Magstripe based Debit cum ATM cards will not function from 01.01.2019
19 DEC 2018 : Bank of Maharashtra has already started exchanging old Magstripe based chip cards with new EMV based ATM Cards. The exchange will be at no cost and customers can obtain new ATM card from any convenient branch of the Bank.
The Reserve Bank of India (RBI) has advised all the Banks to replace their Customers’ Magstripe based ATM cum debit cards with EMV Chip based Cards. As per the RBI circular dated August 27, 2015, the last date to comply with this order is December 31, 2018. After the expiry of this deadline, all the Magstripe based ATM/debit cards will become inactive
To comply with RBI’s order, Bank of Maharashtra has been requesting to its customers to surrender their existing Magstripe based ATM cum debit cards & obtain new EMV Chip based ATM cum Debit Card from any branch of the Bank. An EMV Chip based ATM/debit card comes with the chip located on the face on the left side of the debit card. Bank of Maharashtra has been informing its customers for replacement of their Magstripe card with the EMV based one through SMS, Posters at ATMs & also displaying message to them on their ATM screens.
There are no charges to be paid by the customer for replacing their Magstripe card with the EMV based one
It has been informed by the Bank that Megstripe based Debit cum ATM cards of Bank of Maharashtra customers will not function from 01.01.2019
