India’s largest public sector lender the State Bank of India (SBI) is going to block ATM-cum-debit cards with magnetic stripes on 31 December 2019. The bank has asked it customers to update their ATM-cum-debit cards with EMV chips.
The bank said that the cards will get invalid from 1 January 2020, if updated on time. This means that all SBI customers still possessing the old magnetic stripes ATM-cum-debit cards must get it replaced by 31 December 2019.
“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 tweeted.
“In view of the continuing frauds on Magnetic Stripe Cards, it is proposed to deactivate these cards by 31.12.2019 (irrespective of the validity period of the card). In case any SBI customer has not received the new EMV Chip card, they are requested to approach his/her home branch,” the bank said.
SBI has also asked its customers not to pay anything for upgrading their card to new EMV chip card. It will be free. “The conversion process is safe and comes with no charges, the bank said.
SBI customers can get their card replaced by either by visiting their Home Branch or through internet banking.
“The replacing Magstripe card is free. Magstripe card replacement is free of cost, available online or at your home branch. You can apply for the card at the branch and request a refund at the branch along with proof if the charges are levied,” said SBI.