SBI To Deactivate These Debit Cards By December 31. Here's What To Do
December 31 is the last date for State Bank of India (SBI) customers to apply for a free-of-cost replacement of their "Magstripe" or magnetic stripe card to avail a new EMV (Europay, Mastercard, and Visa) chip and PIN-based card. Those holding the Magstripe cards need to apply at their home branch by December 31, the country's largest lender by assets said in a post on Twitter. Magstripe debit cards being used by SBI customers failing to apply for a replacement by the due date will be deactivated by the bank.
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. pic.twitter.com/t9K3TiGTad
November 30, 2019The Reserve Bank of India (RBI) had last year directed commercial banks to migrate their customers from Magstripe cards to the EMV chip and PIN-based cards.
“As per RBI guidelines, SBI has replaced all magnetic stripe debit cards of its customers with EMV Chip & PIN-based cards,” State Bank of India said on Twitter. SBI said it will deactivate the magnetic stripe cards by December 31, 2019 irrespective of their validity period.
How To Apply For SBI's New EMV Chip And PIN-Based Card
SBI customers who have not received their EMV chip cards are requested to approach the home branch for changing the Magstripe card immediately, it added.
SBI has time and again urged its customers to get their Magstripe debit cards exchanged to EMV chip-based debit cards.
"Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud," SBI said about the new EMV chip and PIN-based cards.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
