People who have an account with the State Bank of India may have to replace their ATM cum debit and credit cards soon. The biggest lender in the country has asked its customers to change their cards if they do not have an EMV chip by December 31, 2018.
Cards with only a magnetic stripe at the back, called magstripe cards have been in circulation for a long time now. The EMV chip, named so after its creators Europay, MasterCard and Visa, was introduced to plastic money as an additional secure means of payment. It carries microprocessor data embedded into it which has all important information about the user. These EMV chip cards shield users from ATM frauds like skimming.
Considering these benefits, the Reserve Bank of India has asked the banks to ensure that their customers only use debit and credit cards with EMV chips. The SBI advisory to its customers asking them to replace their cards is in line with the RBI directive that all magstripe cards will have to be exchanged with EMV chip cards by the end of this year.
In a tweet, the SBI said 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.
To find the EMV chip on your SBI debit card or credit card, look for a golden coloured chip on the left end of the card. If you don’t find one there, you will have to replace your card by December 31. No charges will be exacted for the exchange process, and there will not be any maintenance charges for the new EMV chip cards in 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.