These SBI ATM cards will become useless from January 1: What should customers do?
SBI magstripe Debit card to EMV chip card: Here’s an alert for those SBI ATM cardholders who have not yet replaced their Magnetic Stripe Debit cards with EMV Chip and PIN-based SBI Debit Card. The ATM cards of such customers will become useless from January 1 2020, if they fail to replace them by December 31, 2019. 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.”
According to RBI Guidelines, bank customers are required to change their Magstripe Debit Cards to EMV Chip Debit Cards by the end of 2019.
SBI 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.
SBI customers with magnetic stipe ATM card will not be able to use it to withdraw money after December 31.
How to upgrade from Magstripe to EMV chip-based Debit card
SBI customers can avoid the last-minute rush by getting their Debit cards replaced by using various channels like Internet Banking, Yono App, or by visiting their Home Branch.
The bank said that 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. You may also apply through Internet Banking.”
Before applying for EMV chip-based Debit card, SBI customers should ensure that their current address is updated in their account and the card will be sent to registered addresses only. “Before applying, please ensure that your current address is updated in your account as the card is sent to the registered address only,” SBI said.