Magstripe debit cards need to be replaced with secure EMV (Europay, Mastercard and Visa) chip cards by end of this year in keeping with the directives of the Reserve Bank of India. In fact, if your cards are old, you might already be receiving reminders from your bank to get your card replaced. The central bank has set a December 31 deadline for commercial banks to migrate from magnetic stripe-based cards to EMV chip-and-pin cards. State Bank of India (SBI), the largest lender of the country, has been insisting upon users to migrate to safe EMV chip cards. The upgrade is being offered free of cost by the bank, the lender said.
Here are key things you should know about migration to EMV chip cards, as stated by State Bank of India (SBI):
What is an EMV Chip Card? The EMV Chip technology is the latest global standard for debit card payments. This technology features debit cards with embedded microprocessor chips that store and protect the cardholder's data. This is a more secure technology as compared to Magstripe variants of debit cards.
Two ways in which you can apply for SBI EMV chip cards: SBI customers can apply for a replacement for EMV chip debit cards by visiting the home branch or through internet banking (www.onlinesbi.com), said SBI.
How to apply for SBI EMV card online: Login to www.onlinesbi.com using user id and password. Under "eServices" tab, click on "ATM Card Services" and follow the instructions.
How to know whether your debit card is a Magstripe card or not? You can identify your debit card as a Magstripe debit card if there is no chip located on the face (centre left position) of the debit card.
How to know whether your debit card is an EMV chip debit card? You can identify your debit card as an EMV chip debit card if there is a chip located on the face (center left position) of the debit card.
Annual maintenance charge: There is no change in annual maintenance charge for EMV chip cards as compared to the Magstripe cards, as stated on sbi.co.in.
If card is blocked once, apply for new EMV debit card: As a safety measure, SBI said that it will not unblock any Magstipe debit card which is blocked once. So if you requested for temporary blockage of your card, you need to apply for a replacement with EMV chip debit card.