Do you have an SBI debit/ATM card? If yes, you need to get your old debit cards (Magstripe cards) replaced by 31st December 2019.
The country's largest lender has asked its customers to replace their old magnetic strip debit/ATM cards with the new ones which have the EMV chip by the end of 2019. According to the bank's statement, starting January 1, 2019, the old cards will be invalid. Once the card is blocked, as a safety measure, the bank will not unblock it under any circumstances.
“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," the bank had 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. pic.twitter.com/t9K3TiGTad— State Bank of India (@TheOfficialSBI) November 30, 2019
"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 lender added.
How to check if you still have the old card?
You can identify your card as a Magstripe debit card if there is no chip located on it (in the centre-left position). If you possess that card, then you need to get it changed.
How to apply for a new card?
You can apply for the replacement EMV chip debit card by visiting your home branch.
Alternatively, you can also request for issuance of the replacement EMV chip debit card through internet banking. Login to www.onlinesbi.com using your user id and password and under “eServices” tab, click on “ATM Card Services” and follow instructions.
How much does the replacement cost?
The replacement EMV chip debit card will be issued free of cost to you. Also, there will be no change in the annual maintenance charge as compared to the Magstripe card.