Are your SBI Debit cardholders? Then this news is important to you. India's largest public sector bank State Bank of India (SBI) has issued an advisory to its customers to replace their Magnetic Stripe Debit cards with new EMV (Europay, Mastercard, and Visa) Chip and PIN-based SBI Debit Card. The bank will deactivate those Magnetic Stripe debit cards by December 31. This means SBI customers need to apply for a new EMV chip and PIN-based card by December 31.
SBI has set December 31 as the deadline for its customers to apply for a free-of-cost replacement of their "Magstripe" stripe card to avail a new EMV (Europay, Mastercard, and Visa) chip and PIN-based card, the country's largest bank by assets said on Twitter.
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.”
Those SBI customers fail to apply for a replacement of Magstripe debit cards by the due date, their cards will be deactivated by the bank.
"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.
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How to Apply for SBI EMV Chip Cards Online?
How to apply for SBI EMV Chip Cards Online
- Visit SBI’s net banking portal and login to your account.
- Select “ATM Card Services” from the “e-Services” section
- Select the “Request ATM/Debit Card” option from the list
- Select the account number, enter the name you want on the card, select the type of card, accept the terms and conditions and click on the “Submit” button.
- You have to validate this request either using the OTP feature or your profile password.
- In case you have forgotten the profile password, you can use the One Time Password (OTP) to validate your request.
- Verify all your details and click on the “Submit” button.
- Your request will be submitted and a confirmation message will be displayed on the screen.
- Your SBI ATM Card will be delivered to your residential address mentioned in the bank’s database.
What is an EMV Chip Card?
What is an EMV Chip Card
An EMV chip card is a type of smart payment card that contains an electronic chip with a microprocessor. Instead of storing data on the magnetic stripe, data is stored on integrated circuits in the EMV chip in these cards.
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