Magstripe-based ATM-cum debit cards will become dysfunctional after December 31, 2018. Earlier this year, the Reserve Bank of India (RBI), ordered all the banks to replace the old magnetic-stripe based credit, debit cards with new EMV chip and PIN-based cards. The RBI has ordered the same as the old magnetic-stripe based cards are more prone to frauds, cloning.
As per RBI guidelines, from January 01, 2019, all the old magstripe-based cards will be inactive. To fulfil the Reserve Bank of India’s directive, all the scheduled commercial banks have been working in their own respective capacities to replace the old magstripe-based debit and credit cards with the new EMV (Europay MasterCard Visa) chip cards.
State Bank of India, India’s largest bank by customers and assets, has communicated to its customers to replace the old ATM cards with the new EMV chip cards. In order to transact through the EMV chip card at POS (point of sale), a PIN is required while through magstripe-based card, a transaction can happen without entering a PIN.
The new EMV chip-based SBI ATM card can be obtained by requesting for the same through SBI website or visiting the SBI branch in which you have your bank account. If you don’t have the access to internet banking, you can apply for the new EMV chip-based SBI ATM card at the bank branch by filling up a form. The new EMV-based ATM card will be delivered to the registered home address within 7 days.
Customers, who have SBI internet banking access, can apply for EMV-based SBI ATM card through the website.
Step 1: Visit onlinesbi.com and log in to the internet banking by entering username and password.
Step 2: Upon successful login, click on e-services tab on the homepage.
Step 3: Select ‘ATM Card Services’ from the drop down menu after clicking on e-services tab.
Step 4: Choose ‘Request ATM/Debit Card’ after selecting ‘ATM Card Services’.
Step 5: A new window will open on which you can select the account number for which the new EMV-based ATM card is required and fill in the details such as the name that you wish to be printed on ATM card and the type of ATM card required…….Read More>>