The account holders of State Bank of India (SBI) have just one day before their magstripe debit and credit cards will get blocked permanently.
The Reserve Bank had instructed to replace magnetic strip cards with EMV cards in 2015 due to widespread fraud.
The account holders of State Bank of India (SBI) have just one day before their magstripe debit and credit cards will get blocked permanently.
Following a mandate by the Reserve Bank of India (RBI) to phase out old magstripe cards, the biggest lender in India has asked its customers to upgrade to EMV chip cards by December 31, 2018.
EMV is the abbreviation of Euro Pay, Master Card and Visa. According to the instruction of Reserve Bank, old ATM cards will be valid only till December 31.
What are EMV chip cards?
The EMV chip is a microprocessor that stores user data in a more secure way than the magnetic stripe on the older debit or credit cards. The EMV chip technology, named after its founders Europay, MasterCard and Visa, uses both dynamic and static authentication, to create dynamic data every time the debit card is used for a transaction. This makes cloning the card or skimming user data off it impossible.
How to get new EMV chip cards?
The request for a new card can be placed through the official website of SBI or visiting the SBI branch in which you have your bank account. After you submit the application form, the new EMV-based ATM card will be delivered to the registered home address within 7 days.
For users who have SBI internet banking access, the request for new EMV-based SBI ATM card can be placed through the website.
Here's how you can place the request online.
1. Go to SBI netbanking website - onlinesbi.com
2. Log in to your SBI Internet Banking account
3. Go to eServices
4. Select ATM card services
5. Request ATM/Debit card
If you have already placed a request for a new EMV chip debit card online, but have not received one, visit your SBI home branch for further information about the dispatch status.