SBI is simply following RBI guidelines, according to which the lender is required to replace all magnetic stripe debit cards with EMV Chip-based cards by the end of this year. And by now, you may be already using an EMV chip-based SBI debit card.
Are you an SBI customer? With only a few days left before the end of this year, you may have come across several online posts or videos claiming certain SBI ATM-cum-Debit Cards will be deactivated after December 31. Some of the online posts may have wrongly claimed that the bank will replace all its debit cards by the end of this year. However, there is no need to panic over such posts. SBI is simply following RBI guidelines, according to which the lender is required to replace all magnetic stripe debit cards with EMV Chip-based cards by the end of this year. And by now, you may be already using an EMV chip-based SBI debit card.
“According to the RBI guidelines, the State Bank of India has decided to replace all SBI debit cards (magnetic cards) with EMV and PIN-based SBI cards by 31st December 2019. The SBI magnetic cards will be deactivated from January 2020 (irrespective of the validity of the existing magnetic SBI debit cards),” SBI tweeted in reply to a query today.
According to the bank, only old magstripe cards that do not have an EMV chip will be deactivated after December 31.
The bank may have already deactivated old magstripe cards of some customers and issued a new one to those who have made any transaction with the old card in the last three months. If your PAN is registered with the bank account and you have used the card in the last three months, the new card may have been sent to your registered address in the bank. If not, you can apply for a new card from your branch, SBI had said in response to a query earlier.
You can identify your Debit Card as an EMV Chip Debit Card if there is a chip located on the front (center-left position) of the Debit Card.
Correct Address necessary
While applying for a new EMV chip card, it important to ensure that the correct address is mentioned in your bank account. As the bank says that the “delivery of ATM card is done by India Post…ATM cards which are returned or marked undelivered by the post office are sent for blocking due to security purpose. Thereafter, the article is shipped to the customer’s branch where the same is handed over to the customer. The whole process may take time up to 10-15 days depending on the geographical location.”
The replacement of magstripe card is free of cost, available online or at your home branch. If you have a card with both magnetic stripe and EMV chip, you don’t need to update it.
You don’t need to replace your card if it is already chip-based.
SBI customers don’t need to visit their home branch only to get a new EMV Chip card. SBI says, “You may apply for the debit card by visiting your nearest branch along with your identity proofs. You may also apply for the debit card through internet banking ( e-Services menu) or Yono Lite app ( Services menu ).”