INSUBCONTINENT EXCLUSIVE:
EMV debit card can be identified by locating a chip on its face, according to SBI.SBI or State Bank of India provides free-of-cost upgrade
of debit card to its customers
The upgrade of existing debit card to an EMV chip-and-PIN debit card offers enhanced security, the country's largest bank SBI said on
microblogging site Twitter
The move is in line with a December 31 deadline by the Reserve Bank of India for commercial banks to migrate from magnetic stripe-based
cards to EMV chip-and-pin cards
The customer can apply for an SBI EMV chip debit card either online or by way of visiting a bank branch, according to SBI.1
SBI customers can obtain an EMV chip-and-pin debit card by applying in either of the two modes: online and offline
In the online mode, the customer is required to apply through SBI's internet banking portal - onlinesbi.com
The other option is to apply by visiting the SBI home branch
Home branch is the branch where the bank account is located.2
The existing mag-stripe, or magnetic stripe, debit card will be replaced with an EMV chip-and-pin card free of cost, according to SBI.3
"As a safety measure, Bank will not unblock any Magstipe Debit Card which is blocked once," SBI mentioned.4
The debit card can be identified by locating a chip on the face (center-left position) of the debit card, according to SBI
"EMV Chip technology is the latest global standard for debit card payments
This technology features debit cards with embedded microprocessor chip that store and protect cardholder data
This is a much secure technology as compared to Magstripe variants of card," SBI added.5
The Reserve Bank of India (RBI) has instructed commercial banks to switch from existing magnetic stripe cards to EMV chip-and-pin cards by
This is applicable to existing domestic as well as international debit and credit cards
The central bank has instructed the issuing banks to replace the magnetic stripe cards with the EMV cards irrespective of the validity
period of the card.How to apply for new SBI card onlineSBI has shared the following steps for its customers with magnetic strip-based cards
to apply for a replacement online:Login to www.onlinesbi.com using the internet banking user ID and password.Click on the 'ATM Card
Services' button under the 'eServices' tab and follow the instructions.
