( Also Read: 10 Things You Should Know For Conducting Safe ATM Transactions) Here are key things you should know about migration to EMV chip cards, as stated by State Bank of India (SBI): The upgrade is being offered free of cost by the bank, the lender said. State Bank of India (SBI), the largest lender of the country, has been insisting upon users to migrate to safe EMV chip cards. The central bank has set a December 31 deadline for commercial banks to migrate from magnetic stripe-based cards to EMV chip-and-pin cards. In fact, if your cards are old, you might already be receiving reminders from your bank to get your card replaced. Magstripe debit cards need to be replaced with secure EMV (Europay, Mastercard and Visa) chip cards by end of this year in keeping with the directives of the Reserve Bank of India.
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