Just 2 months left: Make sure you change your SBI card before December 31

By barakbulletin On October 30, 2018 - 2:33 pm

All State Bank of India customers, lend us your ears! You would soon have to replace your ATM cum debit and credit cards. SBI has asked its customers to change their cards by December 31, 2018, if it doesn’t have an EMV chip on it.

For long, cards with only a magnetic stripe at the back have been in circulation. The EMV chip, named so after its creators Europay, MasterCard and Visa, was introduced to as an additional security means of payment. It carries microprocessor data embedded into it which has all important information about the user. The chip cards also shield users from ATM frauds.

The Reserve Bank of India has asked the banks to ensure that their customers only use debit and credit cards with EMV chips, considering the benefits it provides. On that request, the SBI has advised its customers asking them to replace their cards with the RBI directive. All magstripe cards will have to be exchanged with EMV chip cards by the end of this year.

Dear Customers, it’s time to make a shift. As per the RBI guidelines, you are required to change your Magstripe Debit Cards to EMV Chip Debit Cards by the end of 2018. The conversion process is absolutely safe and comes with no charges. Know more: https://t.co/hgDrKXlInp pic.twitter.com/QoLZZSQuEj

— State Bank of India (@TheOfficialSBI) August 10, 2018

In a tweet, the SBI has informed that the customers can replace their cards without any charges. “As per the RBI guidelines, you are required to change your Magstripe Debit Cards to EMV Chip Debit Cards by the end of 2018. The conversion process is absolutely safe and comes with no charges,” SBI said in its tweet.

Look for a golden coloured chip on the left end of the card to find the EMV chip on your SBI debit card or credit card. If it’s not present, you will have to replace your card by December 31. There are no extra charges for the procedure and there will not be any maintenance charges for the new EMV chip cards in the future.

To replace the old SBI magstripe cards, customers can visit the SBI website or their home branches. Customers will have to log in their user ID and password and select ‘ATM Card Services’ under the ‘eServices’ tab and initiate the process to get a new card issued.