The SBI Buddy Wallet App is a feature of SBI- State Bank of India. The SBI, in the year 2016, introduced the e-wallet. The sole motive behind doing it was, promoting cashless transactions in the Indian Market. This app got its popularization mainly after the demonetization that took place later that year, in the month of November. The disarray that was attached to the demonetization process lead to the Indians realizing the requirement of e-wallets in their everyday life. Hence, Indians started downloading various e-wallet apps. There were many apps that become popular at that point of time, among those apps was SBI Buddy Wallet App.
The SBI Buddy Wallet App is a unique app, the reason being, it is available in 13 different languages. Thus, making it convenient for any person from any part of India to use the app.
Steps To Download The App
The SBI Buddy Wallet was earlier known as ‘eRupee’. It can be downloaded on your smart phone, either through App Store, for iOS users, and Google Play for the Android users. After that is done, all a person has to do is register. For registering the person just has to enter their mobile number. The plus point of this app is that, you don’t even have to be customer of the State Bank of India to use this app. Having said that, there is a feature in this app called, “power up your wallet”. This option is available only to the SBI users. With this option, the SBI users can use either their SBI debit cards or their net banking credentials to have higher limits on their transaction. The limit is Rs 1,00,000 when a person has this option.
As it is an e-wallet app, after you register, you need to fund it by adding money to the wallet. After this is done, you can start making payments and carry out transactions easily. What’s more is that, the downloading of this app is completely free. All you need is internet, and you’re all set to use the app and make your cashless transactions.
Eligibility Criteria
There’s an interesting fact about the SBI Buddy App, which makes it very different from the other e-wallet apps. The fact that the eligibility criteria for using this app is that a person needs to be only 10 years of age. Along with being 10years of age, the person needs to have a valid working phone number, and that’s it. It’s as simple as that.
There are many features that the SBI Buddy Wallet App has. It helps in easing a lot of services for a person. A few examples of them are; sending money, viewing your bank statements, personalizing you buddy, paying your lic bills, booking movie tickets, making online payment merchant payments, and lots more.
How Much Money Can Be Transferred?
The concept of minimum balance doesn’t exist in order for a person to use this app. This makes it convenient for many people, especially the students. Hence, you can have even zero balance in your account, and you wouldn’t be charged penalty for it. However, that being said, there is the maximum limit amount that can be kept in the Buddy account of SBI. If a person has submitted their KYC form, then the maximum limit is upto Rs. 50,000 and on the other hand, if you haven’t submitted your KYC form, the maximum limit remains to be Rs. 20,000.
The transactions limit too depends on the factor of whether you’ve submitted you KYC forms. If you have submitted you KYC form, the daily limit is up to Rs. 5,000 else, it remains to be Rs. 2,000. Along with the per day limit, there exists a monthly limit for each person using the app. Here too, there is an importance that is given to the submission of KYC forms. If you’ve submitted your KYC form, your monthly transaction limit is Rs. 25,000 else it is Rs. 20,000.
If you want to make a transaction from for SBI Buddy Wallet to your bank account, that is possible. But, that comes at a cost. There is a 3% service tax charge that is applied on the total amount that is transferred from the SBI Buddy Wallet to the account.
The SBI Buddy Wallet is very different from the additional e-wallets that are out there in the market. This app lets a person set reminders so that you don’t forget when your bills are due, owing to your busy schedule. Through this app, a person can ask his friends or family for money, at the time of need. This can be done through ‘ask money feature’.
Steps To Follow To Open Net Banking Services
In order to use the e-wallet services, one must ensure that along with a bank account, they should have access to net banking services. That is to say, they must be a registered net banking user at their respective banks. Opening a net banking account is very easy. All a person needs to do is, go to their bank’s website and go to the login page. Once that is done, click on the LOG IN button to start the registration process. After this, once taken to the log in screen, click on the ‘not an online user? Sign up here’ option, to get started with the process. Following this, the person needs to fill out a few details and accept the terms and the conditions that are given by the bank. Then, click ‘sign up now’. And, that is it. A person has access to the online banking that is available, and the multiple benefits that come along with it. Once this is done you can easily access the any e-wallet platform, without any convenience.
Conclusion
Ever since the demonetization back in 2016, e-wallets have been becoming more popular as the days passed by. It helps in a systematic transfer of money amongst people without creating any mishap. Among the various e-wallet apps is SBI Buddy Wallet. There are innumerous reasons as to why one should prefer the SBI Buddy Wallet App to the other apps and a few of them have been listed above.
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