New Delhi: State Bank of India (SBI) has asked its customers to update their ATM-cum-debit cards with magnetic stripes to the ones with EMV chips before 31 December 2018. In a tweet, SBI said, “We’re replacing ‘magstripe debit cards’ with more secure ‘EMV chip debit cards’, free of cost. Switch to an EMV card today. Last day to upgrade your debit card is 31st December 2018." Chip-based cards, also called chip-and-PIN cards, use higher standards of data encryption and storage technology compared with magnetic stripe cards.
Here are five things to know about the SBI EMV chip-and-PIN pin debit card:
1. SBI customers can apply for a replacement for EMV chip debit cards either by visiting the home branch or online (www.onlinesbi.com). For internet banking, log in to www.onlinesbi.com using user id and password and under the “eServices" tab click on “ATM card services" and follow the instructions.
2. SBI customers should note that the EMV chip debit card will be issued as a replacement by the bank free of cost.
3. EMV cards are much safer as these prevents counterfeit (skimming) card fraud. The EMV chip and PIN protects against any skimming activities.
4. According to SBI, you can identify your debit card as an EMV chip debit card if there is a chip located on the face (centre er left position) of the debit card.
5. The Reserve Bank of India (RBI) has instructed commercial banks to switch from magnetic stripe cards to EMV chip-and-PIN cards by 31 December 2018. This is applicable to domestic as well as international debit and credit cards. The central bank has instructed the issuing banks to replace magnetic stripe cards with EMV cards irrespective of the validity period of the card.
SBI has over 40 crore active customer accounts.