ATM cards without EMV chip to be blocked in India

  • As per the new directive from Reserve Bank of India, debit(ATM) cards and credit cards without EMV chip will be blocked by December 31st, 2018.

  • Most of the Banks are sending replacement cards to KYC compliant account holder’s whose PAN card is already linked.

  • You can apply for replacement cards through Internet Banking as well, provided your PAN is already linked to the account.

  • Remaining customer’s have to apply for new cards at their home branches.

  • Make sure to carry your PAN(Permanent Account Number) card.

  • Those who are not having PAN card, will have to fill up the Form 60, which is the declaration to be filed by an individual who does not have a Permanent Account Number and who enters into any transaction specified in rule 114B.

  • No replacement charges will be taken.

  • If applied at home branch, new cards will be dispatched to your permanent address given in the account or to your desired temporary address based on your convenience.

  • EMV stands for Eurocard, Masterpay and Visa, the three companies that originally created the standard.

  • EMV cards are smart payment cards which store data on integrated circuits rather than magnetic stripes.

  • It’s also known as chip cards or IC cards, these cards create dynamic data every time a user makes a transaction using them. Hence EMV chip cards are comparatively secure with respect to the magnetic striped cards.

  • However, the standard is now managed by a consortium of financial companies, EMVCo.

  • Make sure, you have upgraded your debit card or credit card to EMV chip enabled one’s.

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