Latest News

  • Home
  • National
  • SBI customer? Your debit card will stop working unless you do this
SBI customer? Your debit card will stop working unless you do this
Tuesday, August 14, 2018 IST
SBI customer? Your debit card will stop working unless you do this

The State Bank of India has informed its debit cardholders to get their old Magstripe Debit cards replaced with EMV Chips Cards before 31st December 2018, owing to security reasons.

 
 

Are you an SBI debit card holder? Here’s an important update for you. The State Bank of India has informed its debit cardholders to get their old Magstripe Debit cards replaced with EMV Chips Cards before 31st December 2018. Owing to security reasons, the bank has blocked this card permanently. The replaced EMV Chip Debit Card will be issued free of cost and there will be no annual maintenance charge.
 
SBI has issued a notice for its customers on its official website informing that all the Magstripe Debit Cards which are in a blocked state as on 28-Feb-2017 and to all such requests for blocking thereafter will remain blocked permanently. Free EMV Chip Cards will be issued to the holders of Magstripe Debit Cards. The affected cardholders are advised to apply for replacement EMV Chip Card through internet banking( onlinesbi.com) or by approaching their home branch. Customers after logging in go to “eServices tab then click on “ATM Card Services” and follow instructions in order to get a new debit card issued.
 
Consequently, customers failing to do so will not be able to use their debit card in SBI ATM machines beyond the given date. The move to change the debit cards supported with EMV chip is as per the RBI guidelines. The bank informed its customers about this on twitter as well.
EMV Chip technology is the latest global standard for Debit Credit payments. The debit cards are lashed with a microprocessor chip which stores and protect cardholder data. One can identify their debit card as a Magstripe Debit Card if there is no Chip located on the face of the Debit Card.
 
The bank has clarified that there is no way to unblock the Magstripe Debit card and the only option is to switch to the EMV chip debit cards.
 
Earlier, SBI had launched a Multi Option Payment Acceptance Device for the digital convenience of customers and merchants. Customers can make payments through “ Cards, Bharat QR, UPI and SBI buddy ( e-wallet) on a single POS terminal” using MOPAD. This payment acceptance device aims at helping merchants to integrate different kinds of transactions through one POS machine which will help in eliminating their operational inconvenience and streamline cash flow.
 
In order to empower the economy towards digital transactions and move towards less-cash economy, the bank’s initiative has been to empower the merchants and customers. This new initiative will begin on all PoS terminals in a phased manner with 6.23 lakh PoS terminals being deployed currently.
 

 
 
 
 
 

Related Topics

 
 
 

Trending News & Articles

 Article
Here is the full list of 827 porn websites banned by the DoT

While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content. ...

Recently posted . 61K views . 1 min read
 

 Article
Class XII Boys Raped 16-Year-old in Dehradun School After Watching Porn on Phone: Police

The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...

Recently posted . 8K views . 1 min read
 

 Article
Sept 27,2001 Rahul Gandhi and his girl friend Veronique,was arrested in Logan airport in Boston

Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million. Rahul and his girl friend was th...

Recently posted . 7K views . 7 min read
 

 Article
TOP 10 GYM EQUIPMENT BRANDS IN INDIA 2017

True – Tr...

Recently posted . 6K views . 83 min read
 

 
 

More in National

 Article
No cut in subsidies, expect more tax steps in full budget: Piyush Goyal

Interim finance minister dismisses fiscal slippage concerns ahead of RBI’s policy review meeting.

Recently posted. 548 views . 0 min read
 

 Article
MCD election results 2017 Live: Counting of votes shows BJP win, AAP blames EVMs, Maken resigns.

The counting of votes polled in Delhi municipal elections began at 8 am today, with the results likely to have political ramifications beyond the national ...

Recently posted. 902 views . 45 min read
 

 Article
Haryana's Anu Kumari, Mother Of A 4-Year-Old, Places Second In UPSC

UPSC result: A devoted mother, UPSC second rank holder Anu Kumari, not only fulfilled her household responsibilities, but took out 10-12 hours every day for her s...

Recently posted. 669 views . 1 min read
 

 Article
Delhi pollution live: Kejriwal govt withdraws petition to modify odd-even

Delhi battled with severe air pollution on Tuesday morning as well, with the Air Quality Index recorded at 406. Here are the live updates of the situation in the ...

Recently posted. 776 views . 1 min read
 

 Article
CNG, PNG set to get costlier from next month as 12-14% increase in domestic natural gas price expected

The price of CNG and PNG are set to rise from next month as the government will revise the prices of domestic natural gas for the October 2018-March 2019 period a...

Recently posted. 536 views . 1 min read
 

 
 
 

   Prashnavali

  Thought of the Day

"Obstacles are those frightful things you see when you take your eyes off your goal."
Henry Ford

Be the first one to comment on this story

Close
Post Comment
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST


ads
Back To Top