SBI alert! Your debit card will not withdraw money from ATM if you don't do this before the deadline
SBI account holders are required to check-in at their home branch and put a request for changing their existing debit cards.
SBI or the State Bank of India has announced that under the Reserve Bank of India (RBI) guidelines, the largest commercial bank of India is bound to replace all the existing SBI debit cards through a chip-based card called EMV. The SBI informed its customers through a tweet asking them to replace their existing SBI debit cards through this EMV cards by December 31st, 2019 — the RBI deadline to meet the global digital payment standards. So, SBI customers are required to check-in at their home branch and put a request for changing their existing magnetic SBI card by EMV SBI debit card. They can put the magnetic SBI card replacement online by availing SBI Online service by logging in at onlinesbi.com or sbi.co.in.
See SBI tweet below:
Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN based SBI Debit card at your home branch by 31st December, 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud. pic.twitter.com/t9K3TiGTad
— State Bank of India (@TheOfficialSBI) November 30, 2019
Asking the SBI customers to replace their existing debit cards to continue withdrawing money without any problem the largest Indian bank tweeted, "Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN-based SBI Debit card at your home branch by 31st December 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud." In fact, the SBI has already started deactivating the SBI cards of those SBI accounts in which PAN or Form 60 is not updated.
See Zee Business Live TV streaming below:
As per the RBI guidelines, SBI has decided to replace all SBI debit cards (magnetic cards) with EMV and PIN-based SBI cards by 31st December 2019. SBI is doing this by keeping in view of the continuing online frauds on magnetic stripe cards, it has proposed to deactivate by 31st December 2019. The SBI magnetic cards will be deactivated from January 2020 (irrespective of the validity of the existing magnetic SBI debit cards).
Speaking on what propelled RBI to change the magnetic SBI cards, SEBI registered investment and banking expert Jitendra Solanki said, "To meet the global standards of debit and card payments, the RBI in May 2015, directed all Indian banks to change the existing cards by a chip-based card called EMV. Earlier, the deadline given by the RBI for this exercise was December 2018 but the banks failed to meet that. However, this change of magnetic cards by SBI online services is in regard to that and these new EMV cards would help SBI online services to contain the SBI card skimming from the cyber criminals."