SBI asks account holders to change magstripe debit cards1 min read . Updated: 20 Aug 2018, 09:11 AM IST
SBI is replacing magstripe debit cards free of cost. SBI account holders can also apply online for debit card replacement
India’s biggest bank, SBI or State Bank of India, has urged account holders who have magstripe debit cards to shift to EMV chip debit cards. In a tweet, SBI said those holding magstripe debit cards have to shift to EMV chip debit cards by the end of this year, according to RBI rules. SBI also said that the “conversion process is absolutely safe and comes with no charges." The RBI had in 2015 asked banks to issue only chip-based and PIN-enabled debit and credit cards.
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