Today is December 31st, the last day of 2018. And a very important and big change will hit most of the debit and credit card holders in India.
If you are still using the magnetic stripe card (debit or credit), then your current card will stop working from tomorrow, that is January 1st.
What is this new rule? How to ensure that you are able to withdraw cash from ATMs from January 1st, 2019? Keep reading to find out more!
RBI Rule: Only EMV Chip Based Card Will Be In Use
As per the last update to the crucial Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), RBI had stated in 2015 that all magnetic stripe based debit and credit cards will be blocked effectively January 1st, 2019.
Only EMV Debit/Credit cards will be eligible to use starting tomorrow.
RBI had ordered all banks to inform their users and to make sure that they are able to migrate the users from the old magnetic stripe to the new EMV based cards.
However, it seems that there is a massive communication gap, and most of the users are not aware.
We had reported in the month of October that banks have started texting and calling their users to get their cards replaced. But after that, we didn’t get much information on this from the banks.
EMV cards provide better security features and is considered a global standard for debit and credit cards.
What Should You Do Now?
Immediately visit your nearest bank branch, and request them to replace your magnetic stripe based card with the EMV chip.
These cards have a SIM like chip attached on the card, which holds vital information about your bank details, and while transacting, a password is required to perform it.
SBI Offering Free Replacement
While most of the private and public banks are charging money to get the card replaced, SBI has informed that they will do the replacement free of charge.
However, you need to apply for the new EMV based card on or before December 31st, that is today.
Get the ultimate shield! As per RBI mandate, replace your Magstripe Card with the EMV Chip Card and continue availing debit card facilities. Apply before 31st December 2018 and get it for free.#SBI #StateBankOfIndia #StateBank #Switch2EMV #SBIEMV #BankerToEveryIndian pic.twitter.com/hQF5vLropD
— State Bank of India (@TheOfficialSBI) December 29, 2018
For more information about charges, you are suggested to contact your bank customer care or nearest brand immediately.
We will keep you updated, as more details come in.