Debit and credit card frauds are increasing rapidly in India. People are losing crores of rupees to card frauds each year. According to the report, from January 2015 to December 2017, a total of 35,551 credit cards and 21,860 debit or ATM card frauds have been reported in India. The amount involved in this fraud is Rs 14,165 Lakhs for credit cards, and Rs 14, 869 Lakhs for ATM or debit cards.
To reduce frauds that take place with debit and credit cards, the Reserve Bank of India has made it mandatory for all the banks to replace their customer's magnetic stripe based ATM cards with EMV (Europay, MasterCard and Visa) chip-based ones. As per the RBI circular, all the magstripe based ATM cards have to be replaced by the end of 2018. After December 2018, the magstripe based debit cards will be inactive. Card skimming is very difficult in the new chip-based card, as it encrypts information in a different way.
To follow the Central Bank's order, State Bank of India has asked its customers to replace their old magstripe based ATM or debit cards with the EMV chip-based card.
You can identify if the ATM or debit card has the EMV chip by looking at the top left corner of the front side. If your ATM does not have a golden chip set on the left corner, it is a magstripe ATM card.
If you still have magstripe based SBI debit card, you can replace it by an EMV chip-based card through two ways. You do not have to pay any charges for replacing your card with the EMV based one and also there will be no changes in the annual maintenance fees. The annual maintenance charges will be the same as a magstripe based card.
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a) To replace your old SBI ATM card through net banking, first, you must visit www.Onlinesbi.com and login to your account by entering user ID and password.
b) After logging in to your net banking account, you should click on “eServices” tab on the homepage.
c) After that, you must select "ATM card services" from the drop-down menu. Under the '"ATM card services'", select the option, "Request ATM/Debit Card".
d) Once you click on "Request ATM/Debit Card" option, a new page will appear on your screen. You will have an option to enter the name which has to be printed on the card. You must also select the type of card, you wish to receive.
e) Click on submit, once you are done providing all the information. The new ATM will be sent to your address.
Note: This service can be availed only between 8 AM to 8 PM and the new ATM card will be sent to you within 7 working days.
You can also apply for the new EMV chip-based card at the local bank branch where you are holding your bank account. You need to fill the form and submit it at the bank branch.