What is digital rupee?
- Digital Rupee (e₹) is a legal tender issued by the RBI for the retail customers.
- It is based on blockchain technology and mimics features of physical cash.
- Represents a direct claim on the central bank, usable for digital transactions and value storage.
Digital Rupee Benefits:
| Benefit | Description |
|---|---|
| Load Wallet | Load wallet via linked bank account or UPI from any bank. |
| Send Money | Send e₹ to friends and family with an e₹ Wallet or UPI QR. |
| Receive Payments | Get instant payments 24/7 in your e₹ wallet. |
| Digital Cash | Digital Rupee is the digital form of physical cash. |
| Pay to Merchants | Use e₹ to pay merchants with it as a payment option. |
| Send/Receive Instantly | Send or receive money via mobile number or QR code. |
| Avoid Small Transactions | Keep large transactions easier to track, without small amounts. |
How to use digital rupee :
| Action | Steps |
|---|---|
| Loading e₹ Wallet | 1. Select Amount |
| 2. Choose Loading Method (Bank or UPI) | |
| 3. Authenticate (OTP or UPI PIN) | |
| 4. Confirm | |
| Redeeming e₹ Wallet | 1. Select Amount |
| 2. Choose Bank Account | |
| 3. Authenticate (Wallet PIN) | |
| 4. Confirm | |
| Transferring e₹ | 1. Log in |
| 2. Select ‘Send’ | |
| 3. Choose Payee (Phone/QR) | |
| 4. Enter Amount | |
| 5. Confirm & Send | |
| Conversion & Denominations | 1 ₹ = 1 INR |
| Denominations: ₹0.50, ₹1, ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500 |
digital rupee transaction limits:
| Transaction Limit | Amount |
|---|---|
| 1. Per Transaction Limit | ₹10K |
| 2. Wallet Holding Limit | ₹1 L |
| 3. Outwards Transfer Limit (24 hours) | ₹50K |
| 4. Limit on Redemptions (24 hours) | ₹1L |
| 5. Maximum Number of P2P Transactions (30 days) | 100 Nos. |
| 6. Transaction Limit in Cooling Period (first 24 hours) | ₹5K |
Digital Rupee Eligibility Criteria:
| Account Type | Eligible Accounts | Exclusions | Mode of Operation |
|---|---|---|---|
| Savings (SB) | All savings accounts, including zero balance | NRE / NRO accounts, Sukanya Samriddhi | Self (01), E or S (03) |
| Current (CA) | Current accounts with eligible modes | Sole Proprietorship | Self (01) |
| Overdraft (OD) | OD002, OD003, OD004, OD005, OD006 | Ineligible schemes | Self (01), Sole Proprietorship (29) |
MCQ
1. How is digital rupee different from upi?
Ans:
- Digital Rupee (e₹): It’s like digital money, the same as cash, but on your phone. It’s made by the government and is legal money that you can spend.
- UPI: It’s like a system that helps you send or receive money through apps (like Google Pay or PhonePe). It doesn’t make money; it just moves your bank money from one person to another.
In short, Digital Rupee is real money in digital form, while UPI is a tool to send money easily between people and banks.
2. what is digital e rupee?
It’s like digital money, the same as cash, but on your phone.
3. how to get digital rupee?
To get Digital Rupee, you need to:
- Use a supported bank: Open an account with a bank offering Digital Rupee.
- Download the bank’s app: Use the bank’s app or digital wallet to get the e₹.
- Request it: Some banks may allow you to convert regular money into Digital Rupee through their app.