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SBI To Deactivate These Debit Cards By December 31. Here's What To Do

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Taasir English News Network | Uploaded on 09-Nov-2019

December 31 is the last date for State Bank of India (SBI) customers to apply for a free-of-cost replacement of their “Magstripe” or magnetic stripe card to avail a new EMV (Europay, Mastercard, and Visa) chip and PIN-based card. Those holding the Magstripe cards need to apply at their home branch by December 31, the country’s largest lender by assets said in a post on Twitter. Magstripe debit cards being used by SBI customers failing to apply for a replacement by the due date will be deactivated by the bank.

The Reserve Bank of India (RBI) had last year directed commercial banks to migrate their customers from Magstripe cards to the EMV chip and PIN-based cards.

As per RBI guidelines, SBI has replaced all magnetic stripe debit cards of its customers with EMV Chip & PIN-based cards,” State Bank of India said on Twitter. SBI said it will deactivate the magnetic stripe cards by December 31, 2019 irrespective of their validity period.

SBI customers who have not received their EMV chip cards are requested to approach the home branch for changing the Magstripe card immediately, it added.

SBI has time and again urged its customers to get their Magstripe debit cards exchanged to EMV chip-based debit cards.

Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud,” SBI said about the new EMV chip and PIN-based cards.

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