As December 31 deadline draws nearer, the SBI customers should know that they need to change their debit, credit cards if they have not done it yet. State Bank of India (SBI) has asked its customers to get their ATM-cum-debit cards with magnetic stripe replaced with the one with EMV chip before December 31.
The Reserve Bank on India had asked banks to issue only chip-based and PIN enabled debit and credit cards with an aim to protect customers from frauds.
EMV chip card protects against counterfeit (skimming) card fraud. EMV chip card and PIN protects against both counterfeit (skimming) and lost and stolen card fraud.
EMV stands for ‘Europay MasterCard Visa’ while PIN is acronym for ‘Personal Identification Number’.
“Dear Customers, it’s time to make a shift. As per the RBI guidelines, you are required to change your Magstripe Debit Cards to EMV Chip Debit Cards by the end of 2018. The conversion process is absolutely safe and comes with no charges,” the SBI had earlier tweeted.
The new EMV chip-based SBI ATM card can be obtained by requesting for the same through SBI website or visiting the SBI branch in which you have your bank account.
Customers, who have SBI internet banking access, can apply for EMV-based SBI ATM card through the website.
Besides, Youshould also know that December 31 is the last date to apply for home laon with the State Bank of India with zero processing fee.
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