ALERT! Post Office Savings Bank Account Users Must Upgrade ATM Cards before 1st February or It Will Be Blocked
POSB account holders should upgrade their ATM cards or else it will be blocked from 1st Feb. The users must get their existing Magnetic ATM cards replaced with more secure EMV chip enabled ATM cards.
All the Post Office Savings Bank (POSB) account holders must upgrade their ATM cards or else it will be blocked. The users must get their existing Magnetic ATM cards replaced with more secure EMV chip enabled ATM cards.
Adding to it, the Department of Post has also informed people to update their mobile numbers by the end of month. As per 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.”
How to update ATM cards?
Post office savings bank account users can easily update mobile number and get a replacement of existing ATM card, just by visiting their home branch.
According to the India Post notification, "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.”
However, as per RBI’s guidelines, from 31st December 2019, almost all banks have replaced Magnetic ATM cards with more secure EMV chip ones.
What are EMV chip cards?
These new chip based cards use higher standards of data encryption and storage technology as compared to magnetic stripe cards. Old magnetic stripe cards required just a swipe on a point of sale (PoS) device to complete a transaction, but, chip and PIN cards also require a PIN to complete the transaction.
It is to be noted that, India Post pays interest at the rate of 4% per annum on deposit in its savings account as informed on its website @ indiapost.gov.in. Adding to its savings account, Post Office offers ATM cards with certain withdrawal limit and transaction charges. It also permits cash withdrawal of ₹25,000 per day through its ATM card.