Active Stocks
Wed May 29 2024 15:50:35
  1. State Bank Of India share price
  2. 822.95 -0.96%
  1. Tata Steel share price
  2. 174.20 -0.37%
  1. HDFC Bank share price
  2. 1,507.85 -1.48%
  1. Power Grid Corporation Of India share price
  2. 317.55 1.52%
  1. ITC share price
  2. 430.80 0.44%
Business News/ Money / Personal-finance/  Old SBI ATM cards will be invalid in few hours. How to apply for EMV chip-based cards
BackBack

Old SBI ATM cards will be invalid in few hours. How to apply for EMV chip-based cards

The new EMV chip-based SBI ATM cards can be obtained online through internet banking or by visiting the home branch

EMV chip-based SBI ATM cards have a chip located on the face of the card.Premium
EMV chip-based SBI ATM cards have a chip located on the face of the card.

New Delhi: State Bank of India (SBI) will permanently block debit/ATM and credit cards of its account holders, who have not upgraded from magstripe to the new EMV chip cards. As the 31 December deadline set by Reserve Bank of India (RBI) ends today, account holders with magstripe cards will be denied services at ATMs. The only way they can enjoy services is by upgrading to the new card. The SBI advisory to its customers asking them to replace their cards is in line with the RBI directive that all magstripe cards will have to be exchanged with EMV chip cards by 31 December 2018.

“Get the ultimate shield! As per RBI mandate, replace your Magstripe Card with the EMV Chip Card and continue availing debit card facilities. Apply before 31st December 2018 and get it for free," SBI posted in a recent tweet.

A customer has to apply before 31 December 2018, to get it for free. In case you apply thereafter, the bank may charge you some money for the card.

What is an EMV chip card?

Chip-based cards, also called chip and PIN cards, use higher standards of data encryption and storage technology compared to magnetic stripe cards. Unlike magnetic stripe cards that require just a swipe on a point of sale (PoS) device to complete a transaction, chip and PIN cards require a PIN as well to complete the transaction. This provides an extra level of security. The shift to chip-based cards is driven globally due to increased risks of card cloning

Is your debit card a magstripe card?

If your debit card has no chip located on the face (centre-left position) of the debit card, then it is a magstripe card, according to SBI. EMV chip debit cards, on the other hand, have a chip located on the face (centre-left position) of the card.

SBI customers can either visit their home branch or apply online through internet banking to get EMV chip-based cards. Here’s how:

1. If you have an online banking facility with SBI, log in to its website (www.onlinesbi.com) using user id and password.

2. Thereafter, under ‘eServices’ tab, click on ‘ATM Card Services’.

3. Select the ‘Request ATM/Debit Card’ option from the list.

4. A new page will appear on your screen. Select the savings account for which you wish to receive the new ATM card. From the drop down menu, select the type of ATM card you wish to receive.

5. Click on the submit tab. A new ATM card will be sent to your home address within seven working days.

6. The internet banking service can be availed between 8 am and 8 pm only.

The new EMV-based SBI ATM card will be delivered to your home address withing 7 working days. SBI has over 40 crore active customer accounts.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 31 Dec 2018, 01:38 PM IST
Next Story footLogo
Recommended For You