Now that the SBI magstripe ATM cum debit card will become non-functional beginning next year, you need to hurry up and get the new EMV-based debit card issued for yourself. This is in accordance with the RBI circular which has asked all of the banks to replace magstripe based debit cards issued to their customers with the new EMV (Europay, MasterCard and Visa) chip- based ATM cards. The circular dated August 27, 2015, required compliance with the RBI's order by December 31, 2018.
And hence to comply with the RBI's directive, the country's largest state-run bank SBI has been asking its customers to get their old magstripe based ATM cards, in case if they have it, replaced with the new EMV chip based ones.
EMV-chip debit cards are deemed to be more secure than the erstwhile magstripe based ATM cards. Such cards feature a chip that is found on the face on the left hand side of the ATM card.
Note that there will be no charges for the replacement and also the annual maintenance charges in respect of the new EMV chip based card will continue to be at par with the magstripe based card.
So, in a case, if you still are using the old magstripe based SBI ATM cum debit card, you without hassle can get it replaced by either of the 2 ways.
1. Internet banking
2. By visiting your SBI home branch
For applying for the SBI EMV Chip based card via net banking, you need to follow the below mentioned step-by-step process:
1. Visit www.onlinesbi.com
2. Login to your net banking account by providing the required credentials such as login ID and password.
3. Click on the e-Services tab. Herein you need to click on the ATM card services link.
4. Within the ' ATM card services', you need to select the option of ' request ATM/ debit card
5. After this selection is made, SBI customer will be directed to a new page, wherein all relevant details have to be provided including the savings account number for which you wish to request the new ATM cum debit card, the name to be printed on it plus you also need to select the ATM card type which you wish to receive against the bank account.
6. After that you need to submit your request for the new ATM card. And within 7 working days, SBI will dispatch the new card to your home address.
It is to be noted that this service is available only between 8 am and 8 pm on the website.
By visiting your SBI home branch: For replacing the old magstripe SBI ATM card, you can also visit your bank's home branch wherein you maintain your SBI account. The form will be required to be filled for placing the request of replacing magstripe card with EMV chip card. As per the FAQ on the bank's website, customer will be in receipt of the new card within 7 working days.