The State Bank of India has announced that all non-EMV chip debit cards will be deactivated after December 31, 2019, irrespective of the card’s validity date.
If you are using a card with a magnetic stripe, then you need to upgrade it to an EMV chip and pin-based card. The RBI’s new rules mandate this, and the last date to comply was originally December 31, 2018.
The EMV chip-based cards have an embedded microprocessor chip that is more secure than magnetic stripe cards.
The SBI has asked account holders to check with their home branch if they have not been issued a replacement card. If you haven’t been issued one, you can apply for it there and it will be sent to your home address within 7 working days. The same can be done via internet banking as well, under ‘e-services’ > ‘ATM card services’, it said.
Customers will not be charged for seeking a replacement for the card.
