SBI to Block Magnetic Stripe Debit Cards From January 1st 2020; Know Why

From 1st January 2020, the State Bank of India (SBI) is going to withdraw its magnetic debit cards. So the existing magnetic SBI debit cards will become in-operational. The SBI is doing this under the RBI guidelines that make it mandatory for all Indian banks to replace its debit cards through the chip-based EMV cards.

Trough Twitter the SBI has informed its customers to replace the existing SBI debit cards through the new EMV cards. This aims to meet international digital payment standards. The SBI debit cards and credit cards holders need to visit their SBI home branch and request for changing their debit cards through EMV cards. Customers can also put this request online who have net banking access through onlinesbi.com can too. This online request can be posted through sbi.co.in as well.

SBI tweeted, "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." The SBI has already started deactivating the SBI cards of those SBI accounts in which PAN or Form 60 is not updated. SBI customers should replace their current SBI ATM cards with EMV card by 31st December 2019 and avoid problems at bank ATM while withdrawing money.

The State Bank of India has decided to replace all SBI debit cards (magnetic cards) with EMV and PIN-based SBI cards by 31st December 2019. SBI does this because of the ongoing online frauds on magnetic stripe cards, and it has proposed to deactivate by 31st December 2019. Regardless of the validity of the existing magnetic SBI debit cards, the cards will be deactivated from January 2020.