Your SBI debit card will be blocked at bank ATM after December 31st! Do this to continue withdrawing money
The State Bank of India (SBI) is going to withdraw all its debit cards from 1st January 2020 and hence all its existing SBI debit cards will become inoperational. The SBI is doing this under the RBI guidelines that make it compulsory for all Indian banks to replace its debit cards through the chip-based EMV cards. The SBI has informed its customers through its tweet asking them to replace the existing SBI debit cards through the new EMV cards. This exercise is aimed at meeting the international digital payment standards. Therefore, all SBI debit cards and credit cards holders are required to visit their SBI home branch and put a request for changing their debit cards through EMV cards. Those customers, who have net banking access through onlinesbi.com can put this request online also. This online request can be posted through sbi.co.in as well.
Warning the SBI customers to replace their current SBI ATM cards with EMV card by 31st December 2019 and avoid problems at bank ATM while withdrawing money. SBI 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.
According to the RBI guidelines, the State Bank of India 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).