Start using Digital Rupee (e₹)
Future of digital money is here. Register now with IndusInd Bank to start using digital rupee (e₹).
Overview
Digital Rupee (e₹) is a form of digital currency issued by the Reserve Bank of India. This Digital Rupee (e₹) is not substantially different from bank notes but is an easier, faster, cheaper & convenient option when compared to physical currency. It also represents a direct claim on the central bank.
Digital Rupee (e₹) can be used as a medium of exchange for transactions where goods & services are purchased or sold. As Digital Rupee (e₹) is a sovereign currency, it holds the major advantages of central bank money like trust, liquidity, safety, integrity and settlement finality.
The Digital Rupee (e₹) will be held in a e₹ wallet issued by IndusInd Bank.
The features of Digital Rupee (e₹) include:
Sovereign currency issued by Reserve Bank of India in alignment with their monetary policy.
Accepted as a medium of payment, legal tender, and a safe store of value by all citizens, enterprises, and government agencies.
Freely convertible against commercial bank money and cash.
Fungible legal tender for which holders need not have a bank account.
Digital Rupee (e₹) requires a digital infrastructure of merchants that can accept payments via e₹ wallet. This is being rolled out in a phased manner to limited cities.
Submit your interest for using Digital Rupee (e₹) with IndusInd Bank
Merchant Interest Form
Be a proud participant of Digital Rupee (e₹) launch as a building block for digital India. Therefore, we are glad to invite interests from our merchants to register with us for using Digital Rupee (e₹).
Merchant Locator
At present Digital Rupee (e₹) is rolled out in phased manner therefore only a few selected merchants have the infrastructure to transact with it. Checkout the merchants accepting Digital Rupee (e₹) nearby.
Customer Interest Form
Register yourself with us as a consumer and be a part of India’s digital journey. It is mandatory to have IndusInd Bank Savings Account to register for using Digital Rupee (e₹)
Frequently Asked Questions
What is Digital Rupee (e₹)?
Digital Rupee (e₹) is a legal tender currency issued by the Reserve Bank of India in a digital format. Digital Rupee (e₹) will offer all possible features offered by Cash. Since it is directly issued by the Reserve Bank of India, it can be used to carry out transactions or store values digitally.
What is the conversation rate applicable for Digital Rupee (e₹)?
Both Digital Rupee (e₹) and Cash offer the same value to their end consumers. The conversion rate of 1 Digital Rupee will be = 1 Rupee.
What are the denominations available Digital Rupee (e₹)
Digital Rupee (e₹) is available in the same denominations of cash i.e., ₹ 1, ₹ 2, ₹ 10, ₹ 20, ₹ 50, ₹ 100, ₹ 500 it also offers coins of 50 paise and 1 Rupee.
What is e₹ wallet?
An e₹ wallet is an IndusInd Bank mobile application that stores your digital money like a physical wallet. The unique feature of e₹ wallet is that your money is safe even if you lose your mobile phone on which the e₹ wallet is stored. It can be retrieved by creating a protected e₹ wallet through PIN.
How is Digital Rupee (e₹) different from UPI or current modes of payments available currently?
The first primary distinction of Digital Rupee (e₹) is from money, which is issued by RBI. It is a digital representation of the physical currency. It is a digital form of Indian rupee. Whereas UPI/IMPS/NEFT or other available modes are the medium to transfer money, these can only be used for payment transactions. Transfer of Digital Rupee (e₹) provides an instant change in ownership of the currency.
Is Digital Rupee (e₹) similar/same to cryptocurrencies?
Digital Rupee (e₹) is a digital form of currency. It is completely different from private cryptocurrencies like bitcoin etc. Digital Rupee (e₹) has an intrinsic value and is issued and regulated by the Reserve Bank of India.
Will Digital Rupee (e₹) replace the currently available payment methods like debit card or physical currency?
As stated in the concept note by RBI, Digital Rupee (e₹) is going to complement all the existing payment methods and will act as an alternative to physical currency. Being digital in nature, it may offer some additional features in the future which are not possible with paper currency. It is completely different from private crypto currencies like bitcoin etc. Digital Rupee (e₹) has an intrinsic value and is issued and regulated by the Reserve Bank of India.
Where can Digital Rupee (e₹) be used?
Customers can use Digital Rupee (e₹) like physical currency, and can be transferred to another user with the help of a mobile number. Users can also use these digital currencies at merchant outlets accepting digital rupee by scanning the QR code. With the recent introduction of UPI QR Interoperability, Digital Rupee customers can scan any UPI QR and transfer funds from their Digital Rupee wallet.
Is the Digital Rupee (e₹) app available to Non-IndusInd Bank customers?
Currently, only invited customers can use Digital Rupee (e₹). IndusInd Bank Ltd Account and active Debit Card is mandatory to use the e₹ wallet.
Is the Digital Rupee (e₹) accepted outside India also?
No, it is accepted only in India. In the first phase of the rollout of Digital Rupee (e₹), it can only be used for transferring money to other e₹ wallet holders or for making payments at merchant outlets accepting Digital Rupee (e₹).
Is Digital Rupee available across the country?
Yes. IndusInd customers across the country can avail the Digital Rupee services.
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