State Bank of India to Disable These Cards: Check Out!
SBI has set December 31, 2019, as the deadline for disabling all magnetic stripe debit cards
The State Bank of India (SBI) is asking its debit card users to switch to EMV-chip-based by December 31, 2019. The bank will be deactivating all magnetic stripe cards, in case of non-compliance. This is all you need to know about the deactivation of these cards.
1. SBI has set December 31, 2019, as the deadline for disabling all magnetic stripe debit cards.
2. Regardless of the validity period, the cards will be deactivated. Even if the cards whose expiry date is beyond December 31 will be disabled.
3. The cards are being disabled because of the 'continuing frauds on magnetic stripe cards.
Mainly because of the 'continuing frauds' on them SBI is deactivating these cards. For debit card payments EMV Chip technology is the latest global standard. This technology features debit cards with an embedded microprocessor chip that store and protects cardholder data.
SBI in a tweet on micro-blogging website Twitter, "Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud."
4. Only the magnetic stripe cards without EMV chip will be deactivated. The SBI debit cards having both magnetic stripe and EMV chip will remain valid.
5. SBI customers who have not received EMV chip card should go to the Home branch to get their magnetic stripe cards replaced.
6. Customers can also apply for the new card through SBI internet banking.
Customers need to login to http://onlinesbi.com under the "eServices" tab. Then click on "ATM Card Services" and follow the instructions given on the page. The users can also apply through the SBI's Yono app.
7. Replacing magnetic stripe debit cards is free. There are no charges to replace magnetic stripe debit cards with EMV chip and PIN-based cards. An EMV chip is placed on the front (centre-left position) of the debit card. Users can check whether their card has an EMV chip or not. There is a Chip located on the face (centre-left position) of the debit card in EMV chip debit cards.
8. Check your Address
SBI has also asked customers to ensure that their current address is updated in the account as the card is sent to the registered address only.
