India’s largest bank, SBI or State Bank of India, has encouraged account holders who have magstripe debit cards to move to EMV chip debit cards. In a tweet, SBI said those holding magstripe debit cards need to move to EMV chip debit cards before the current year’s over, as per RBI rules.
SBI also said that the “conversion process is absolutely safe and comes with no charges.”
SBI Announces The Customers To Change Magstripe Debit Cards
The RBI had in 2015 requested that banks issue just chip-based and PIN-empowered debit and credit cards.
“Customers, it’s time to make a shift. As per the RBI guidelines, you are required to change your Magstripe Debit Cards to EMV Chip Debit Cards by the end of 2018,” the SBI said in a tweet.
EMV chip technology, the most recent worldwide standard for debit card payments, features debit cards with inserted microchip chip that store and secure cardholder information. This is a much secure innovation when contrasted with magstripe variations of debit cards. EMV chip card secures against fake (skimming) card fraud.
SBI on its website informed account holders that “magstripe debit cards which are in the blocked state as on 28 February 2017 and to all such requests for blocking thereafter will remain blocked permanently.”
Instead, SBI said, “free EMV chip debit cards have to be issued to them”.
SBI asked affected cardholders to apply for substitution EMV chip plastic through internet banking or by moving toward their home branches.
How to apply for new EMV chip SBI debit cards online
Sign into onlinesbi.com using client id and password and under “eServices” tab tap on “ATM Card Services” and take after the guidelines.
How to know whether your debit card is a magstripe card
As indicated by SBI, you can distinguish your card as a magstripe debit card if there is no chip situated on the face (center-left position) of the debit card.