In accordance with the RBI guidelines given to all Scheduled Commercial Banks, RRBs, Co-operative Banks and Authorised Card Payment Networks, magnetic stripe-based cards both debit and credit card will be blocked or deactivated after December 31, 2018. And accordingly customers have been asked to replace their old cards with the new EMV chip and PIN-based cards that offer high security.
And to make the process easy as the deadline nears, banks have begun to replace the old magnetic cards with the new EMV chip based cards, primarily debit cards, even before the instructions from the customers for the same to avoid any inconvenience after the old cards get deactivated post the deadline i.e. December 31. All a customer now needs to do is ensure that his or her current address is updated with the bank so as to receive the new card.
The new EMV card with enhanced security that might be already dispatched to you also protects the card against any loss but herein you need to note that the new card bears a different 16-digit card number. Also, regarding the deactivation of the old card, banks have come up their own terms and condition. As notified by a bank, your old card will automatically be blocked within 90 days from the dispatch date of the new EMV card or from the day you use the new card for the first time, whichever is earlier.
And in a case when you had given any instructions for auto-payments, with the deactivation of the old card those instructions will also become invalid. And to avoid any such inconvenience, remember to update the standing instructions for auto-pay facility with the new card number after you begin using the new chip based card.
How to update auto-pay with the new card number online?
For updating auto-pay service with the new card, you need to log in to your net banking account and go to 'Standing Instructions' option and then select 'Modify'option. And here against the payee for whom the standing instructions for auto-payment are already in place, you need to just provide your new 16-digit card number, expiry date and CVV number.