In a major setback to State Bank of India (SBI) customers, soon the bank will deactivate the SBI magnetic stripes ATM cards. Through a tweet, SBI said that has proposed to deactivate all magnetic strip cards by December 31, 2019, irrespective of the card's validity period.
So before December 31 customers have 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. As per RBI guidelines, SBI has replaced all magnetic stripe cards of its customers with EMV chip and PIN based cards.
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. pic.twitter.com/t9K3TiGTad— State Bank of India (@TheOfficialSBI) November 30, 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," said the tweet.
"Dear Customer, 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," SBI tweet further read.
The bank has also asked those customers who have applied for the EMV chip-based card and have not yet received it to visit their home branch as soon as possible to switch from the magnetic card. SBI said it will deactivate the magnetic stripe cards by December 31, 2019 irrespective of their validity period.
Here's how to apply for SBI's new EMV chip and pin-based card online:
Customers can also apply for the secured chip-based card online through Internet Banking.
Step 1: Login to SBI website
Step 2: From e-Services in the top nav, select ATM Card Services.
Step 3: Now click on Request ATM/Debit card.
Step 4: Please choose your option to validate. Now click on Using One Time Password (OTP).
Step 5: Enter the OTP that you received on your registered mobile.
Step 6: Now, select the account. Fill details like Name on the card and type of the card.
Step 7: Click on the terms and conditions and then select 'Submit'.
Step 8: After submitting, a message will flash on your screen saying ' You will receive your debit card withing 7-8 working days at your registered address.