State Bank of India (SBI), the largest lender in the country has asked its customers to replace their Magstripe Debit Cards with EMV Chip debit cards. The bank has given time till December 31 2018 to complete this.
The primary purpose behind this shift is to improve the security features of its debit cards. Magstripe cards are currently blocked by SBI.
Individuals who have Magstripe debit cards of the bank will be issued free EMV Chip cards. Cardholders will have to apply for a replacement for the same, either using internet banking or visiting the branch where they have an account.
For those who wish to apply for a replacement online, they can do so by using SBI’s internet banking portal. They can select the ‘eServices’ tab and opt for ‘ATM Card Services’. They can then follow the instructions on the page to complete the request.
Customers who do not upgrade to EMV chip cards will be unable to use their Magstripe cards in SBI ATMs after December 31 2018.
EMV chip cards use a microprocessor chip to protect the details of the cardholder and are considered to be safer than Magstripe cards.
Sources: DNA India, Financial Express
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