NEW DELHI: The State bank Of India (SBI), which is the country's biggest private sector lender, will discontinue its old magnetic strip-based credit and debit cards from January 1. Through a tweet, the SBI said that it has proposed to deactivate all old magnetic strip-based cards by December 31, 2019, irrespective of the card's validity period.
As per RBI guidelines, the SBI has replaced all old magnetic strip-based ATM-cum-debit and credit cards of its customers with EMV chip and PIN-based hi-security cards.
"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 said in a tweet.
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. pic.twitter.com/t9K3TiGTad
— State Bank of India (@TheOfficialSBI) November 30, 2019
The SBI has also urged its customers and cardholders to replace the old magnetic strip-based credit and debit cards with high-security EMV Chip-based cards.
Effective January 1, 2020, if you are holding a card with the magnetic strip, it will not be accepted at the ATMs or at merchant establishments. Now, there is a lot of confusion among the customers and many of them are posting queries online. SBI has been giving them the clarifications.
Firstly, if those holding SBI cards are already in possession of cards with the chip implanted in them, they need not worry. Those will be still valid beyond January 1 as well. You just need to check the date of the card’s expiry, the month and year printed on the card itself.
Since the bank is sending the replacement cards by post, so the customers need to inform the bank in case they have to change their current address, otherwise, the new card will be returned to the bank with the remark - ''addressee not found''. The bank has also clarified that this replacement of the card is done free of cost.
"Upgradation of Magstripe Debit Cards to EMV Chip Cards for enhanced security and towards compliance of the Reserve Bank of India (RBI) guidelines. Esteemed customers may please note that Magstripe Debit Cards blocked by them will remain blocked permanently. They are requested to apply for replacement EMV Chip Cards, free of cost, through online SBI, or through their home branch," SBI had said in a statement earlier.