Home / Money / Personal Finance /  SBI to deactivate these ATM-cum-debit cards from January

State Bank of India (SBI) has announced that magstripe debit card will be deactivated by 31 December 2019. You are left with just a few days now to get your magnetic stripe debit card upgraded with EMV chip and PIN-based SBI debit card. With effect from 1 January 2020, SBI customers will not be able to use their old magnetic stripe debit cards even if the validity of the card has not expired. The bank had also tweeted last month asking its customers to upgrade their old cards to the more secure EMV chip and PIN-based debit cards.

"Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN-based SBI Debit card at your home branch by 31st December 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud," SBI had said in its tweet.

The bank has said that it will not charge any fee from its customers for upgrading their magnetic stripes ATM-cum-debit cards to new EMV chip cards.

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.

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 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.

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
Recommended For You
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout