SBI customers alert: Two updates and why they are important for you to know
Are you an SBI customer? There are at least two recent updates you must be aware of.
If you are an SBI customer, there are at least two recent updates you should be aware of. First, the bank has asked all customers to get their ATM-cum-debit cards with magnetic stripe replaced with the one with EMV chip before December 31. This is in accordance with an RBI direction that asked banks to issue only chip-based and PIN-enabled debit and credit cards with an aim to protect customers from frauds.
EMV (Europay MasterCard Visa) chip card protects you against counterfeit (skimming) card fraud. According to SBI, " EMV Chip technology is the latest global standard for Debit Card payments. This technology features Debit Cards with embedded microprocessor chip that store and protects cardholder data. This is a much secure technology as compared to Magstripe variants of Card."
"Dear Customers, it's time to make a shift. 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 had tweeted recently,
In case you fail to replace your Debit card before the deadline, it will be blocked. The replacement card is provided by the bank at zero cost.
How to identify if the card has EMV or not?
Simply, check if there is a golden chip embedded on the card on the front side. If yes, you have an EMV card.
How to get EMV chip card
Apply to replace your old debit card with an EMV Chip Debit Card by visiting your home Branch. You
can also request for issuance of the replacement EMV Chip Debit Card through internet banking
SBI customers need to know that the bank has changed names and IFSC codes of nearly 1,300 branches across India. This has been done as part of rationalisation post-merger of six associate banks with the SBI. Names and IFSC codes of as many as 1,295 branches have been changed across the country. Six associate banks and Bhartiya Mahila Bank (BMB) merged with SBI with effect from April 1, 2017
You can check the new names of SBI branches and their IFSC codes here: http://www.sbi.co.in/webfiles/uploads/files/RATIONALISED_BRANCHES_WITH_I...