Why is SBI replacing all of its classic ATM cards?
As per the Reserve Bank of India guidelines (RBI/2014-15/589 DPSS (CO) PD No.2112/02.14.003/2014-15 dated May 07, 2015 and subsequent update http://DPSS.CO.PD.No.448/02.14.003/2015-16 on August 27, 2015) all Magstripe Debit Cards issued by the banks have to be migrated to EMV Chip Debit Cards by 31-Dec-2018.
Based on RBI guidelines, Bank is replacing the Magstripe Debit card (including Classic ATM Cards on Magstripe technology) with more secure EMV Chip Debit Cards. Since, large number of Magstripe debit cardholders have not exercised their option around applying for new EMV Cards, Bank has therefore initiated the migration process of such Magstripe cards which have been used in ATM/ PoS/Ecom sites at least once in past 12 months to EMV chip cards in a phased manner.
Such account holders who have more than one debit cards issued in their account, including an EMV chip based card, the Magstripe debit card has been deactivated from backend. Necessary communication to such account holders has been effected from backend.
In respect of all account holders who have not used their debit cards in past 12 months for ATM/PoS/Ecom transactions, the customer may place his request for a replacement card in his/ her Home Branch. No charges will be recovered by the Branch for such reissuance. In addition to this, customers may apply for new debit cards through our internet banking portal as well. Customers need to navigate to e-Services > ATM Card Services > Request ATM/Debit Card > Select Primary account and secondary account (purely optional) > Enter name to be embossed on the card and SUBMIT the request. Customers may visit SBI RINB – How to Apply for ATM cum Debit Card Online (Video Created in October 2017)for a tutorial video in this regard.
Bank has rolled out a new functionality “My Card”- in this Personalized Image Debit Card is issued where you can choose the design/image to be printed on your card from the gallery of images provided by the Bank. Customers can choose the image from a gallery of images available at the portal.