Digital Rupee - eRupee

Frequently asked questions (FAQs)

1. What is a central bank digital currency (CBDC)

Central Bank digital currency (CBDC) or “Digital Rupee” or “eRupee” is a digital form of currency notes issued by central bank. It is held in a CBDC wallet that is issued by the banks. The wallet can be linked to your SBI Bank account for loading eRupee. It is not different from banknotes but being digital, it is likely to be easier, faster & cheaper. It has all the transactional benefits of other forms of digital money.

2. What are the key features of eRupee?

eRupee is a sovereign currency issued by Central Banks, in alignment with their monetary policy, as mentioned in the RBI concept note. eRupee appears as a liability on the central bank’s balance sheet. It must be accepted as a medium of payment, legal tender, and a safe store of value by all citizens, enterprises, and government agencies. eRupee is freely convertible against commercial bank money and cash.

3. Will eRupee replace cash, debit cards and credit cards?

No. As per RBI, eRupee is aimed to compliment and create an alternate to physical currency and not replace current forms of money. It will provide additional avenue of payment to users.

4. How eRupee is different from UPI or other fund transfer mode (NEFT/RTGS/IMPS)?

eRupee is a digital form of currency notes. However, other payments like UPI, NEFT, RTGS, IMPS etc uses underlying currency/cash to transfer the funds.

5. Is eRupee same as cryptocurrency such as bitcoin?

No. eRupee is digital form of currency notes unlike other cryptocurrencies such as bitcoin. eRupee has intrinsic value and is regulated by the central bank. eRupee will always have same value as of physical bank currency notes which is a legal tender issued by the central bank unlike crypto assets such as bitcoin.

6. Who can use eRupee?

Anyone with an eRupee App can transact in eRupee through a convenient and safe digital wallet. This eRupee wallet will be like your physical wallet in digital form on your Android/iOS device.

7. How to register/sign up for eRupee for the first-time users?

Below are simple steps to follow to install the app and register for CBDC (eRupee).

1. Download CBDC SBI App ‘e-Rupee by SBI’ from Google Play store/ App Store.
2. Once App is downloaded, Pop up will be displayed for SMS and phone call permission to send SMS and phone call.
3. Terms and condition page will be displayed. Click on accept to continue. 
4. Click on start registration.
5. Installed SIM Cards will be displayed. Select the SIM Card with registered mobile number and click on verify SIM. This will allow your device to send SMS to our system to complete SIM verification. After verification, click on continue.
6. Click on Set App PIN and authenticate with your device password (PIN, Face Unlock or Fingerprint)
7. Enter your name in the field provided and click on Choose Wallet
8. Enter your PIN in first input field. Confirm your PIN in the second input field. Click on the “tick” button on numpad to proceed.
9. Wallet Successfully created screen will be displayed. Click on View Wallet Address.
10. Click on Select Wallet. “Link SBI Bank Account” will be selected. Click on continue (This will allow App to fetch existing SBI Bank Accounts linked to your registered mobile number).
11. List of your connected SBI Bank Account will be shown, select the account you would like to link with the wallet and click on select this bank account.
12. Enter Card Details screen will be displayed. Enter last 6 digits and expiry of your debit card. After this, next button will be displayed, click on it to continue.
13. Bank A/cs linked successfully message appears. Sign-up/registration is complete.
14. Now, you can start using eRupee (Digital Rupee app)

8. I am getting KYC error while registration on the App. What do I do?

For checking status of KYC or updation of KYC, please get in touch with your home branch. After updation of KYC, please attempt registration.

9. While registration on the App, I am unable to go to the next step. Why am I getting stuck?

The App updates may be pending. Please uninstall the App and reinstall from Google Play store/ App Store. Follow next steps as prompted by the App.

10. Why is my SIM verification failing?

SIM Card verification is done with mobile number registered in your SBI bank a/c. Please check the SIM Cards on your phone. If you have two SIM cards, kindly disable the other SIM card momentarily and keep active only the one that is registered in your SBI bank a/c. After verification and successful registration on the App, you may re-enable the other SIM.

11. I do not have a debit card. How can I complete registration on the App?

If you have internet banking facility with transaction rights for your SBI bank a/c, you can generate virtual debit card and use it for registration. For details and FAQs, please visit https://www.onlinesbi.sbi/sbijava/ecardfaq_0.html

Steps for creating Virtual Card:

1. Login to your online banking account (www.onlinesbi.com) and click on "Requests" tab and select "State Bank Virtual Card" option.
2. Click on "Generate Virtual Card" tab.
3. Enter the amount and select an account which will be debited for funding (initially lien-marking and later debiting) the Virtual Card.
4. Enter the secure 8-digit password (OTP), received on your mobile.
5. After successful validation, Card image with Card No., expiry date, etc will be displayed on the screen and your Card is now created and available for use and e-commerce transaction.

12. What is an eRupee Wallet?

An eRupee wallet is a digital wallet in your android/iOS device which will store your digital currency like the physical wallet stores physical currency. It may be mentioned that if you lose your physical wallet, retrieving the same is very difficult, however, in case of digital rupee wallet, the money is safe even if the device on which the wallet is saved, is lost as the same can be retrieved by creating the wallet protected by PIN.

13. How can I load money in my eRupee wallet?

1. On the home page of the app, click ‘Load’
2. Enter the amount or select denominations by swiping up for the amount you want to add. Click on ‘Load digital Rupee’.
3. You can choose any of the below modes to add digital rupee to your wallet and follow the on-screen instructions.
4. Transferring funds from your linked State Bank of India account
5. Transferring funds through different UPI apps
6. After successful PIN verification, linked account will be debited and eRupee (Digital Rupee) wallet will be credited in the same denominations instantly.

14. How to redeem eRupee from wallet and get money back to my linked bank account?

1. On the home page of the app, click on Redeem
2. Select denominations by swiping up for the amount you want to redeem. Click on 'Redeem digital Rupee'.
3. Choose the linked bank account to be credited and follow the onscreen instructions.
4. After successful PIN verification, linked account will be credited with the equivalent amount and eRupee (digital Rupee) wallet will be debited instantly.

15. How do I send payments using eRupee?

1. On the homepage of the app, click on send.
2. You can send eRupee (Digital Rupee) via Digital Rupee VPA or Phone number of the beneficiary who has registered for the eRupee (Digital Rupee) or Scan eRupee (Digital Rupee) QR code.

16. Why do I see eRupee with different denominations in the app?

eRupee has fixed denominations akin to the existing physical currency denominations.

17. How can I transact if I do not have the required denomination or change?

If you have to purchase a Rupee 15 item from a merchant, but you have only Rupee20 denomination available in your digital wallet. You can enter the Rupee15 in the amount field while sending the money, remaining Rupee5 will be stored automatically in your wallet.

18. Can I transfer eRupee directly to someone else’s bank account or UPI VPA?

No. eRupee can only be transferred to eRupee (Digital Rupee) wallet. However, you can redeem eRupee from the eRupee wallet to your linked bank account.

19. Can I buy eRupee (Digital rupee) from my Credit Card?

No , you cannot buy digital currency tokens from your Credit Card. You can buy tokens from the UPI functionality or linked SBI bank account only.

20. Does the transfer of tokens happen only during banking hours?

All payments are instant and are available 24/7

21. Will my transaction show “Pending” as it sometimes shows in UPI?

You may have to wait till your transaction gets processed (becomes successful or fails)

22. Will I receive SMS from bank after each transaction, as I used to get in UPI transactions?

Yes, SMS will be sent for every financial transaction.

23. While loading, what if account debited but wallet not credited with eRupee (Digital rupee)? Who can I reach out for support/disputes?

In such cases, money will be refunded back to your account. Sometimes this takes longer than intended. If you do not receive the refund within 48 hours, please raise a dispute on the eRupee app by clicking on ‘Raise Dispute’ button or contact Customer Care <1800 1234> or email us at cbdc@sbi.co.in

24. How to lodge complaint for a transaction failure?

If you do not receive the refund within 48 hours, please raise a dispute on the eRupeeapp by clicking on ‘Raise Dispute’ button or contact Customer Care <1800 1234> or email us at cbdc@sbi.co.in

25. How to de-register/delete eRupee wallet?

1. First, redeem Digital Rupee to linked bank account.
2. Then, click on Profile icon on top left corner of the home screen.
3. Select De-register option in the menu.
4. Prompt will be shown about wallet being deleted, click on continue.
5. Authenticate with your wallet PIN and wallet will be de-registered.

26. How to reset Wallet PIN?

1. Click on settings in the eRupee app/
2. Go to PIN settings and Click on Forgot PIN.
3. Enter last 6 digits of State Bank of India debit card and the expiry date.

27. What if user enter wrong Wallet PIN during a transaction?

In case you input the wrong PIN more than 3 times as day, then the transaction on eRupee app will be temporarily blocked. Customers need to reset the Wallet PIN or wait for 24 hours to unlock.

28. Are there any charges/fees on using eRupee?

No.There is no cost associated with eRupee or eRupee wallets. You don’t even have to put money in your wallet when you open it.

29. Is there any minimum balance required to open/ maintain eRupee wallet?

No. There is no minimum balance required to open/ maintain eRupee wallet.

30. Are there any limits applicable on eRupee wallets and usage?

eRupee can be used 24 hours per day, 7 days a week and 365 days a year. There are however some limitations on volume and value of transactions as per the table below:

31. What mobile OS platform does eRupee app currently support?

It is available for use on Android as well as on iOS devices.

32. What if I lose/change my phone?

You can recover your wallet using the same phone number/sim on eRupee App by SBI.

33. Is eRupee Secure and Private?

Yes, eRupee is safe and secure. There is a robust cyber-security framework to ensure that eRupee is kept secure.

34. Will I be paid interest on my eRupee wallet?

No, as it is Digital form of Bank note currency, there is no interest paid on digital currency in your eRupee wallet.

35. How many wallets customer can hold?

Only one eRupee wallet can be created against registered mobile number.

36. Can a non- SBI Bank customer use eRupee (Digital rupee)?

Non- SBI Bank customers may use their own bank Digital rupee wallet to transact with eRupee (Digital rupee).

37. Is Savings account mandatory for customers to use eRupee (Digital rupee)?

Savings account is mandatory for customers, & current account/ cash credit is mandatory for merchants.

38. Can I save my taxes by investing in these tokens?

No. Having digital currency is very similar to having a physical currency, hence it's not applicable.

39. I am a Business/ Merchant. How can I download eRupee App and get my own eRupee QR code?

Please contact Customer Care <1800 1234> or email us at cbdc@sbi.co.in or contact your nearest SBI branch for onboarding

Minimum information required from Businesses/ Merchants are:

1. Name of the Merchant (must be same as recorded in bank a/c)
2. PAN No.
3. Bank a/c details (Account No., Branch name & Code, IFSC code)
4. Mobile number and e-mail
5. Address (as recorded in bank a/c)