State Bank of India or SBI, India’s biggest bank, has asked its customers to change their magstripe ATM-cum-debit cards by the end of this year. SBI will issue new EMV chip debit cards to its customers for free. For card replacement, SBI ATM-cum-debit card-holders can visit their home branch or apply online through internet banking. “As per the RBI guidelines, you are required to change your Magstripe Debit Cards to EMV Chip Debit Cards by the end of 2018. The conversion process is absolutely safe and comes with no charges,” SBI said in a tweet.
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SBI has issued a notice for its clients on its official site illuminating that all the Magstripe Debit Cards which are in a blocked state as on 28-Feb-2017 and to every single such demand for blocking from that point will stay blocked for all time. Free EMV Chip Cards will be issued to the holders of Magstripe Debit Cards. The influenced cardholders are encouraged to apply for substitution EMV Chip Card through web managing an account( onlinesbi.com) or by moving toward their home branch. Clients in the wake of signing in go to “eServices tab at that point tap on “ATM Card Services” and adhere to directions so as to get another charge card issued.
The Reserve Bank had earlier asked banks to issue only chip-based and PIN-enabled debit and credit cards to protect customers from frauds. “Protect yourself from fraudulent activities by applying for an EMV Chip Card with SBI free of cost. It’s the latest standard in debit card security,” SBI said in another tweet.
As of June-end, SBI had 28.9 crore ATM-cum-debit cards, of which a large number are already chip-based, PTI said in a report. Several other banks, too, are replacing magstripe cards with EMV-equipped cards.
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Is your debit card a magstripe card?
It is easy to identify if your debit card is 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.
EMV chip card technology helps protect against card fraud (skimming). It is the latest global standard for debit card payments, featuring debit cards with embedded microprocessor chip that stores and protects cardholder data.