Alert! SBI to block your ATM card after December 31; read details

ATTENTION! The State Bank of India (SBI) will be going to deactivate its ATM-cum-debit cards from December 31 across the nation. The information about the same has been shared by SBI on its official Twitter handle.

“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,” SBI tweet reads.

Following the RBI guidelines, all Indian banks must replace their debit cards through the chip-based EMV cards. Therefore, SBI customers should replace their old ATM card without magnetic chips with the new EMV cards because it will become inoperational from January 1, 2020.

The reason behind this decision is to meet international digital payment standards.

Therefore, all SBI debit cards and credit cardholders are required to visit their SBI home branch and apply for a new card. Customers who have net banking access can also raise a request for an EMV ATM card via onlinesbi.com. Also, an online request can be posted through sbi.co.in as well.

Earlier too, SBI had released a statement and said, “Upgradation of Magstripe Debit Cards to EMV Chip Cards for enhanced security and towards compliance of the Reserve Bank of India (RBI) guidelines. Esteemed customers may please note that Magstripe Debit Cards blocked by them will remain blocked permanently. They are requested to apply for replacement EMV Chip Cards, free of cost, through online SBI, or through their home branch.”

Reportedly, SBI has already started deactivating the SBI cards in which PAN or Form 60 is not updated.

With the introduction of the new changes, the online frauds on magnetic stripe cards could be controlled. Hence, SBI magnetic cards will be deactivated from January 1, 2020.

Also Read: Now SBI account holder can update their mobile number via this easy step