Old SBI debit cards will be blocked from 1 January; here is how to replace them with EMV chip, PIN-based cards

Public sector lender State Bank of India (SBI) will deactivate its magstripe debit cards to be replaced with EMV chip and PIN-based cards. This will be done today (Tuesday), according to the bank’s website. SBI customers holing magstripe debit cards will not be able to use it to withdraw cash from tomorow (1 January 2020) SBI has urged its customers who are still using the magstripe debit cards (ATM cards) to change them to EMV (Europay, Mastercard and Visa) chip card for safety. “All magstripe debit cards will be deactivated by 31 December 2019 (irrespective of validity period of the card),” SBI said on its website. If the SBI customers are yet to receive the new EMV chip cards, they can approach their respective home branch for changing the card free of cost immediately, the bank said.

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

Europay, Mastercard and Visa (EMV) is the global standard for credit, debit, and prepaid card payments, that uses the chip card technology. An EMV chip-based payment card is a more secure alternative to traditional magnetic stripe payment cards. Private lender ICICI Bank has also become EMV-compliant. ICICI Bank has enhanced security features of its cards ensure that card members transact online as well as offline without any worries. “We now offer credit cards compliant with global EMV standard,” according to the ICICI Bank website. EMV or chip cards contain an embedded microchip that stores card member information in an encrypted format, thus providing an enhanced level of security against possible misuse in the form of counterfeiting and skimming. Punjab National Bank (PNB) said except for the cards issued in Pradhan Mantri Jan Dhan Yojana (PMJDY) and other government schemes, all other debit cards are EMV chip-based along with magnetic strip. In May 2015, the Reserve Bank of India (RBI) had issued a circular in which it said that with effect from 1 September 2015, all new cards issued – debit and credit, domestic and international–by banks shall be EMV chip and PIN-based cards. The RBI had given an extension to banks to replace EMV chip and PIN cards till 31 January 2016. The central bank had said that banks will have to take necessary steps to progressively migrate existing debit cards on their own accord so as to ensure that all active cards issued by them are EMV chip and PIN-based by 31 December 2018. Al banks that have issued magnetic stripe cards will have to replace it by 31 December 2018 irrespective of the validity period of the card.