SBI customer? Your old debit card may get blocked soon

SBI customer? Your old debit card may get blocked soon

This development is in line with RBI guidelines to banks directing them to migrate entirely to debit and credit cards with EMV chips.

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BusinessToday.In
  • Dec 17, 2018,
  • Updated Dec 17, 2018 7:37 PM IST

If you are an SBI account holder and are yet to upgrade your debit card, you'd best hurry because the old cards will be blocked after two weeks. "We're replacing 'Magstripe Debit Cards' with more secure 'EMV Chip Debit Cards', free of cost. Switch to an EMV Card today. Last day to upgrade your Debit Card: 31st December 2018," said the country's largest bank said on Twitter recently.

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This development is in line with RBI guidelines to banks directing them to migrate entirely to debit and credit cards with EMV chips, so named after its creators Europay, MasterCard and Visa. The EMV chip stores payment data on a chip-enabled payment card with support for dynamic authentication. This means that the card generates dynamic data every time it is used for a transaction, making it impossible for fraudsters to copy user data off the credit or debit card. In contrast, the magstripe card stores user data on a magnetic stripe capable of static data authentication only, making it easier for fraudsters to copy data from them.

The SBI tweet also carried a link to an FAQ prepared by the bank on the new EMV Chip Debit Cards. Here are some of the most important ones:

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The returned EMV Chip Card Debit Card are sent back to the home branch. Please visit your home branch for getting delivery of the card and to know the status of the card.

Edited by Sushmita Choudhury Agarwal

If you are an SBI account holder and are yet to upgrade your debit card, you'd best hurry because the old cards will be blocked after two weeks. "We're replacing 'Magstripe Debit Cards' with more secure 'EMV Chip Debit Cards', free of cost. Switch to an EMV Card today. Last day to upgrade your Debit Card: 31st December 2018," said the country's largest bank said on Twitter recently.

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This development is in line with RBI guidelines to banks directing them to migrate entirely to debit and credit cards with EMV chips, so named after its creators Europay, MasterCard and Visa. The EMV chip stores payment data on a chip-enabled payment card with support for dynamic authentication. This means that the card generates dynamic data every time it is used for a transaction, making it impossible for fraudsters to copy user data off the credit or debit card. In contrast, the magstripe card stores user data on a magnetic stripe capable of static data authentication only, making it easier for fraudsters to copy data from them.

The SBI tweet also carried a link to an FAQ prepared by the bank on the new EMV Chip Debit Cards. Here are some of the most important ones:

Advertisement

The returned EMV Chip Card Debit Card are sent back to the home branch. Please visit your home branch for getting delivery of the card and to know the status of the card.

Edited by Sushmita Choudhury Agarwal

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