New Delhi: The countrys largest lender State Bank of India (SBI) asked its account holders to exchange their magstripe debit cards and move to EMV chip debit cards.
The SBI account holders will have to move to EMV chip debit cards by the end of this year, as per the Reserve Bank of India rules. The change of cards will be free of any costs, SBI said.
“All esteemed customers of SBI of India are hereby informed that it has been decided by the Bank that all the Magstripe Debit Cards which are in blocked state as on 28-Feb-2017 and to all such requests for blocking thereafter will remain blocked permanently. Instead free EMV Chip Cards have to be issued to them. The affected cardholders are to be advised to apply for replacement EMV Chip Card through internet banking or by approaching their home Branch,” SBI wrote in its website
EMV Chip technology is the latest global standard for Debit Card payments. This technology features Debit Cards wi th embedded microprocessor chip that store and protect cardholder data. This is a much secure technology as compared to Magstripe variants of Card, SBI explained in its website.
How to identify an EMV Chip Debit Card?
You can identify your Debit Card as a n EMV Chip Debit Card if there is a Chip located on the face (center - left position) of the Debit Card.
How to identify a Magstripe Debit Card?
You can identify your Debit Card as a Magstripe Debit Card if there is no Chip located on the face (center - left position) of the Debit Card .
How to apply for the replacement Debit Card?
You can apply for the replacement EMV Chip Debit Card by visiting your home Branch. You can also request for issuance of the replacement EMV Chip Debit Card through SBI internet banking.