As per the RBI’s announcement to SBI, it shall be mandated to replace all the magnetic-stripe cards with EVM cards on or before 31st December 2018.
This may be because of the Apex bank discovering the ideal security measure to stop the increasing card frauds.
Last Day for SBI Customers to Replace their Debit Cards from Magstripe to EVM!
For now, it has been directed only to SBI cardholders.
This has been confirmed and further urged by SBI through its tweet recently:
Get the ultimate shield! As per RBI mandate, replace your Magstripe Card with the EMV Chip Card and continue availing debit card facilities. Apply before 31st December 2018 and get it for free.#SBI #StateBankOfIndia #StateBank #Switch2EMV #SBIEMV #BankerToEveryIndian pic.twitter.com/hQF5vLropD
— State Bank of India (@TheOfficialSBI) December 29, 2018
Easy to differentiate.
Just check whether your card is having the “gold-chip” or not. If yes, then it EVM and you need not to change it. But if no, you should apply for a new one.
What’s the difference?
A magnetic-strip card uses the old tech of static data transmission for payment. Though its instant, it should sometimes have to be in contact with the terminal (POS) until the transaction gets completed.
On the other hand, EVM (stands for Europay, MasterCard, Visa – the creators) doesn’t need to contact with the terminal mostly. The chip embedded is a microprocessor using cryptogram to create dynamic and static authentication everytime a transaction is made, thus making it complicated and harder to hack. This further avoids skimming or cloning of the card.
Visit your home branch for requesting the new card, or you can apply online.
Process by Online:
- Go to “onlinesbi.com” (SBI’s portal)
- Go to “Internet Banking“
- Go to “E-services”
- Go to “ATM card services“
- Tap “Request Debit/ATM card” and done.
You can do the same (apply online) by its app YONO SBI (https://bit.ly/2yuxVe1).
Though RBI is warning the users since October, there seems to be no one taking it seriously. So what happens after the deadline?
Simple, your magstripe cards may not be working as usual and if you wanted to upgrade after the time limit mentioned (31st December), you will be charged by the bank for issuing.