The State Bank of India (SBI) has informed that all the customers who has not switched to chip based ATM cards must switch to chip based card. All the old magnetic strip based cards by SBI will be useless after December 31, 2019, the bank said.
The banks in India has replaced the old magnetic strip based debit and credit cards to chip based card in a move to face the ATM frauds that are increasing in the country. This move came after the ultimatum from the Reserve Bank of India. As per RBI instruction magnetic strip based cards can not be used after December 31.
All the customers of SBi can change their cards without any expenses. Customers can change the cards by Yono mobile app, internet banking or by visiting their home branch. Just ensure that your current address where you are residing is given in the bank as to this address will the new card will be sent.