Bhubaneswar: Are you using SBI Magstripe Debit Cards? If yes, it’s time to make a shift.
The State Bank of India (SBI) has recently issued a notification on its official website saying that its Magstripe Debit Cards will be blocked after December 31,2018.
“It has been decided by the Bank that all the Magstripe Debit Cards which are in blocked state as on 28-Feb-2017 and to all such requests for blocking thereafter will remain blocked permanently. Instead free EMV Chip Cards have to be issued to them,” the notification read.
Hence, all SBI debit card holders are advised to get their outdated Magstripe Debit Cards replaced with new EMV Chip Cards through internet banking or by approaching their home branch before December 31. If not replaced, customers will not be able to use their debit cards in SBI ATM machines.
On its Twitter handle, the bank wrote, “Dear Customers, it’s time to make a shift. 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.”
How to apply for SBI EMV Chip Debit Cards
Log on to www.onlinesbi.com using user id and password.
Click on “ATM Card Services” under “eServices” tab and follow the instructions.
How to know whether your debit card is a Magstripe card
You can identify your debit card as a magstripe debit card if there is no chip located on the face (centerleft position) of the debit card.