Old SBI ATM cards will be invalid in few hours. How to apply for EMV chip-based cards
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New Delhi: State Bank of India (SBI) will permanently block debit/ATM and credit cards of its account holders, who have not upgraded from magstripe to the new EMV chip cards. As the 31 December deadline set by Reserve Bank of India (RBI) ends today, account holders with magstripe cards will be denied services at ATMs. The only way they can enjoy services is by upgrading to the new card. The SBI advisory to its customers asking them to replace their cards is in line with the RBI directive that all magstripe cards will have to be exchanged with EMV chip cards by 31 December 2018.
“Get the ultimate shield! As per RBI mandate, replace your Magstripe Card with the EMV Chip Card and continue availing debit card facilities. Apply before 31st December 2018 and get it for free,” SBI posted in a recent tweet.
A customer has to apply before 31 December 2018, to get it for free. In case you apply thereafter, the bank may charge you some money for the card.
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