SBI asks account holders to change magstripe debit cards

New Delhi, Aug 20 (Agencies) | Publish Date: 8/20/2018 11:53:20 AM IST

The country’s largest lender State Bank of India (SBI) asked its account holders to exchange their magstripe debit cards and move to EMV chip debit cards.

The SBI account holders will have to move to EMV chip debit cards by the end of this year, as per the Reserve Bank of India rules. The change of cards will be free of any costs, SBI 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,” SBI wrote in its website

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, SBI explained in its website.



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