You can create a digital rupee wallet in under 10 minutes if you hold an account with one of the RBI’s pilot banks. Download your bank’s official e-Rupee app, verify your identity using existing bank credentials, and load funds from your savings account. You can then pay at any UPI QR-enabled merchant instantly.
- Only pilot bank customers are eligible right now: SBI, HDFC Bank, ICICI Bank, IDFC First Bank, Kotak Mahindra Bank, Yes Bank, Bank of Baroda, and Union Bank of India are among the participating lenders.
- The app is free to download. There are no transaction fees for retail users under the current RBI pilot guidelines.
- Wallet limits apply: the per-transaction cap is ₹10,000 and the total wallet balance is capped at ₹2,00,000 per RBI guidelines.
- Offline payments are supported on select devices, making e-Rupee usable even without an active internet connection.
- e-Rupee is not a cryptocurrency and is not subject to the 30% VDA tax or 1% TDS rules that apply to private crypto assets on exchanges like WazirX, CoinDCX, or ZebPay.
What You Need Before You Start Your Digital Rupee Wallet
Not everyone can sign up today. The RBI’s retail CBDC pilot, which began on 1 December 2022, is still being expanded city by city. As of mid-2026, the pilot covers all major metros and several Tier-2 cities, but access is tied to your bank rather than your location.
Here’s what you need to have ready before you open the app:
- An active savings or current account with one of the eight pilot banks listed above.
- A mobile number linked to that bank account (for OTP verification).
- A smartphone running Android 8.0 or iOS 13 or higher.
- Completed full KYC with your bank already. If you haven’t done bank KYC yet, the e-Rupee app won’t let you proceed. Our guide on how to complete crypto KYC in India covers what documents you’ll need for identity verification.
The RBI confirmed in its Annual Report 2024-25 that over 5 million users had onboarded the retail e-Rupee pilot as of March 2025, with transaction volumes growing steadily month on month. That figure signals the system is scaling, but the infrastructure is still maturing.
Separately, the RBI’s Payment System Report 2024-25 recorded over 1 crore cumulative e-Rupee transactions processed through the retail CBDC pilot by the end of the financial year, reflecting accelerating merchant adoption across pilot cities.
Step-by-Step: How to Set Up and Register Your e-Rupee Wallet
The setup process is broadly similar across all pilot banks. We’ve used SBI’s Digital Rupee app and HDFC Bank’s e-Rupee by HDFC Bank app as reference points here.
Step 1: Download the Right App
Search for your bank’s official e-Rupee app on the Google Play Store or Apple App Store. Do not download any third-party app claiming to offer a CBDC wallet. The RBI has not authorised any standalone third-party digital rupee wallet application.
- SBI customers: Search “Digital Rupee SBI” on Play Store or App Store.
- HDFC Bank customers: Search “e-Rupee by HDFC Bank”.
- ICICI Bank customers: Search “Digital Rupee ICICI”.
- Other pilot bank customers should search “[Bank Name] Digital Rupee” and verify the publisher matches the official bank name.
Step 2: Register Using Your Bank Mobile Number
Open the app. Enter the mobile number registered with your bank account. You’ll receive an OTP on that number. After OTP verification, the app will confirm your linked bank account automatically.
Step 3: Set a Wallet PIN
You’ll be prompted to set a 4 or 6-digit wallet PIN. This PIN is separate from your banking app PIN. Keep it different and don’t share it. This PIN authorises every e-Rupee transaction you make.
Step 4: Load Money into the Wallet
Tap “Add Money” or “Load Wallet” and enter the amount you want to transfer from your linked savings account. The transfer is instant. Funds appear as e-Rupee tokens in your wallet, not as a bank balance. The minimum load amount is typically ₹1, and the maximum wallet balance allowed is ₹2,00,000.
Loading Funds, Paying via UPI QR and Using Offline Mode
Once your digital rupee wallet is loaded, paying is genuinely simple. At any merchant displaying a UPI QR code, open your e-Rupee app, tap “Scan and Pay”, point your camera at the QR code, enter the amount, and confirm with your PIN. The payment settles in real time.
Peer-to-Peer Transfers
You can also send e-Rupee directly to another e-Rupee wallet holder using their mobile number or wallet address. Both sender and receiver must be registered on any of the pilot bank apps. Cross-bank transfers between an SBI wallet and an HDFC wallet, for example, are supported.
Offline Payments: How They Work
This is one of the most useful features for Indian users in areas with patchy connectivity. The RBI has piloted an offline functionality where e-Rupee tokens are stored on the device itself. You can make payments without internet by using NFC or Bluetooth-based transfer, depending on your device and bank app version.
Offline transactions are capped at ₹200 per transaction and require both payer and payee devices to support the feature. Not all pilot bank apps have rolled out offline mode fully as of mid-2026, so check your specific app’s release notes.
Converting e-Rupee Back to Cash
Yes, you can. Tap “Redeem” or “Transfer to Bank” in the app to move your e-Rupee balance back to your linked savings account. The reverse transfer is also instant and free. There’s no lock-in period and no conversion fee under current pilot rules.
| Feature | Limit / Detail |
|---|---|
| Maximum wallet balance | ₹2,00,000 |
| Maximum per transaction (online) | ₹10,000 |
| Maximum per transaction (offline) | ₹200 |
| Transaction fees for retail users | Nil (pilot phase) |
| Interest earned on wallet balance | None (by RBI design) |
| Eligible users | Pilot bank account holders with full KYC |
| Pilot launch date | 1 December 2022 |
| Retail users onboarded (March 2025) | Over 5 million (RBI Annual Report 2024-25) |
Limits, Safety and Common Troubleshooting for Your Digital Rupee Wallet
The digital rupee wallet is backed by the Reserve Bank of India, which means it carries a sovereign guarantee. Unlike private crypto assets, e-Rupee tokens are a direct liability of the RBI, not of the commercial bank. Even if your bank fails, your e-Rupee balance is protected.
Is the e-Rupee Wallet Safe?
Security is built into the architecture. Transactions are authenticated by your wallet PIN and, on most devices, biometric verification. The RBI’s CBDC system uses a token-based model, meaning your identity isn’t broadcast with every transaction. That said, if someone gets access to your phone and knows your PIN, they can transact. Treat your wallet PIN like your ATM PIN.
According to the RBI’s CBDC Concept Note published in October 2022, the retail e-Rupee system is designed with layered cryptographic security for all token transfers, with architecture reviewed by the RBI’s internal technology committee before pilot launch.
Pilot Phase Risks You Should Know
The e-Rupee pilot is still evolving. The RBI may revise wallet limits, introduce transaction fees after the pilot phase ends, or change the list of participating banks at any time. Offline mode is not available on all devices or bank apps yet. Do not treat the current zero-fee structure as permanent. Always check the RBI’s official CBDC page and your bank’s app release notes before making large transfers.
Common Issues and Fixes
- “Mobile number not found” error: Your number may not be linked to your bank account. Visit your branch or update it through net banking first.
- KYC pending message: Submit your Aadhaar and PAN to your bank to complete full KYC before attempting registration.
- App not available in your region: The pilot may not have reached your bank branch’s service area yet. Check your bank’s official website for the latest pilot city list.
- Offline payment failing: Ensure both devices have NFC enabled and the app is updated to the latest version.
Tax Treatment: e-Rupee vs Private Crypto
This is worth being clear about. e-Rupee is legal tender, not a Virtual Digital Asset (VDA). That means the 30% flat tax on crypto gains and the 1% TDS on crypto transactions that apply to assets traded on exchanges like CoinDCX or Mudrex do not apply to your e-Rupee transactions. You use it exactly like cash, and it’s taxed the same way.
The Finance Ministry indicated in the Union Budget 2025-26 speech that CBDC expansion remains a priority for financial inclusion across rural India, with more banks expected to be onboarded progressively through 2026 and 2027.
Frequently Asked Questions
Is the Digital Rupee app free to download and use?
Yes, the e-Rupee app is free to download from the Play Store or App Store. There are currently no transaction fees for retail users during the pilot phase. The RBI has not announced any fee structure for the retail CBDC yet, though commercial banks may introduce service charges once the pilot transitions to a full rollout.
What are the wallet limits for e-Rupee?
The RBI has set a maximum wallet balance of ₹2,00,000 and a per-transaction cap of ₹10,000 for online payments. Offline transactions are capped at ₹200 per transaction. These limits can change as the pilot matures, so check the RBI’s official CBDC page for the latest figures before transacting.
Can I convert e-Rupee back to cash or my bank balance?
Yes. You can transfer your e-Rupee balance back to your linked bank savings account at any time using the “Redeem” or “Transfer to Bank” option in the app. The transfer is instant and free under current pilot rules. There’s no minimum holding period and no conversion penalty applied by the RBI during the pilot.
How is the digital rupee wallet different from a UPI wallet?
A UPI wallet like Paytm or PhonePe holds a balance that is a liability of the payment service provider or a partner bank. The digital rupee wallet holds e-Rupee tokens that are a direct liability of the RBI itself, giving them sovereign backing. UPI transactions settle through the banking system; e-Rupee transactions settle directly as token transfers, which also enables offline payments that UPI cannot support without connectivity.
Can I use the e-Rupee offline?
Offline payments are supported in select pilot bank apps using NFC or Bluetooth-based token transfer. You don’t need an internet connection for these transactions. The offline per-transaction limit is ₹200. Both the payer’s and payee’s devices need to support the feature, and your app must be updated to the latest version that includes offline functionality.
This is not financial advice. Pilot terms, limits, and fees are subject to change by the RBI at any time. Data as of July 2026.
Last updated: July 2026. Reviewed by the CryptoWire editorial team.
