Are you a Post Office Savings Bank (POSB) account holder? Then you must get your existing Magnetic ATM cards replaced with more secure EMV chip enabled ATM cards. The Department of Post have also asked people to update their mobile numbers by the end of month. According to India Post notification, those customers who fail to do so by 31st January, will not be able to use their card as it will get blocked. In order to update mobile number and get a replacement of existing ATM card, post office savings bank account holder will have to visit their home branch.
“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, almost all banks have replaced Magnetic ATM cards with more secure EMV chip ones, as per Reserve Bank of India’s guidelines.
What are EMV chip cards?
Chip-based cards use higher standards of data encryption and storage technology compared to magnetic stripe cards. Unlike magnetic stripe cards that require just a swipe on a point of sale (PoS) device to complete a transaction, chip and PIN cards require a PIN as well to complete the transaction.
Post Office Savings Bank (POSB) account
India Post pays interest at the rate of 4% per annum on deposit in its savings account as per its website indiapost.gov.in. Along with its savings account, Post Office offers ATM cards with certain withdrawal limit and transaction charges. Post Office permits cash withdrawal of ₹25,000 per day through its ATM card, according to India Post website.
Source: livemint
