There is big news for ATM cardholders from the State Bank of India. The bank is discontinuing its customer’s old Magnetic Stripe debit card and replacing with SBI EMV Chip Debit Card. SBI has taken this decision to provide better service to its customers and to prevent them from fraud. This is a Magstripe (magnetic) debit card. In return, banks are giving EMV cards with a chip. The bank has given a deadline to all customers to change the card by 31st December.
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Why SBI Converting Magnetic Stripe Card into SBI EMV Chip Debit Card?
According to the Reserve Bank, the magnetic stripe card is now outdated technology. Making such a card has also stopped now. A black bar appears on the backside of the debit card. This black strip is a magnetic strip, in which the complete information of your account is recorded. These cards were not completely secure, due to which they have been discontinued. Now EMV chip cards have been prepared in their place. It is based on new technology and is more secure.
Difference between Magnetic Stripe Card & EMV Chips Card
Copying data from a card with a magnetic stripe is easy. It is quite easy to copy the data given on the strip and make a fake card. Chip cards are more secure. There is no possibility of data theft; because the details of the consumer are in the chip so it cannot be copied. Encrypted code is issued for every transaction in a chip card which supports verification. This is not the case with magnetic stripe cards.
What you have to do for changing Magnetic Card to EMV Card?
Customers will have to visit the home branch of State Bank of India, to get the Mag-stripe card replaced by the SBI EMV Chip Debit Card. If customers wish, they can apply to change the card through Internet banking. Customers using Internet banking will have to log on to the bank’s official website and click on the ATM card service in the e-Services tab. After this, they can complete the process according to the guidelines.
The Validity of Current Magnetic Stripe Cards
If you also have your old Magstripe (magnetic) Debit Card SBI, change it immediately. Because, after 31st December, your old ATM will not work, ATMs also will not accept the card. If you have not changed your old ATM card, you will not be able to transact money from January 1st. State Bank of India has given information via Twitter – https://twitter.com/TheOfficialSBI/status/1200750827180158976?s=19
What are the charges of changing the Magnetic Stripe card into an EMV Card?
State Bank of India has also issued a notification for its customers to replace the old magnetic stripe card with a chip card. Banks are not taking any separate charge for chip cards. It has been kept free of cost. You can also contact this 1800-425-3800 SBI Customer Care Number for more information.