ALERT! If you don't do this than your Debit and Credit cards might get blocked by December 31; details here
If you are using magnetic stripe debit or credit card so this is very important news for you! All you need to get your all debit and credit cards replaced with EMV chip-based cards before December 31, 2018, tor your cards will be blocked.
According to latest RBI notifications, all magstripe cards will become non-functional after December 31. As we all know that EMV chip cards are introduced to reduce debit card/credit card frauds.
The RBI notification states, "Keeping in the mind the objective to further enhance the security and risk mitigation in card present transactions, and also the impact it may have on achieving the timeline for complete migration of all existing magstripe cards, it has been decided not to grant any further extension beyond the respective timeline indicated in circular dated August 27, 2015, for new issuances and full migration to EMV Chip and PIN cards."
As per the RBI directive, all magnetic stripe cards have to be replaced by EMV chip-based cards by the end of 2018, irrespective of the validity of the magstripe card else the older magnetic stripe cards may stop working from January 1, 2019. EMV chip-based cards are expected to solve this issue to some extent.
If your card has an EVM chip than you don't need to change it as you can continue using it. However, if it doesn't then go to your bank and surrender the card. Also, keep in mind that if your card is an old card that was issued before 2008, it is likely to be a magnetic stripe card.
Also read: Most popular credit cards in Singapore