Your magnetic-strip card will get blocked tomorrow: Here's what you should do
SBI is giving its customers the upgrade for free if they apply by December 31, 2018.
December 31, 2018 / 10:03 AM IST
Debit and credit card holders have one more day left to use their magnetic-strip (magstripe) cards, as it will be permanently blocked from January 1, 2019.
According to a mandate by the Reserve Bank of India (RBI), all magstripe debit and credit cards would be valid only till December 31, 2018, and must be upgraded to EMV chip cards.
Over the past one year, most banks have taken steps to upgrade magstripe cards with chip cards free of cost. In order to comply with the deadline, some banks are pulling out all stops to ensure all customers have upgraded successfully.
For instance, SBI is reminding customers that while they can upgrade their existing debit cards for free if they apply today, a fee will be applied from tomorrow.
Why the migration?
The reason the central bank issued this directive is that the EMV chip cards store user data much more securely as compared to the magnetic strip cards.
The EMV technology, named after its founders EuroPay, MasterCard and Visa, is a microprocessor and it uses dynamic and static authentication, which creates new data with every transaction of the debit card, which makes cloning the card almost impossible.
To check if your card is an EMV card, look for a golden chip on the center-left position at its front.
Issuing a new card
If you need a new EMV card, you may visit your home branch and get one issued physically. You can also log on to the Internet banking portal of the bank and request for a replacement card.
The card will be dispatched to your registered address, and in most cases, the delivery status can be tracked online.