The SBI advisory has requested its customers to get their ATM cards replaced as per the RBI directive. All the cards carrying the magstripe will need to get exchanged and EMV chip cards are to be obtained within end of 2018.
All the SBI account holders should get their cards replaced, be it credit or debit card. If the card doesn’t have the EMV chip, get it replaced within 31st December 2018, says an SBI statement.
Cards that contain a magnetic strip are known as Magstripe cards. These are being in use for over a long time. EMV chips have got the name after Europay, MasterCard and Visa – all three of those that created the system of plastic money as one more way of transactions. The chip carries microprocessor data which are about the user’s information. With this chip, there is going to be an extra protection against ATM fraudulent cases.
Coming on to the benefits of chip card, the RBI has instructed all the banks to provide only EMV chip containing cards for both debit cards and credit cards. All such exchanges need to be done by end of this year, to note.
An SBI tweet to its customers state that the change of card can be done without no extra charge at all. This conversion is a safe process and does not involve any charges, SBI adds.