Following the notice by the Reserve Bank of India (RBI) to replace the old debit/credit cards to the latest EMV (Europay MasterCard Visa) chip-based and Pin-enabled credit and debit cards to save their customers from online conmen, the State Bank of India (SBI) have announced free-of-cost upgrade of their debit cards.
Recently, RBI have announced that after December 31 all the old debit/credit cards will get blocked if it is not updated to the EMV Chip-based card.
The upgrade of existing cards to the EMV Chip-based and Pin-enabled cards offer tighter security. India’s largest public-sector bank SBI took to microblogging site Twitter to announce the move to provide free of cost upgradation of their debit cards.
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How to apply for the SBI EMV Chip Debit Card:
1. An SBI customer can apply for the latest EMV chip debit card wither by visiting a bank branch or online. The other option is by visiting the home branch.
"As a safety measure, Bank will not unblock any Magstripe Debit Card which is blocked once," SBI mentioned.
2. The existing magnetic stripe card will be replaced for free of cost, as per SBI.
"EMV Chip technology is the latest global standard for debit card payments. This technology features debit cards with the embedded microprocessor chip that store and protect cardholder data. This is a much secure technology as compared to Magstripe variants of a card," SBI added.
3. The replacement is applicable to both domestic and international debit and credit cards.
To apply online:
1. Login to www.onlinesbi.com using your internet banking user ID and password.
2. Click the ‘ATM CARD SERVICES’ tab under the ‘e-Services’ button and follow the instructions.
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