If you have a State Bank of IndiaNSE 0.40 % (SBI) ATM cum Debit card, you may have to replace your card. Country’s largest bank, State Bank of India (SBI), has asked its customers to replace magstripe ATM cards that don’t have EMV chip. You can check whether your card is a magstripe ATM card or EMV by just looking at the top left side of your ATM card. If your card doesn’t have a golden chip than it’s a megstripe card and needs to be replaced.
SBI has urged the account holders, who have magstripe debit cards to shift to EMV chip debit cards by December 31st. In a tweet, SBI said those holding magstripe debit cards have to shift to EMV chip debit cards by the end of this year, according to Reserve Bank of India (RBI) rules. The move comes after RBI had asked banks to issue only chip-based and PIN-enabled debit and credit cards.
EMV chip technology is the latest global payment system that is a more secure technology. The chip is embedded with microprocessor data that stores all your important information. The technology is much secure as compared to magstripe debit cards and protects the customer against frauds like card skimming at the ATM machines.
SBI said the cards will be replaced free of cost and there will be no annual maintenance charge. Customers can apply for new cards through internet banking or by visiting their home branches.
Here is how you can apply for new EMV chip card online
Log onto www.onlinesbi.com using user id and password
Under “eServices” tab click on “ATM Card Services” and follow the instructions to get the new card issued.