Are you a State Bank of India (SBI) customer? If yes, then you must be holding SBI debit or ATM card? There is an important news for you. Country's top lender has issued an advisory for its ATM cardholders. The bank has asked its customers to update their magnetic stripes ATM-cum-debit cards to the ones with EMV chip before 31 December 2019. The bank said that the cards will get invalid from 1 January 2020, when not done so. This means that all SBI customers still possessing the old magnetic stripes ATM-cum-debit cards will have to get the same replaced by 31 December 2019. “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 tweeted.
"In view of the continuing frauds on Magnetic Stripe Cards, it is proposed to deactivate these cards by 31.12.2019 (irrespective of the validity period of the card). In case any SBI customer has not received the new EMV Chip card, they are requested to approach his/her home branch," the bank said.
SBI has also informed its customers that they don't have to pay anything for upgrading their card to new EMV chip card. It will be free. “The conversion process is safe and comes with no charges, the bank said.
SBI customers can replace their ATM-cum-debit card by either by visiting their Home Branch or through internet banking.
The bank said that "the replacing Magstripe card is free. Magstripe card replacement is free of cost, available online or at your home branch. You can apply for the card at the branch and request a refund at the branch along with proof if the charges are levied."