State Bank of India (SBI) introduced an e-wallet named SBI Buddy in August 2016 to promote cashless transactions amongst the citizens of the country. However, few people paid attention to it or other digital wallets until the day after the announcement of demonetisation. From November 9, 2016 onwards, Indians realised the necessity of e-wallets and started downloading them on their smartphones. Some of these apps have become quite popular since then and one of leading apps people are using regularly is SBI Buddy.
Here, we will answer a few commonly asked questions to help you become acquainted with the SBI Buddy app.
SBI Buddy, previously known as eRupee, is an e-wallet app that you can install from your Google Play or Apple App Store. You can start using it by simply registering your mobile number. In fact, you do not even need to have an account in SBI to use SBI Buddy.
One of the USPs of SBI Buddy is that it is available in 13 languages. Once you have downloaded the SBI Buddy app, you can register your mobile number to start using it. Being a digital wallet, you need to fund it by adding money to start making bill payments or sending money.
It is a free app, you only need to be connected to the internet to use it.
Any Indian citizen above 10 years of age and holding a valid mobile number is eligible to download and use the SBI Buddy App and its services.
No, you do not need to be an SBI customer to use the SBI Buddy e-wallet. However, SBI customers do have an advantage over non-customers since SBI offers a “Power Up Your Wallet” option to them. SBI Account holders can use their SBI debit card or net banking credentials to have higher transaction limits, up to Rs 1,00,000 in SBI Buddy.
SBI Buddy is like any other prepaid e-wallet that you can use to transfer money to a registered or new user or make payments while shopping. Since it is a semi-closed prepaid wallet, you need to “load” your wallet using Net Banking, Credit or Debit card to use it for payment. You can also pay your bills, book tickets for movies, recharge your phone, and shop online using SBI Buddy.
All you need to do is, enter the mobile number of the receiver or scan his QR code and enter the amount and description (reason for payment) to make the payment.
There is no minimum balance required in SBI Buddy account. You can maintain it at a zero balance without facing any penalties. However, there is a limit on the maximum balance you can have in your SBI Buddy account. If you have submitted your KYC form, the maximum balance limit is Rs 50,000 at any point in time. If you have not submitted your documents, you can have a maximum balance of Rs 20,000. In addition, your total reloads in a month cannot cross this limit.
The funds transfer limit per transaction on SBI Buddy for people who have submitted their KYC documents is Rs 5,000. This is also the daily limit while the monthly limit is Rs 25,000. For people who have not submitted their KYC documents, the limit per day as well as per transaction is Rs 2,000. These people can transfer a maximum of Rs 20,000 in a month through the SBI Buddy App.
Yes. There will be a 3% fee in addition to applicable service tax charges levied on the amount you transfer from your SBI Buddy account to your bank account.
The home screen of the SBI Buddy app has four buttons labelled Ask Money, Send Money, Add Money and Recharge & Pay Bills. This gives you easy accessibility to the major features of the SBI Buddy. Unlike many other e-wallets where you need to browse to a different page to check your balance, it is visible at the top of the main screen in the SBI Buddy app.
SBI Buddy is different from other e-wallets. It lets you set reminders in the app that you can use for reminding yourself for paying your bills on time, send money to a friend on a particular day and more. Through SBI Buddy, you can also ask your family or friends for money through the “Ask Money” feature.
SBI Buddy is different from SBI Freedom and SBI Anywhere. All of these apps serve different purposes. SBI Buddy is an e-wallet while SBI Freedom is a mobile banking app and SBI Anywhere is a mobile app for internet banking. You cannot link or access your SBI Buddy account to your bank accounts including SBI. For SBI Freedom app, you have to link your mobile number to your SBI account and get access to it. If you have Net Banking services activated on your SBI account, you can use SBI Anywhere to do internet banking. You do not need to have an account in SBI to use SBI Buddy. Since SBI Freedom and SBI Anywhere are essentially mobile and internet banking apps, you need to hold an account in the bank to use them.
SBI Buddy is a secure semi-closed wallet that you can use to do your daily transactions whether you are purchasing movie, train or plane tickets or buying groceries. You can also pay your DTH, gas, and electricity bills through this digital wallet without standing in long queues to wait for your turn or carrying a large amount of cash on your person. Make sure that you install the app and upgrade to the latest version whenever a new update is available to make the best of your SBI Buddy account.