India’s biggest bank: State Bank of India, has issued a major alert, for all their customers in India.
SBI has alerted that after December 31st, their bank customers won’t be able to use their debit cards at any ATM. Infact, their ATM cards will be deactivated.
What is that one thing SBI customers need to do?
SBI Alert: Your ATM Card Will Be Deactivated If..
SBI and all other banks have unleashed a massive exercise to convert the old debit cards into the new chip based EMV debit cards,
In a new alert, SBI has alerted that in case their customers don’t change their existing debit cards into the new EMV based chip cards, then their ATM cards will be deactivated for ever.
In that case, they won’t be able to use their respective debit cards anywhere.
Here is the tweet from SBI:
Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN based SBI Debit card at your home branch by 31st December, 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud. pic.twitter.com/t9K3TiGTad
— State Bank of India (@TheOfficialSBI) November 30, 2019
What If ATM Cards Get Deactivated?
In case the ATM or Debit card is not replaced by the new chip-based debit card, then that card will be deactivated.
However, there is nothing to worry!
As soon as the new ATM card with the chip is issued, that new card can be used for cash withdrawal and other activities like paying at merchants and shops.
What Is So Special About EMV Chip Based Cards?
First of all, for all under Rs 2000 transactions, there is no need to enter your PIN. The chip will directly scan the POS machine, and the amount will be deducted.
Besides, these new chip-based cards are hard to skim, or copy, compared to the old traditional magnetic stripe based card.
This means that the new cards are more safe, more secure.
Interestingly, in case any user hasn’t updated their PAN card or Form 60 in their bank accounts, then also the debit card will be blocked.
You can visit your nearest SBI branch, and apply for a new card.
We will keep you updated, as more details come in.
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