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State Bank of India is deactivating magnetic stripe card

IamCheated.com Research Team | December 09, 2019  11:41:pm

State Bank of India is deactivating magnetic stripe card: Everything you need to know

If you still use the State Bank of India (SBI) magnetic stripe ATM-cum-debit card, it’s going to be useless from December 31st 2019. This is because the country's largest lender, SBI, is going to deactivate its magnetic stripe cards. All the magnetic stripe cards of SBI will be replaced by the EMV chip and PIN-based cards as per the guidelines issued by the State Bank of India.

SBI has made this announcement to its customers by making Tweets on its official Twitter handle. The SBI 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."

SBI magnetic stripe card: Everything you need to know

Your SBI magnetic stripe card will be deactivated on December 31st, 2019, even if your card expiry date is beyond this date. The main intention of deactivating the magnetic stripe cards is to avoid fraud.  In India, there have been many instances of ATM fraud and a lot of people have lost hard-earned money to this. Replacing a magnetic stripe card with EMV Chip helps reduce frauds.

What is an EMV Chip Card?

EMV stands for Europay, MasterCard and Visa. EMV chip-based debit cards are embedded with a microprocessor chip which stores and protects cardholder data. These cards are said to be safer and more secure than magnetic stripe cards.

You can check if the EMV card has been issued or not by visiting your home branch. If the EMV card has been sent, you will be given dispatch details by the bank. In case it is not issued, you can apply for it at the home branch. You will receive the card within 7 working days to your registered address. So, it is very important to ensure that your current address is updated.  You can even apply for EMV debit card Net banking.

How to apply for an EMV debit card via Net banking?

You can apply for an EMV based debit card by visiting www.onlinesbi.com. You have to log on to this website by using your user ID and password. After you log in, you have to click 'e-Services' option and choose 'ATM Card Services. Under ATM Card Services you have to choose 'Request ATM/Debit Card'. You can also apply for an EMV based card using SBI’s Yono app.

Are there any charges for replacing your debit card?

You will not be charged any fees to replace magnetic stripe debit cards with EMV chip-based cards.

How to check if your card is an EMV chip or not?

In the case of an EMV chip card, a chip is located on the face (center-left position) of the debit card.

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