for card payments. This technology features debit cards with embedded microprocessor chip that store and protect cardholder data. This is a much more secure technology as compared to the older Magstripe variants.
How can account holders apply for the replacement [upgraded] debit card?
You should first check with your bank branch if the replacement card has been issued to you. If it has been issued then the branch will provide the tracking details of the dispatch of the new EMV Chip Card. If it has not been issued, you can apply for the new card by either visiting your home branch or through Internet banking (www.onlinesbi.com). After you log into the website using your user ID and password, follow the below path to place a request for the new card:
"e-Services >> ATM Card Services >> Request ATM/Debit Card"
Will there be any change in the Annual Maintenance Charge for EMV Chip Card Debit Card?
There will be no change in Annual Maintenance Charge as compared to Magstripe Card.
What if I am not able to take delivery of the replacement debit card?
The returned EMV Chip Card Debit Card are sent back to the home branch. Please visit your home branch for getting delivery of the card and to know the status of the card.
Edited by Sushmita Choudhury Agarwal