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SBI ATM cards to turn dysfunctional after December 31
Posted on: 28/Dec/2018 4:24:54 PM
After December 31, 2018, all the ATM cards that are based on magstripe will turn dysfunctional. In the beginning of this year, the Reserve Bank of India had instructed all the banks to convert all credit and debit cards based on magnetic-stripe into PIN based cards or EMV chip cards. This initiative by the RBI is a move taken to beat the increasing cases of fraudulence that happen with magnetic-stripe based cards.
According to guidelines rolled out by the RBI, starting from 1st January 2019, all the old magstripe cards will turn obsolete and will be inactive. Abiding by the RBI instructions, all the commercial banks have shown full swing activity in replacing the old cards with EMV chip cards. EMV stands for Europay MasterCard Visa.
In the same lines, the State Bank of India has also requested all its customers to get their magnetic stripe cards into EMV chip cards. In case of transactions done using point of sale machine, these EMV chip cards will require feeding a PIN number, whereas it is not so with magnetic stripe cards.
Request for replacing the old card with a new EMV chip card can be done via SBI website or can be done directly at SBI bank branch where you hold the bank account. In case you don’t have internet banking access, you can easily apply for a new card by filling a form directly at the bank branch. In 7 days from the date of application, you will receive the EMV-based chip card.
On the other hand, customers who make use of SBI net banking can straight away apply for the new card online.
Here is the procedure
- Click on to onlinesbi.com and enter your account using your username and password
- Click on e-services page that you find on the Home page.
- Click on e-service under which there is an option called ‘ATM Card Services’ in the dropdown menu. Click on it.
- There is an option to request for new ATM or Debit card. Select this.
- You will then be asked to feed your account number to successfully apply for a new EMV based ATM card. Fill the required details along with your name that has to get printed on the card and the card type you request for.
- Finally, after entering all the necessary information, submit your details. And you are done with applying.
In 7 days you will have the card delivered at your home.
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