FINANCE | DEC 7, 2019:
Some of the SBI debit atm cards will be deactivated and will stop working. According to SBI, as per RBI guidelines, SBI has replaced all Magnetic Stripe Debit Cards of its customers with EMV chip & PIN based cards.
In view of the continuing frauds on Magnetic Strike Cards, it is proposed to deactivate these cards by 31.12.2019. (irrespective of the validity of the card).
SBI in tweet 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.”
How to get new SBI debit atm card?
- In case any SBI customer has not received the new EMV Chip Card, they are requested to approach his/her home branch for changing the Magnetic Stripe Debit Card with EMV Chip & PIN based card immediately, as per State Bank of India
What is an EMV Chip Card?
- EMV Chip technology is the latest global standard for Debit Card payments.
This technology features Debit Cards with embedded microprocessor chip that store and protect cardholder data.
- This is a much secure technology as compared to Magstripe variants of Card.