India's largest Public sector bank, State Bank of India has declared 31 December as the last day for their customers holding the legacy Magstripe cards, to apply for new EMV/PIN Based cards, without any charges.

SBI will deactivate all existing Magstripe cards from 1 January 2020. As per the bank's instructions, those holding Magstripe cards need to apply for the EMV/PIN based cards before 31 December at their nearest home branch.  Those failing to apply will not be able to use the leagacy cards at any ATM including those of SBI.

Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN based SBI Debit card at your home branch by 31st December, 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud. pic.twitter.com/t9K3TiGTad

— State Bank of India (@TheOfficialSBI) November 30, 2019

It may be noted that Reserve Bank of India, had last year instructed all banks to follow norms and issue EMV/PIN based cards to their customers, and de-activate Magstripe cards.

In a statement on Twitter, SBI said that the bank has deactivated all Magstripe cards. It further informed that those customers who have not received the new EMV/PIN based cards, should apply immediately to avoid inconvenience and additional charges.

"Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud," SBI said about the new EMV chip and PIN-based cards.