Old magnetic stripe-only debit and credit cards have to be replaced by 31 Dec 2018 with the chip-based card as per RBI. The cards will be replaced free of cost by banks. This article talks about Why should you get EMV cards? What is EMV or Chip Based card? How to apply for SBI EMV based card? Have you replaced your old ATM card?
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Why should you get EMV Card?
On 27 Aug 2015, the Reserve Bank of India (RBI) asked all the banks to replace their customers’ magstripe based ATM cum debit cards with EMV (Europay, MasterCard and Visa) chip-based ones. The last date to comply with this order is December 31, 2018. Post the expiry of deadline all the magstripe based debit cards will become inactive.
In India, the EMV chip-based debit and credit cards have been issued customers opening new accounts or applying for new debit or credit cards after 31 January 2016.
What is EMV or Chip Based card?
EMV stands for Europay, Mastercard, Visa. EVM is a global standard for cards equipped with computer chips and the technology used to authenticate or verify chip-card transactions.
Difference between Cards with magnetic strips and EVM based cards
The magnetic stripes on traditional credit and debit cards contain static or data which does not change, stored in the black strip that we see on the back of the card. Transaction through the card machine (also called Point of Sale or PoS device) can be done using the magnetic stripe cards by swiping it. If someone copies a mag stripe, they can easily replicate that data over and over again because it doesn’t change.
EMV chips are small, metallic square on the left side of the card. It’s a computer chip. With EMV cards you no longer have to swipe but insert your card into a terminal slot and wait for it to process called ‘card dipping‘. You still have to sign or enter a PIN for your card transaction. Every time an EMV card is used for payment, the card chip creates a unique transaction code that cannot be used again. This gives an additional level of security to the user. If a hacker stole the chip information from one specific point of sale, typical card duplication would never work because the stolen transaction number created in that instance wouldn’t be usable again and the card would just get denied.
EMV technology will not prevent data breaches from occurring, but it will make it much harder for criminals to successfully profit from what they steal.
EMV Card
Note: The online transaction will continue to pose risk if you share card-related sensitive information with an unknown person or someone you don’t trust.
How to get new SBI Debit ATM Card which is EMV Card
If you have a magstripe based SBI debit card, here are two ways to get your old ATM/debit card replaced.
- Through Net Banking and
- By visiting your bank’s home branch.
How to Get New SBI EMV Card Through Net-banking
- Visit www.Onlinesbi.com. You can avail this service between 8 AM to 8 PM only.
- Login to your account by entering your user ID and password.
- On the homepage, click on e-services tab. From the drop down menu, select the ‘ATM card services’
SBI How to get new EVM card through online
- Under the ‘ATM card services’, select the option, ‘Request ATM/Debit Card’
- A new page will appear on your screen. Select the savings account for which you wish to receive the new ATM card. Enter the name which has to be printed on the card and select the type of ATM card you wish to receive from the drop-down menu.
- Click on Submit. A new ATM card will be sent to your home address.
Video on how to apply for New SBI Debit Card Through Net-banking
This 3-minute video shows how to apply for New SBI debit card through Net Banking
Get New SBI EMV Card By visiting your bank’s home branch
Remember :
- There are no charges to be paid by you for replacing your card with the EMV based one.
- There will be no change in the annual maintenance charges.
- Your new ATM/debit card will be delivered to your house within 7 working days.
