Digital Rupee, or Retail Central Bank Digital Currency (CBDC), is a digital version of India's sovereign currency issued by the RBI. Like actual cash, but in a digital format, it can be loaded, held, and used via a wallet application provided by a bank. Several banks already provide dedicated “Digital Rupee” apps or integrated versions in their bank apps.
Which banks are offering it, and who can apply?
The scheme is currently being implemented in phases. Retail pilots by RBI started with selected banks, like State Bank of India, IndusInd Bank, PNB, Federal Bank. The applicant should already have a bank account with one of the participating banks, and that bank's app should support the e₹ wallet.
Step-by-step: How to apply for the digital rupee wallet
1. Check your bank's app or website
First, open the selected bank's mobile banking app-or download the bank's dedicated "Digital Rupee" app if available-and look for a section titled something like "Digital Rupee Wallet", "e₹ Wallet" or "Retail CBDC". For instance, the frequently asked questions page of SBI's app specifies that users will first get options to "Load / Redeem digital rupee" when they access the CBDC wallet section.
2. Make sure KYC/account linking is completed.
Also, your bank account should be active and your KYC status should be "full," that is, Aadhaar, PAN, and bank account linked. The bank may ask for the linking of the account to the digital rupee wallet. According to the bank-specific terms, wallet setup is strictly subject to completion of necessary KYC.
3. Enable or register e₹ wallet
We will take you through the registration process of the e₹ wallet in the app. You may need to choose "Create e₹ Wallet" or "Register for Digital Rupee" and accept terms and conditions. The bank may require setting up a wallet PIN, which normally consists of 6 digits, and binds your mobile device.
4. Link your bank account and load funds
Once the wallet is enabled, you “Load” the wallet with money from your linked bank account, or through UPI sometimes. For instance, according to SBI's FAQ, one can transfer funds from an SBI bank account or UPI to the e₹ wallet.
5. Transact with the wallet
With funds loaded, you can use the wallet to send, receive, or redeem e₹. Sending works via mobile number or QR code if the recipient also has an e₹ wallet. Redeem means you send e₹ back to your bank account. Again, SBI's FAQ mentions "Send / Redeem digital rupee" flows.
What to remember (limits, features)
Their value is in fixed denominations, and digital rupee tokens are basically like digital cash.
• Transactions are designed to be instantaneous, 24/7, and can operate offline-if the wallet and device allow it-though connectivity helps.
· Because the rollout is still in the pilot/phasewise expansion stage, features and their availability also differ from bank to bank and region to region. RBI has said it will expand access beyond banks to non-bank payment operators.
Why apply for a digital rupee wallet now?
· It gives you access to the next generation of RBI-backed payment infrastructure, offering stable and regulated alternative digital cash.
• You may benefit from early adoption, especially since many banks offer promotional features or additional merchant acceptance.
• Because the bank account remains linked, you enjoy flexibility: you load and redeem as needed.
Final word
Applying for a digital rupee wallet is quite easy, provided one is already a banking customer with any of the participating banks and has a KYC-compliant account. The key steps include updating your bank's app, looking for the option to register the e wallet, setting it up and linking your account, loading funds, and transacting. Keep an eye on your bank’s announcements for exact availability in your region, because rollout stages may differ. Having this wallet puts you ahead in adopting India’s digital currency evolution.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
