SBI’s EMV Chip Debit Card; 9 key things to know while opting the new chip
EMV Chip technology is the latest global standard for Debit Card payments.
The largest lender State Bank of India (SBI) has taken a step ahead in protecting its customers from ATM frauds, which is why, it has now introduced a new EVM-chip. The new cards have been introduced to replace the ATM-cum-debit cards with magnetic stripe, in accordance with an RBU direction. SBI has asked all customers to save replace their cards by the end of this year.
SBI on it's official website said, "All esteemed customers of SBI of India 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. Instead free EMV Chip Cards have to be issued to them. The affected cardholders are to be advised to apply for replacement EMV Chip Card through internet banking or by approaching their home Branch."
EMV Chip technology is the latest global standard for Debit Card payments. This technology features Debit Cards with embedded microprocessor chip that store and protect cardholder data. This is a much secure technology as compared to Magstripe variants of Card.
Here’s a list of nine key pointers, that you need to know while opting to the debit cards with EMV chip
1. One can apply for a replacement EMV Chip Debit Card by visiting home Branch or through internet banking (www.onlinesbi.com). The replacement EMV Chip Debit Card will issued free of cost to you.
2. Login to www.onlinesbi.com using user id and password and under “eServices” tab click on “ATM Card Services” and follow instructions.
3. Bank had issued a Magstipe Debit Card to you. The same was in blocked state for some time and due to security reason Bank has blocked this Card permanently.
4. As a safety measure, Bank will not unblock any Magstipe Debit Card which is blocked once.
5. You can apply for the replacement EMV Chip Debit Card by visiting your home Branch. Alternatively, you can also request for issuance of the replacement EMV Chip Debit Card through internet banking.
6. You can identify your Debit Card as a Magstripe Debit Card if there is no Chip located on the face (centerleft position) of the Debit Card.
7. You can identify your Debit Card as an EMV Chip Debit Card if there is a Chip located on the face (centerleft position) of the Debit Card.
8. There will be no change in Annual Maintenance Charge as compared to Magstripe Card.
9. EMV Chip Debit Card issued as a replacement of your blocked Magstripe Debit Card, will be completely free of charge.