Your SBI ATM card might stop working after December 31
If you're an SBI ATM card holder, chances are that your ATM card might stop functioning December 31 onwards, if you don't take the requisite action. In a notification, SBI has said that all "Magstripe Debit Cards" will cease to work by the end of this year and that customers are required to shift to more secure EMV chip cards. Here's what we know.
SBI's statement on the particulars pertaining to the matter
"All esteemed customers of SBI...are hereby informed that it has been decided by the Bank that all the Magstripe Debit Cards which are in blocked state as on 28-Feb-2017 and to all such requests for blocking thereafter will remain blocked permanently," read SBI's notification.
The conversion process is free of cost and safe
The move is aimed at nudging SBI account holders to shift from the older Magstripe Cards to the more secure EMV chip cards, as per RBI guidelines. Holders of Magstripe cards can apply for new EMV chip cards via internet banking, or by visiting their nearest SBI branch. Notably, the conversion is free of cost, and SBI claims that it is "absolutely safe".
EMV cards offer more security, get yours ASAP
SBI, India's largest lender, also took to Twitter to make the all-important announcement that presumably affects millions of SBI account holders who still hold Magstripe cards. Notably, EMV cards offer more security against fraud as compared to Magstripe cards that rely on users' signatures and visual inspection to verify a card. It's thus advisable to get your Magstripe card replaced as soon as possible.
