Aug 20: Public sector lender State Bank of India has vamped up the process of converting debit cards of its users into EMV chip-embedded ones. The country’s biggest lender has now asked its users to get their present cards converted to EMV chip debit cards before the end of the current year.
RBI has earlier mandated banks to change magstripe debit cards to EMV chip debit cards by the end of 2018. SBI has already taken up measures for the same by replacing magstripe debit card of its users to EMV chip debit cards. Account holders with expired debit cards were already provided with EMV chip debit cards, while those with expiry beyond 2018 and without EMV chips can obtain the new cards by following simple steps.
Users can get their new debit card by logging into the bank’s website with their user id and password. The option to get new card can be found within ATM Card Services option under the eServices tab. Users can also visit their home branches to get their new EVM credit cards.
SBI clarifies that the entire process of conversion is absolutely safe and comes with no additional charges. SBI also informs on its websites that magstripe debit cards would be permanently blocked post the deadline. Many magstripe debit cards have already been blocked by the lender as of 28 February 2017. All such requests for blocking thereafter will remain blocked permanently, reads the bank’s website.
EVM chip technology is the latest global standard for debit card payments. A microprocessor chip comes embedded in these debit cards to store and protect the data of the cardholder. EMV chips offer a more secure technology when compared to magstripe debit cards, and also offer counterfeit protection in them.