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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Central Bank Digital Currency (CBDC)
CBDC, or Central Bank Digital Currency, is a legal tender issued by the Reserve Bank of India. Also called the “digital rupee” or e₹, it will offer features of physical cash like trust, safety and settlement finality with atomicity (i.e. immediate settlement of transactions) in digital mode.
e₹ represents a direct claim on the central bank. It can be used to carry out transactions or store value digitally, similar to the manner in which currency notes can be used in physical form.
Conversion Rates & Denominations
As a bank that’s constantly at the forefront of introducing customer friendly features such as Monthly Interest Credits on Savings Account, ‘never expiring reward points’ on credit cards, lifetime free credit cards etc., we are happy to be a part of this pilot initiative of RBI in bringing the digital rupee revolution in India.
Who can use e₹?
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As part of the first pilot of the Central Bank Digital Currency – Retail (Digital Rupee - e₹), few banks such as IDFC FIRST Bank have been selected to roll out the e₹ to and can be used by customers and merchants.
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You can transact in e₹ through a convenient and safe digital wallet. This e₹ wallet will be like your physical wallet in digital form, on your android or iOS device.
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We will open the application to more customers as and when we receive the intimation from the RBI.
How do I add money to e-rupee wallet?
You can do so by connecting your IDFC FIRST Bank account.
Wallet Creation & Loading
Load
- 1. First, click on load select the total token amount or select the different denominations of Digital Rupee.
2. Now, select the loading method from the following options:
a.Linked Banked Account (if you want to use your linked IDFC FIRST Bank Account)
b.Other UPI Account (if you want to use any different UPI Account)
3. If you have selected the Linked Banked Account, enter the 6-digit Wallet PIN to authenticate the transaction.
4. If you have chosen “Other UPI Account”, a list of all UPI apps available on your phone will appear. You can select your preferred UPI app and then enter your UPI PIN, to complete the transaction.
5. The amount is debited from the Bank Account directly and Digital Rupee is loaded in the wallet successfully.
Transfer
- 1. Log in to the wallet app and then click on the ‘Send’ option
2. Select the desired payment method (Phone Number or QR Code)
3. Enter the amount or select the number of different denominations of token that are available in the wallet and click on ‘Send’
4. You can also transfer confirmation to the user with the transaction ID
Want to be part of IDFC FIRST Bank e-rupee movement? Let us know
Start using e₹ at listed merchants
Digital rupee needs an acceptance infrastructure at merchants and this is being enabled in a phased manner.
To begin with, the following list of merchants near you in Mumbai and Delhi have been enabled. We will be adding more to the list and will notify you when we enable a merchant near your vicinity.
Keep transacting and enjoy the e₹ experience. Be a proud participant in the digital e₹, India's CBDC.
FREQUENTLY ASKED QUESTIONS
What is a central bank digital currency (CBDC)?
Central Bank Digital Currency (CBDC) also known as “Digital Rupee” or “e₹” is a legal tender, similar to sovereign paper currency, and is issued in digital form by the Reserve Bank of India. e₹ will offer features of physical cash like trust, safety and settlement finality with atomicity (i.e. immediate settlement of transactions) in digital mode. e₹ represents a direct claim on the central bank. It can be used to carry out transactions or store value digitally, similar to the manner in which currency notes can be used in physical form.
How e₹ is different from UPI or other fund transfer mode (NEFT/RTGS/IMPS)?
e₹ is a form of money, a digital representation of physical currency, whereas UPI or other fund transfer modes are forms of payment. Therefore, usage of e₹ is not limited to payments. e₹ also serves the purpose of ‘unit of account’ and importantly, ‘store of value’ as it represents a claim on the Reserve Bank’s balance sheet. Moreover, e₹ will have additional attributes specific to currency which will be tested in future pilots.
Is e₹ same as cryptocurrency such as bitcoin?
No. e₹ is digital form of currency notes unlike other cryptocurrencies such as bitcoin. e₹ has intrinsic value and is regulated by the RBI. e₹ will always have same value as of physical bank currency notes which is a legal tender issued by the central bank unlike crypto assets such as bitcoin. Cryptos like bitcoin do not exhibit any features of a currency, do not have any intrinsic value, and are neither backed by assets nor issued by a central trusted authority.
Will e₹ replace cash, debit cards and credit cards?
No. Reserve Bank of India in its concept note states that e₹ is aimed to complement and create an alternate to physical currency and not replace current forms of money. It is envisaged to provide additional avenue of handling money to users.
Is e₹ (Digital rupee) accepted worldwide?
No. In the first pilot, payments can be accepted only by merchants and individuals who are included in the closed user group.
How to register/sign up for e₹ for the first time users?
Below are the simple steps to follow to install the app and register for CBDC (e₹). Please note that you will only be able to register on the app if you are selected for the first pilot of e₹.
· IDFC FIRST Bank has sent details along with link via SMS on your registered mobile number. An email also is sent to registered email ID with details and link. You can search the email with Subject line “Invitation to participate in the first pilot of Central Bank Digital Currency - Retail (Digital Rupee - e₹)”
· Click on the link which you have received via SMS or email to download the e₹ (Digital Rupee) app.
· Once the app is downloaded, allow permissions to send SMS and phone call
· Read Terms & Conditions and Click on accept to continue.
· Click on start registration.
· Select the SIM Card with registered mobile number and click on verify SIM. This will allow your device to send a SMS to our system to complete SIM verification. After verification click on continue.
· Click on Set App PIN and authenticate with your device password (PIN, Face Unlock or Fingerprint)
· Enter your name in the field provided and click on Choose Wallet
· Enter your 6–digit PIN in first input field. Confirm your 6-digit PIN in the second input field. Click on the “tick” button to proceed.
· List of your IDFC FIRST Bank Account will appear, select the account linked to your Debit Card. You can create one wallet with one bank.
· Enter last 6 digits and expiry of your Debit Card. Click on “Next” to continue.
· Your Sign up/registration is complete. Now, you can start using e₹ (Digital Rupee app)
How can I load money in my e₹ wallet?
· On the home page of the app, click ‘Load’
· Enter the amount or select denominations by swiping up for the amount you want to add & click on ‘Load e₹’
· You can now add e₹ to your wallet from your IDFC FIRST Bank Savings Account or from different UPI apps
· Make e₹ (Digital Rupee) payments to the registered beneficiary on their mobile number or scan e₹ (Digital Rupee) QR code
How do I send payments using e₹?
· On the homepage of the app, click on send.
· You can send e₹ (Digital Rupee) via Digital Rupee VPA or Phone number of the beneficiary who has registered for the e₹ (Digital Rupee) or Scan e₹ (Digital Rupee) QR code.
Why do I see e₹ with different denominations in the app?
e₹ has fixed denominations akin to the existing physical currency denominations.
Which are the merchants who will accept e₹ (Digital Rupee)?
Click here to see the list of merchants who are part of the current pilot program.
How to redeem e₹ from wallet and get money back to my linked bank account?
· On the home page of the app, click on Redeem.
· Select denominations by swiping up for the amount you want to redeem. Click on ‘Redeem digital Rupee’.
· Choose the linked bank account to be credited and follow the onscreen instructions.
Why I have not received invite to participate in the first pilot of Central Bank Digital Currency?
As it is the first pilot launched by the Reserve Bank, IDFC FIRST Bank has rolled out invites to few customers only as of now. Invitees would have been received by SMS / Email or WhatsApp from the IDFC FIRST Bank on their registered mobile nos. and email ids.
What mobile OS platform does e₹ app currently support?
It is available on both Android & iOS devices.
Is e₹ Secure and Private?
Yes, e₹ is safe and secure. There is a robust cyber-security framework to ensure that e₹ is kept secure.
What is a e₹ Wallet?
e₹ is India’ official digital currency that is being issued by the Reserve Bank of India and it can only be held in a e₹ wallet issued by banks. This wallet can be linked to your existing IDFC FIRST Bank account. The wallet is a digital representation of your physical wallet and e₹ can be withdrawn/ deposited from your existing bank account into this wallet.
How many wallets customer can hold?
Only one e₹ wallet can be held in a particular bank against the registered mobile number.
Is Savings account mandatory for customers to use e₹ (Digital rupee)?
During this pilot, IDFC FIRST Bank’s savings account is mandatory for customers and current account is mandatory for merchants to use e₹ (Digital rupee) in the pilot.
Can a non- IDFC FIRST Bank customer use e₹ (Digital rupee)?
Non- IDFC FIRST Bank customers cannot use IDFC FIRST Bank e₹ (Digital rupee) app in pilot, as they are not invited by IDFC FIRST Bank for e₹ (Digital rupee) Pilot. However, they may use their own bank Digital rupee wallet to transact with e₹ (Digital rupee), if they are invited for pilot by respective bank.
Do I have to maintain a minimum balance of e₹ (Digital rupee) in my wallet?
No. “Digital Rupee” or “e₹” is a legal tender, similar to sovereign paper currency, therefore, this is not applicable.
Will I be paid interest on my e₹ wallet?
No, as it is Digital form of currency note, there is no interest paid on digital currency in your e₹ wallet.
Are there any charges/fees on using e₹?
No. There are no charges/fees associated with e₹ or e₹ wallets.
Can I use e₹ via ATM cards or Online Banking?
No. e₹ cannot be directly used via ATM cards or online banking. e₹ can be used to make payments to merchants and individuals, who are also included in the group, by using your e₹ wallet.
Can I transfer e₹ directly to someone else’s bank account or UPI VPA?
No. e₹ can only be transferred to e₹ (Digital Rupee) wallet. However, you can redeem e₹ from the e₹ wallet to your linked bank account.
Will my transaction show “Pending” as it sometimes shows in UPI?
You may have to wait till your transaction get either successful or fail.
Will I receive SMS from bank after each transaction, as I used to get in UPI transactions?
Yes, you will receive an SMS for every financial transaction involving e₹.
Can I use this for investment? Will the value of e₹ appreciate/grow?
No. The value of e₹ is equivalent a physical currency. There is no interest paid on e₹.
Can I save my taxes by investing in these tokens?
No. “Digital Rupee” or “e₹” is a legal tender, similar to sovereign paper currency, therefore, this is not applicable.
What if I lose/change my phone?
You can recover your wallet by using the same phone number/sim on e₹ (Digital rupee) wallet.
What if user enter wrong Wallet PIN during a transaction?
In case you input the wrong PIN more than 3 times as day, then the transaction on e₹ app will be temporarily blocked. Customer need to reset the Wallet PIN or wait for 24 hours to unlock.
How to reset Wallet PIN if customer has forgotten it?
· Click on settings in the e₹ app
· Go to PIN settings
· Click on Forgot PIN
· Enter last 6 digits of IDFC FIRST Bank debit card and the expiry date
I am getting some technical issues related to e₹ (Digital rupee) App?
Whom can I reach out for support or raise disputes?
You can raise disputes via e₹ wallet or you can reach out to our customer care for further enquiries. You can contact Customer Care at 1860 258 2000.
While loading e₹ wallet, what if account debited but wallet not credited with e₹ (Digital rupee)?
In such cases, money will be refunded back to your account. Sometimes this takes longer than intended. If you do not receive the refund within 48 hours( during pilot phase), please raise a dispute on the e₹ app or contact Customer Care. You can contact IDFC FIRST Bank customer Care at 1860 258 2000.
Does the transfer of tokens happen only during banking hours?
All transactions are instant and are available 24/7.
How to de-register/delete CBDC wallet?
· To de-register the e₹ wallet, first redeem the Digital Rupee to your linked bank account.
· Click on Profile icon on top left corner of the home screen.
· Select De-register option in the menu
· Prompt will be shown about wallet being deleted, click on continue.
· Authenticate with your wallet PIN and wallet will be de-registered.
For more details, refer the Concept Note of RBI
Recommended Blogs
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With the pilot launch of Central Bank Digital Currency, India has taken a significant step towards digitising its financial ecosystem. Central Bank Digital Currency (CBDC) is the electronic version of the nation’s official currency and is issued by respective country's central bank. In India, the RBI (Reserve Bank of India) will issue this legal tender, also known as the digital rupee.
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Digital Rupee, e₹, and e₹ wallet: Everything you should know about this digital currency
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