SBI to block ATM-cum-debit cards from Dec 31! Customers guide!

State Bank of India (SBI) has announced that their magstripe debit card will be deactivated on December 31, 2019, reports Times now. So, SBI has requested its customers to change their magstripe PIN based card to EMV chip-based card.

"Upgradation of Magstripe Debit Cards to EMV Chip Cards for enhanced security and towards compliance of the Reserve Bank of India (RBI) guidelines. Esteemed customers may please note that Magstripe Debit Cards blocked by them will remain blocked permanently. They are requested to apply for replacement EMV Chip Cards, free of cost, through online SBI, or through their home branch," said SBI in a statement.

Customers can avoid the last minute rush and opt for SBI net banking, Yono App or visit their home branch and apply for the card as soon as they can. Considering thee holiday season is up for Christmas and New Year, it is best if customers do it early.

Please make sure the address is updated as the cards will be sent to the registered address in the account. If applying online, ATM card services is available under eServices in www.onlinesbi.com

If one is confused whether their card is chip based or not, please know that EMV chip cards have a chip on the front side.