SBI Magstripe Debit Card: SBI has said that conversion process "comes with no charges"Today is last day forState Bank of India (SBI)customers to apply for a free replacement of 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 scheme, State Bank of India (SBI) customers were required to apply for a replacement of ATM-cum-debit card by December 31, according to a post by country's largest lender on microblogging website Twitter.The move by State Bank of India is in line with theReserve 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 31for commercial banks - such as State Bank of India (SBI) - to comply with its order.SBI has time and again urged its customers to get their existing Magstripe Debit Cards changed to EVM chip-based debit cards by 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.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 home branch.
Home branch is SBI branch where account of a customer of bank is located.Meanwhile, State Bank of India (SBI) recently reduced daily cash withdrawal limit applicable to its classic debit card.
Classic debit card is one among many types of debit cards offered by country's largest bank to its customers.That means SBI customers using 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, country's largest bank has halved daily withdrawal ATM limit applicable to its classic debit card.