SBI to account holders: Change to chip-based debit cards
For replacement of magstripe ATM-cum-debit cards, SBI account holders can apply online through the bank's internet banking facility. They can also visit their home branches.
State Bank of India or SBI, India’s biggest bank, has asked its customers to change their magstripe ATM-cum-debit cards by the end of this year. SBI will issue new EMV chip debit cards to its customers for free. For card replacement, SBI ATM-cum-debit card-holders can visit their home branch or apply online through internet banking. “As per the RBI guidelines, you are required to change your Magstripe Debit Cards to EMV Chip Debit Cards by the end of 2018. The conversion process is absolutely safe and comes with no charges," SBI said in a tweet.
EMV chip card technology helps protect against card fraud (skimming). It is the latest global standard for debit card payments, featuring debit cards with embedded microprocessor chip that stores and protects cardholder data.
How to apply online for new SBI debit cards
If you have an online banking facility with SBI, log in to its website (www.onlinesbi.com) using user id and password.
Thereafter, under “eServices" tab, click on “ATM Card Services" and follow instructions, says SBI.
As a safety measure, SBI, on its website, said that it will not unblock any magstripe debit card which is blocked once. It has urged affected cardholders to apply for new EMV chip debit cards.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!