SBI to withdraw magnetic strip credit/debit cards from Jan 1

SBI will discontinue its old magnetic strip-based credit and debit cards from January 1. Through a tweet, the SBI said that it has proposed to deactivate all old magnetic strip-based cards by December 31, 2019, irrespective of the card’s validity period. As per RBI guidelines, the SBI has replaced all old magnetic strip-based ATM-cum-debit and credit cards of its customers with EMV chip and PIN-based hi-security cards.

“Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN-based SBI Debit card at your home branch by 31st December 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud,” the bank said in a tweet.

The SBI has also urged its customers and cardholders to replace the old magnetic strip-based credit and debit cards with high-security EMV Chip-based cards.