If you still haven't changed your State Bank of India (SBI)ATM cum-debit card then from January 1, 2020, it will become useless, meaning the bank will deactivate it. SBI has announced that the SBI magstripe debit card will be deactivated on
December 31, 2019, therefore, customers are requested to change their magstripe card to EMV chip-based ATM debit card as soon as possible.
December 31, 2019, therefore, customers are requested to change their magstripe card to EMV chip-based ATM debit card as soon as possible.
You can get your cards replaced by using various channels like SBI net banking, SBI Yono App, or by visiting their Home Branch. And before applying for EMV chip-based debit card make sure that your address is updated in the account so that the card is sent to your registered address only.
You can check whether your debit card is a magstripe card if there is no chip located on the face (center-left position) of the debit card. Your card is an EMV chip debit card if there is a Chip located on the face (center-left position) of the Debit Card.
You should check with your home branch if the replacement card has been issued. If it has been issued, the branch will give you details of the dispatch. If it has not been issued, you can apply for the replacement EMV chip debit card at the home branch. The ATM card will be sent to your home address within 7 working days. You can also apply for the replacement card via your Internet banking account at www.onlinesbi.com.
SBI in its statement said, "Upgradation of Magstripe Debit Cards to EMV Chip Cards for enhanced security and towards compliance of the Reserve Bank of India (RBI) guidelines. Esteemed customers may please note that Magstripe Debit Cards blocked by them will remain blocked permanently. They are requested to apply for replacement EMV Chip Cards, free of cost, through online SBI, or through their home branch.
How to apply for an EMV debit card via Net banking
Login to www.onlinesbi.com using your user ID and password. Select 'e-Services' option, under that choose 'ATM Card Services' and then 'Request ATM/Debit Card'. You have to generate a "Green PIN" to start using the card. It is free of cost. There will be no change in annual maintenance charges as compared to Magstripe Card.
The Reserve Bank of India (RBI) had asked all banks to replace their customers' magstripe based old ATM cum debit cards with new EMV chip-based ones. According to the RBI circular, dated August 27, 2015, the last date to comply with this order was December 31, 2018
Also, in a tweet last month, SBI said, "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."
