India’s largest lender State bank of India (SBI) has launched a mobile wallet app for its customers. The name of the app is ‘SBI BUDDY’. SBI has launched this app on Tuesday with the help of Accenture and MasterCard. The official said that the service will be available to existing as well as non-SBI customers.

Finance Minister Arun Jaitley has launched the app and Jayant Sinha, Minister of State for Finance and Hasmukh Adhia, Secretary, Department of Financial Services also participated in the event. “This is one more step in our ambition of becoming the provider-of-choice for customers’ everyday needs, both financial and non-financial.

Mobile is going to be at the centre of this transformation and this application will help us strengthen our proposition through this medium,” said SBI Chairwoman Arundhati Bhattacharya. He extended the mobile wallet app can be used to send money to new and registered customers and also book tickets for movies, flights, hotels as well as for shopping.

The app also features new facilities like reminders to settle dues, recharge and pay bills instantly. As of now, the app is available in Google Play and soon will be available in App Store. SBI has also launched another one called SBI Foundation, which will be implementing agency for corporate social responsibility (CSR) activities of the lender.

From this SBI foundation, we can promote, encourage, develop causes related to education, environment, women empowerment, children welfare and manage all the CSR activities of the SBI Group. The bank also handed over a cheque of Rs. 97,37,000 to Arun Jaitley for implementation of sanitation project in Sawai Madhopur, Rajasthan. Thus Finance Minister Arun Jaitley unveiled the logo and website of SBI Foundation.

Here are some of the key features of State Bank Buddy App.

Ask Money – from other State Bank Buddy users.

Send Money – to any contact in phone book or Facebook. Beneficiary need not be a user of State Bank Buddy.

Add Money – to their wallet a/c using debit cards/net banking/IMPS credentials of their account with any Bank.

Recharge and Pay Bills – recharge prepaid mobile/DTH and pay utility bills using the wallet application.

Market Place – shopping, Movies, Flights, Hotels etc.

Transfer to a/c – Users can transfer funds from their wallet a/c to any bank a/c using IMPS-MMID or IMPS-IFSC modes.

Transactional limits:

According to SBI, the app will allow users to keep a maximum balance of Rs 10,000 at one time. The bank also limits the total reload amount in a month and the top up amount per transaction to Rs 10,000 per month. The daily limits on merchant transactions are at Rs 15,000 while the monthly limits are at Rs 20,000. The limit for fund transactions stands at Rs 5,000 per transaction or per day and Rs 20,000 per month.