State Bank of India (SBI) given an official announcement to its customers asking them to switch to EMV-chip-based debit cards by December 31, 2019. India’s largest bank SBI said that it will be deactivating all magnetic stripe cards by end of the year. Here’s everything you need to know about the deactivation of cards and more
1. All magnetic stripe-based debit cards will be deactivated after December 31, 2019.
State Bank of India will be deactivating these cards even if their expiry date is beyond December 31, 2019.
2. SBI said in its notice that it has to deactivate magnetic stripe cards due to frauds that are happing. Protect yourself with guaranteed authenticity, with more security for online payments and added security against fraud, said SBI.
3. SBI is deactivating only those debit cards that do not have an EMV chip. The cards with EMV chips will continue to be valid.
4. SBI customers who have not received EMV chip cards need to visit Home branch to get their cards replaced
5. Customers can also apply for new cards on SBI’s internet banking website by Just log in to http://onlinesbi.com. Go to the “eServices” tab, click on “ATM Card Services” and follow the instructions given on the page
6. Customers no need to pay any fee to replace magnetic stripe debit cards, Replacing these cards is absolutely free
7. Customers can check if their debit cards have an EMV chip or not. It is placed on the face (center-left position) of the debit card.
8. SBI has one more important advice for customers who want their debit cards replaced. Make sure that the address given in your account is updated correctly because the new cards are sent to registered addresses only.