As mandated by the RBI, the State Bank of India has again requested its customers to do this latest by December 31, 2018.
Are you an SBI customer and holding its debit card? Here’s an important alert for you. The State Bank of India, India’s largest bank, has again urged its customers to update their debit cards latest by December 31, 2018. This message is for those customers who are still holding Magstripe Debit Cards and have not upgraded those cards to the latest EMV Chip Debit Cards, as mandated by the Reserve Bank of India.
In one of its social media posts, SBI said, “We’re replacing Magstripe Debit Cards with more secure EMV Chip Debit Cards free of cost. Switch to an EMV Card today. Last day to upgrade your Debit Card: 31st December 2018.”
It is clear, thus, that if your debit card hasn’t got upgraded yet, then it is time to hurry up and get your card replaced with the new EMV Chip Debit Card as soon as possible, but before December 31, 2018. For, if you fail to do that, then your card may get blocked by the bank and you won’t be able to use your card for any transaction.
In fact, SBI has already started the process of blocking the debit cards of its customers who have been issued the new cards. It is sending an SMS to its customers which states that “Please start using the new SBI EMV Debit card delivered to your Regd. Address. Your SBI Magstripe Debit card will be blocked on DDMMM-YY.”
The bank says that based on the RBI guidelines, it is replacing the Magstripe Debit cards with more secure EMV Chip Debit Cards. After issuance and dispatch of such Debit Cards, it will block the old Magstripe Debit Card after giving sufficient time to the cardholder.
If you haven’t received your EMV Chip Card yet, then you should check with your SBI branch if the replacement card has been issued. The branch will provide you the details of the dispatch of the new EMV Chip Card issued to you. If the replacement Debit Card has not been issued in your account, then you can request the branch to issue a new EMV Chip Debit Card without any charges. Alternatively, you can also request for issuance of the replacement EMV Chip Debit Card through the internet banking.