Today is the last day for State Bank of India (SBI) customers to apply for a free replacement of the bank's "Magstripe" or magnetic stripe card to avail a new EVM (Europay, Mastercard, and Visa) chip-based card. SBI had earlier announced a free-of-cost replacement of magnetic stripe cards for its customers in a limited-period offer. Under the scheme, State Bank of India (SBI) customers were required to apply for a replacement of the ATM-cum-debit card by December 31, according to a post by the country's largest lender on microblogging website Twitter.
The move by State Bank of India is in line with the Reserve Bank of India (RBI)'s direction to commercial banks to migrate from magnetic stripe-based cards to EMV chip-and-pin cards. The central bank has set a deadline of December 31 for commercial banks - such as State Bank of India (SBI) - to comply with its order.
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#BankerToEveryIndianpic.twitter.com/hQF5vLropD— State Bank of India (@TheOfficialSBI) December 29, 2018
How to apply for replacement of existing SBI magnetic strip card with a new EVM chip-based card:
SBI has time and again urged its customers to get their existing “Magstripe Debit Cards” changed to EVM chip-based debit cards by the end of calendar year 2018. “The conversion process is absolutely safe and comes with no charges,” said SBI in response to a customer query on Twitter.
Dear Customer, please note as per the RBI guidelines, you are required to change your Magstripe Debit Cards to EMV Chip Debit Cards by the end of 2018. The conversion process is absolutely safe and comes with no charges. To avoid last minute rush, you may please get it (1/2)State Bank of India (@TheOfficialSBI) December 31, 2018
SBI has offered this free-of-cost conversion of magnetic strip-based cards through channels such as internet banking, mobile app YONO and by way of visiting the home branch. Home branch is the SBI branch where the account of a customer of the bank is located.
Meanwhile, State Bank of India (SBI) recently reduced the daily cash withdrawal limit applicable to its classic debit card. Classic debit card is one among many types of debit cards offered by the country's largest bank to its customers. That means SBI customers using the bank's classic debit card are now able to take out a maximum of Rs. 20,000 from ATM in a day, instead of Rs. 40,000 previously. In other words, the country's largest bank has halved the daily withdrawal ATM limit applicable to its classic debit card.