India's largest public sector bank -- State Bank of India -- has issued an advisory for all its customers to update their magnetic stripes ATM-cum-debit cards to those with EMV chip before December 31 2019. The bank has said that the old cards will get inactive or will be blocked from January 1, 2020.
If you are holding an old debit card of SBI, you should get it updated by the bank before the last day of the year.
“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," SBI tweeted.
Why is SBI blocking your current debit card?
"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.
What are the charges of updating your SBI debit card?
The bank has made it clear that the customers do not have to pay anything for upgrading their card to new EMV chip card. It will be absolutely free. “The conversion process is safe and comes with no charges, the bank said.
How to update the old debit cards with the new ones?
SBI customers can update their current ATM-cum-debit cards by both online and offline means. Customers can visit their parent branch and ask for the new updated card or can also get this done via internet banking.
"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," SBI said.
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