The State Bank of India has asked its customers to upgrade their ATM cards with magnetic stripes to cards with EVM chip which are more secured, before December 31, 2019.
In a tweet, the SBI said, “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.”
The move is as per the Reserve Bank of India guidelines that has asked all banks to replace the magnetic stripe debit cards to EVM chip and PIN-based cards that are safer. The magnetic stripe debit cards are prone to frauds and so should be deactivated by December 31, 2019. This is irrespective of the validity of the card.
If you are an existing SBI customer and haven’t received the EVM chip-based card, you can approach the bank to get it replaced immediately. The conversion is free of cost and attracts no charges.
You can also apply for the EVM chip-based debit card through online banking or bank’s app. However, do ensure the address given against your account is the updated and registered one. It is mandatory to provide your registered mobile number for requesting the card online.
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