Waiting for your EMV chip card? Your bank wants you to do this urgently

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Published: December 27, 2018 12:55:12 PM

If your email ID is not with the bank or in case you are not using the mail given to the bank frequently, you may miss the communication and eventually be left out with an invalid or blocked card.

magnetic stripe cards, high-security EMV Chip cards, new Chip+Pin-enabled debit cards, email from banks, Reserve Bank of India, RBI guidelines, deadline to replace cards, Shopping gets secure, online security, Your debit card is protected against any lossThe motive of the RBI to ask banks to replace the existing magnetic stripe debit card with a new Chip+Pin enabled card is to enhance the security of transactions.

As the Reserve Bank of India (RBI) guideline to replace old magnetic stripe cards with high-security EMV Chip cards is going to end on December 31, 2018, banks are going overdrive to complete the replacements within the deadline. To avoid the inconvenience customers may face when the old cards become invalid after the deadline, banks are sending new Chip+Pin-enabled debit cards to the customers without waiting for their request for the same.

In a bid to inform about the move, banks are sending out email alerts to customers with the addresses currently available on the customers’ data base and are requesting the customers either to acknowledge that the address is correct or update the present address, so that the new cards are delivered at the right address without fail.

If your email ID is not with the bank or in case you are not using the mail given to the bank frequently, you may miss the communication and eventually be left out with an invalid or blocked card in case you have shifted your house without informing your bank about the change in address.

So, first check that your current address is there with the bank or not. If there is no change in address, your would get the new card promptly. Otherwise log in to your net banking account and update the address under contact details. In case you don’t have net banking facility, visit the nearest bank branch and update your address immediately.

The motive of the RBI to ask banks to replace the existing magnetic stripe debit card with a new Chip+Pin enabled card is to enhance the security of transactions.

A Chip+PIN based card is better for you because –

  • Shopping gets secure
  • You get online security
  • Your debit card is protected against any loss

While the RBI and banks are doing their part to make your transactions safer, you should also spare some time on urgent basis to check your address with the bank and if needed update it promptly to ensure that the card doesn’t fall in the wrong hands, compromising the security.

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