If you are a post office savings bank (POSB) account holder, then get your existing Magnetic ATM cards replaced with more secure EMV chip enabled ATM cards. The Department of Post have aslo gave directions to the customers to update their mobile numbers by the end of month. As per the notification by India Post, those customers who would not be able to do it by 31st January, will not be able to use their card as it will get blocked. To get a replaced ATM card and to update the mobile number, the customers are required to visit the ATM.
“Post Office Savings Bank (POSB) customers are requested to replace their existing Magnetic ATM cards with more secure EMV chip enabled ATM cards and get mobile number updated before 31 st January 2020 by visiting your home branch to avoid blocking of your cards.” the notification said.
As of 31st December 2019, due to the RBI’s guidlines almost every bank has now replaced the ATMs of the customers.
What are EMV chip cards?
Chip-based cards are the ones that use higher standards of data encryption and storage technology in comparison to magnetic stripe cards. Magnetic stripe cards requires a swipe on a point of sale (PoS) device to complete a transaction, while chip and PIN cards will require a PIN as well to complete the transaction.