Come 1 January, 2019 and some debit or credit cards may not function. According to an old directive issued by the Reserve Bank of India (RBI), the cards with magnetic strip need to be replaced with the EMV chip, PIN-based ones by December 31, 2018.
The new EMV card comes with more security features and is considered to be less vulnerable to frauds.
The central bank had issued the directive on August 27, 2015, and given the banks more than three years to complete the transition. The RBI had stated that "with effect from September 1, 2015 all new cards issued – debit and credit, domestic and international –shall be EMV chip and PIN-based cards."
There are two ways to replace your old magstrip card:
First, via Net-banking
* For instance, SBI users can login with their user ID and password on its portal (onlinesbi.com)
* Click on 'e-services' tab
* Select 'ATM card services' from the drop-down menu
* Opt for 'Request ATM/Debit Card' option
* As you click on the option, a new webpage will appear
* Now select the savings account for which you wish to replace the ATM card
* Click on the 'Submit' button to complete your request for debit card replacement and the new EMV chip card will be sent to your registered address.
Second method is to visit the home branch of the respective bank and get it replaced.
Country's largest lender State Bank of India (SBI) had asked its customers on 26 August 2018 to get their credit-cum-debit cards with magnetic strip replaced with the one with EMV chip before December 31.