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Alert SBI customers! These debit cards will not work from January 1

BusinessToday.In     December 2, 2019

If you are a State Bank of India customer and still have your old debit card in use, then you must pay heed. You would need to change your magnetic stripe debit cards to the more evolved and secure EMV Chip and PIN-based cards by 31 December.

The bank stated that the Magnetic Stripe Debit Cards would be useless from January 1. You can update your card from your home branch by December 31. "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," the bank tweeted.

"In view of the continuing frauds on Magnetic Stripe Cards, it is proposed to deactivate these cards by 31.12.2019 (irrespective of 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.

The process of changing Magnetic Stripe cards to EMV Chip cards is free, the bank stated.

How to update SBI debit card?

You can apply for the new cards on various channels including net banking, SBI's Yono App or directly from the home branch.

In case charges are levied, you can request a refund at the branch along with the proof of the charges levied.

You must keep in mind that the current address is updated in the account. In case the current address is not updated to your address, the card will be sent to the registered address. "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.

Also read: Corporate frauds trebled in first seven months of FY20: SBI

Also read: SBI credit card arm files IPO papers to raise Rs 9,600 crore with SEBI

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