SBI asks account holders to change magstripe debit cards
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.
How to apply for new EMV chip SBI debit cards online
Log into www.onlinesbi.com using user id and password and under “eServices" tab click on “ATM Card Services" and follow the instructions.
How to know whether your debit card is a magstripe card
According to SBI, you can identify your debit card as a magstripe debit card if there is no chip located on the face (centerleft position) of the debit card.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!