The big news is about the bank's ATM. Your ATM card may stop working soon. Actually, the card with the magnetic stripe is going to close the bank.

The big news is about the bank's ATM. Your ATM card may stop working soon. Actually, the card with the magnetic stripe is going to close the bank. Instead of using the same chip card you can use them. There are two types of ATM cards present in the country. First card with magnetic stripe and second chip card. But, now the bank magnetic stripe cards will be closed. They will be replaced by a chip card. Actually, this is done as per the RBI order. The card replacement is deadline December 2018. RBI has taken this step to keep customers' ATM-debit and credit card details secure.

Old technology is magnetic stripe

According to the RBI, the magnetic stripe card is now old technology. Such cards have also been stopped. Actually, these cards were not completely secure. That is why they were closed. EMV chip card has been made in place of them. All old cards will be replaced by new chip cards.

RBI gave orders in 2016

In 2016, the Reserve Bank of India had ordered all the banks to replace the simple magnetic stripe cards of the customers with the chip card. Its deadline December 2018 has been fixed. This is the reason why banks are now issuing chip-only ATM cards and debit cards. Customers have been advised to replace the old card.

Will not look any fees

If you are a customer of SBI, then it is important for you to change your card soon, because SBI is blocking the magnetic stripe ATM. The bank has also issued notification for replacing old magnetic stripe card with chip card for its customers. Banks are not charging any separate charge for chip cards. It has been completely free of cost. However, the card will be blocked only if its expiry date is coming.

What is the difference between the two cards

The need for a signature or pin of the cardholder is required for the transaction from the magnetic stripe card. There are details of your account on this. The machine connects to your bank interface at the time of swiping the card with the help of the same stripe and the process moves forward. At the same time, the whole information in the chip card is present in the chip. These also require pin and signature for transaction. However, in the EMV chip card, a unique transaction code is generated to authenticate the user at the time of transaction, which supports Verification. Such a magnetic stripe does not happen in the card.

Chip cards are more secure

Chip cards are more secure. There is no possibility of data stolen in this. Because, the consumer's details are in the chip. It can not be copied. An encrypted code continues for every transaction in the chip card. It is very difficult to crack this code. So these cards are more safe. Copying data from a card with a magnetic stripe is easy. Copying the data on the stripe is very easy to make a fake card. This is the reason why RBI is keeping people's details and money safer by closing such ATMs.

THANK YOU

MANISH LAHRE