India’s biggest bank, SBI or State Bank of India, has urged account holders who have magstripe debit cards to shift to EMV chip debit cards. 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 RBI rules. SBI also said that the “conversion process is absolutely safe and comes with no charges.” The RBI had in 2015 asked banks to issue only chip-based and PIN-enabled debit and credit cards.
“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 SBI said in a tweet.
EMV chip technology, the latest global standard for debit card payments, 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 debit cards. EMV chip card protects against counterfeit (skimming) card fraud.
SBI on its website informed account holders that “magstripe debit cards which are in blocked state as on 28 February 2017 and to all such requests for blocking thereafter will remain blocked permanently.”
Instead, SBI said, “free EMV chip debit cards have to be issued to them”. SBI urged affected cardholders to apply for replacement EMV chip debit card through internet banking or by approaching their home branches.
How to apply for new EMV chip SBI debit cards online
Log into www.onlinesbi.com using user id and password and under “eServices” tab click on “ATM Card Services” and follow the instructions.
How to know whether your debit card is a magstripe card
According to SBI, 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.