ATM cards with Magnetic Strip will stop from January 1

ATM cards with Magnetic Strip of all banks will be closed from January 1. For this, all the banks including SBI are informing their account holders via mail and message. The banks first issued ATM cards with non-chip magnetic strips. These non-chip ATM cards can not be used after December 31.

Account holders can replace non-chip ATM cards in two ways. First, you can apply online through internet banking.

Second, the ATM Card can be changed after filling out a form by visiting your bank branch. The card will be changed within one week of submitting the form.

There are such ATM cards with Magnetic Strip
There is a black strip on the back side. This black strip keeps the account holder's full details. This increases the cloning of the card.

So these cards are being replaced
RBI has issued instructions for issuing Chip ATM cards in view of the increasing incidents of fraud. To change the earlier cards, the time till June was fixed, but now the cards will be replaced by December 31.