State Bank of India has issued an advisory for its ATM cardholders who to apply for the replacement of their Magnetic Stripe Debit cards with EMV Chip and PIN-based SBI Debit Card.The bank said those fails to apply for the EVM-Chip debit card, their card will get invalid from January 1, 2020. This means they need to replace that ATM card by December 31, 2019.
The bank has tweeted, “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.”
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 said.
SBI has also informed its customers that the conversion process from Magnetic Stripe to EMV Chip card is safe and free. “The conversion process is safe and comes with no charges, the bank said.
SBI customer can replace their Debit card by using a various medium like Internet Banking, visiting their Home Branch. Customer can also apply for the new cards on various channels including net banking, SBI’s Yono App.
The bank said that “the 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.”