Attention SBI cardholders! India’s largest public sector bank SBI has announced that SBI magstripe debit card will be deactivated on December 31, 2019. Those SBI ATM cardholders who have not yet changed their magnetic Stripe debit cards
with EMV Chip and PIN-based SBI Debit Card are requested to change their magstripe card to EMV chip-based ATM debit card as soon as possible
In a notice to the customers, the lender said “As per RBI Guidelines, SBI has replaced all Magnetic Stripe Debit Cards of its customers with EMV chip and PIN-based cards. 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 customer has not received the new EMV chip card, they are requested to approach his/her home branch for changing the magnetic stripe debit card with EMV chip and PIN-based card immediately.”
The lender 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.”
The lender 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. Note that SBI customers can avoid the last-minute rush by getting their ards replaced by using various channels like SBI net banking, SBI Yono App, or by visiting their Home Branch.
It is worth mentioning that before applying for EMV chip-based Debit card, customers must ensure that their current address is updated in their account and the card will be sent to registered addresses only. The lender said, “Before applying, please ensure that your current address is updated in your account as the card is sent to the registered address only.”