State Bank of India users will have to replace their old debit cards prior to 31st December 2019 according to the bank's notification.
The banker to every Indian had said in a tweet a week ago that debit cards using old magnetic stripe will have to be replaced with more secure EMV chips.
The replacement card does not have any costs attached. It is also likely that the bank may nullify annual maintenance charges. The deadline to replace the cards is 31st December 2019.
"In view of the continuing frauds on Magnetic Stripe Cards, it is proposed to deactivate these cards by 31.12.2019 (irrespective of the validity period of the card). In case any SBI customer has not received the new EMV chip card, they are requested to approach his/her home branch," the bank had tweeted.
* Old debit cards will have the magnetic stripe on the reverse.
* It is best to visit the bank branch in order to have a replacement request.
* One can also use the internet banking services to raise a replacement request. Login to www.onlinesbi.com
using your user id and password and under "eServices" tab, click on "ATM Card Services" and follow instructions.