New Delhi: Users of the State Bank of India (SBI) ATM-cum-debit cards should rush to replace their current cards as the same will be deactivated on January 1, 2020. The last date to get the cards replaced is December 31, 2019.
Earlier, the bank had asked its customers to replace their free-of-cost magnetic stripe ATM-cub-debit-card with a new EMV (Europay, Mastercard, Visa) chip and PIN-based card. The move, the SBI had said, was to counter continuing incidents of frauds on the magnetic stripe cards.
According to the bank, the existing cards will be deactivated irrespective of their validity period.
In a tweet, the SBI, the country’s largest private sector bank, had said, “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.”
The bank also said that the conversion process is safe as well as free-of-cost.
In order to avail the new cards, customers can either approach the home branch or order the same through the internet banking mode.
The bank’s directive came in the wake of the Reserve Bank of India (RBI), last year, asking commercial banks to shift their customers from the magnetic stripe cards to EMV and PIN-based card. On its own, too, the SBI has frequently asked its customers to exchange their current cards with the new ones.