Digital Rupee FAQ's

‘Digital Rupee’ or ‘e₹’ is a legal tender, similar to sovereign paper currency, issued digitally by the Reserve Bank of India. e₹ offers features such as safety and settlement finality with atomicity (i.e., immediate transaction settlement) in the 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 how currency notes can be used in physical form.

e₹ can be held in the form of an e₹ Wallet, linked to your existing ICICI 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 The wallet is a digital representation of your physical wallet and e₹ can be withdrawn/ deposited from your existing Bank Account into this wallet.

No. In its concept note, the Reserve Bank of India has stated that e₹ is an alternative to physical currency. It is an alternative to current forms of money and is meant to provide an additional avenue for handling money.

e₹ is a digital representation of physical currency, whereas UPI etc. are modes of payment. e₹ is not limited to just payments and acts as a ‘unit of account’ and a ‘store of value’ as it represents a claim on the Reserve Bank of India’s balance sheet. Moreover, e₹ has additional attributes specific to currency, which will be tested in future pilots.

No. e₹ is a digital form of currency. It has intrinsic value as the Reserve Bank of India issues it. e₹ also represents a direct claim on the RBI and is a legal tender. Crypto products (e.g., bitcoin) on the other hand, do not exhibit any features of a currency, do not have any intrinsic value, are not backed by assets, and are not issued by a central trusted authority.

Everyone who has a Savings Account with ICICI Bank can use the Digital Rupee app.

The e₹ Wallet is a digital wallet, installed on Android or iOS devices which can be used to store digital currency, just like how a physical wallet stores physical currency. If you lose your physical wallet, retrieving the same is very difficult. However, in the case of a Digital Rupee Wallet, the money is safe even if the device on which the wallet is installed gets lost.

e₹ has fixed denominations, similar to existing physical currency denominations.

No, you cannot buy e₹ using your Credit Card. e₹ is a digital representation of physical currency notes. Therefore, you can only withdraw/deposit e₹ tokens from your linked Bank Account or UPI.

e₹ Wallets can be used 24x7, 365 days a year. However, there are some limitations on the volume and value of transactions:

Holding capacity of the Wallet: e₹ 1,00,000

Load (per day): e₹ 1,00,000

Load (count per day): 50

Inward amount (per day): e₹ 1,00,000

Inward amount (count per day): 50

Redemption: e₹ 1,00,000

Redemption (count per day): 50

Outward amount (per day): e₹ 50,000

Outward transfer (count per day): 50

Payment/ Collection amount (per transaction): e₹ 10,000

Monthly outward transfer (amount): e₹ 2,00,000

Monthly outward transfer (count): 100

A cooling period in the Digital Rupee app refers to a specific duration in which transaction limits are enforced to maintain security and regulatory compliance. A cooling period is enforced:

• During a new user registration
• While recovering an Account
• While resetting the PIN.

Holding capacity: Up to ₹ 10,000

• Per day load (amount) & per day transfer (inward amount): ₹ 5,000
• Number of loads (count) & number of transfers (inward count): 20
• Per day unload (amount) & per day transfer (outward amount): ₹ 5,000
• Number of unloads (count) and number of transfers (outward count): 20
• Per transaction limit: ₹ 5,000

No. e₹ cannot be directly accessed through ATM Cards or online banking.

It currently supports iOS 17 and above versions for iPhones & Android 10 and above for Android devices.

Yes, e₹ is safe and secure. It has a robust security framework to ensure privacy and security.

No. e₹ is a digital currency note. No interest is paid on digital currency in your e₹ Wallet.

No. There is no minimum balance required to open/ maintain an e₹ Wallet.

No. The value of e₹ is equivalent to physical currency. There is no interest paid on e₹.

Only one e₹ Wallet can be held in a particular bank, for a registered mobile number.

No. e₹ is a legal tender, similar to sovereign paper currency. You cannot save on taxes by investing in these tokens.

As e₹ is currency in digital form, all the laws, regulations, and guidelines, including tax regulations applicable to physical currency and transactions, will apply to e₹.

You can transact using e₹ through the Digital Rupee Wallet offered by ICICI Bank. This e₹ Wallet will be like your physical wallet in the digital form, installed on your Android or iOS device.

Non-ICICI Bank customers cannot use the ‘Digital Rupee by ICICI Bank’ app. Customers should have an ICICI Bank Savings Account to use the application. Non-ICICI Bank customers can use their bank’s e₹ application.

Registration:

• How can first-time users register/sign up for e₹?

• Following are the simple steps to register for CBDC (e₹).

1. Download the app from Google Play Store or the App Store by searching ‘Digital Rupee By ICICI Bank’.

2. Enable SMS and phone call permissions upon download.

3. Accept the Terms and Conditions to proceed.

4. Start the registration process by selecting your registered SIM Card and verifying the same.

5. Set and confirm your PIN using your preferred method (PIN, face unlock or fingerprint) and enter your name.

6. Link your ICICI Bank Account by selecting and authenticating it using your Debit Card details.

7. Once your Bank Account is linked and confirmed, the registration process will be complete. You can use your wallet for transactions. 

Understanding payments using Digital Rupee:

• How can I load money on my e₹ Wallet?

1. On the home page of the app, click on ‘Load’

2. Enter the amount or select denominations by swiping up the tokens. Then, click on ‘Load Digital Rupee’.

3. Select one of the two modes given below to load your wallet and click on ‘Load Digital Rupee’:

4. Transfer funds from your linked ICICI Bank Account

5. Transfer funds through different UPI apps

6. The selected Account will be debited, and your wallet will be credited with the amount.

1. On the app's home page, click on ‘Redeem’.

2. Enter the amount or select the denominations by swiping up the tokens. Click on ‘Redeem Digital Rupee’. You can also click on the ‘Redeem All’ option.

3. After the PIN verification is successful, the linked ICICI Bank Account will be credited and the e₹ Wallet will be debited with an equivalent amount.

You can send payments in the following ways:

1. Scan QR/upload QR: Click on this option on the main dashboard to scan or upload any QR from the gallery.

2. Through your phone number: Enter the phone number registered with your CBDC Wallet or the one registered on UPI platforms.

3. UPI ID: Enter a valid UPI ID of a person or merchant to pay.

Yes. You can carry out UPI payments through your Digital Rupee app by following the steps mentioned under ‘How do I send payments using e₹?’.

No. You can only send payments from your Digital Rupee Wallet to another UPI app. You can receive payments to your Digital Rupee Wallet, only through another Digital Rupee Wallet.

If you have to purchase an item for ₹ 15 from a merchant, but only have a token of ₹ 20 available in your Digital Rupee Wallet, you can enter ₹ 15 in the amount field while sending the money; the remaining ₹ 5 will be credited as change in your wallet.

All transactions are instant and can take place anytime.

You may have to wait till your transaction is confirmed to know whether it was successful or whether it failed.

Yes, an SMS will be sent for every transaction.

No. There are no charges/fees associated with e₹ or e₹ Wallets.

1. Click on the ‘Profile’ icon on the top left corner of the home screen.

2. Select the ‘De-Register’ option in the menu.

3. A prompt will be shown to delete the wallet. Click on ‘Continue’.

4. Authenticate with your wallet PIN. Your wallet will be de-registered.

5. If there is any amount left in your wallet, it will be credited to your linked ICICI Bank Account.

Set up PIN:

• How does one reset the Wallet PIN?

1. Click on ‘Profile’

2. Go to ‘PIN Settings.’

3. Click on ‘Forgot PIN.’

4. Enter the last 6 digits of your ICICI Bank Debit Card as well as the expiry date.

5. Enter the new PIN. 

Transaction History:

• What information can I find under ‘Transaction History’?

You can find all your transactions till date, under the ‘Transaction History’ section, arranged in order of the latest to the earliest. 

• How can I use the Transaction History section to my benefit?

You can apply filters provided on the Transaction History page. These filters will help you customise the transaction search.

You can choose any of the given filters:

1. Month: Month of transaction, along with year of transaction.

2. Status: Status of your transaction: Either ‘Success’, ‘Failure’ or ‘Pending’

3. Type: Type of transaction: Loaded, Sent, Received, Redeemed, Merchant Payments and Cashback Transactions.

Yes, you can view each transaction and its related details separately.

Yes. If you recover your wallet, the same wallet will be assigned to you again. Hence, you will be able to view all your previous transactions.

No. A new wallet is assigned if you de-register and then register again. Hence, you will not be able to view the Transaction History of your previous wallet.

Currently, you can raise disputes only for failed transactions.

To raise a dispute:

1. Go to the particular transaction for which you want to raise dispute. Click on it and navigate to the ‘Raise Dispute’ option.

2. Enter your mobile number, e-mail ID and the reason for raising the dispute.

3. Click on the ‘Submit’ button.

4. You will get a dispute ID and will be able to see the dispute under the ‘Raise Dispute’ list.

You can raise disputes through the app or reach out to our Customer Care on 1800 1080.

You can contact our Customer Care on <1800 1080> for any information/ clarification.

You can recover your Digital Rupee Wallet using the same phone number/SIM.

The amount will be automatically reversed to the source Bank Account within 3-4 working days.

Such a situation will be resolved within 7 working days. If the transaction fails, the amount will be reversed to your Bank Account. If loading is successful, the tokens will be credited to your e₹ Wallet.

Such a situation will be resolved within 7 working days. Tokens will be credited to your e₹ Wallet. Contact our Customer Care on 1800 1080 for further help.

The amount will automatically get credited to the Bank Account within 3-4 working days.

Such a situation will be resolved within 7 working days. If the transaction fails, the amount will be reversed to your Bank Account. If loading is successful, the tokens will be credited to your e₹ Wallet.

The customer should recheck the balance. If tokens are debited but redemption has failed, the tokens will be auto reversed within 7 days. Customers can contact our Customer Care on 1800 1080 or raise a dispute on the Transaction History page.

If your order or booking gets cancelled for any reason, the merchant will automatically refund the entire amount to you as per their TAT. The wallet will be credited within 3-4 working days of the refund initiation date.

The wallet will be credited within 3-4 working days from the date of refund initiation by the merchant.

Such a situation will be resolved within 7 working days. The transaction will either be a ‘Success’ or a ‘Failure’.

After paying at the store, directly contact the Beneficiary or the merchant to refund/settle the outstanding amount. If the merchant is not providing a refund, contact Customer Care.

The customer should recheck the balance. If tokens are debited but the transaction has failed, the tokens will be auto reversed within 7 days. Customers can contact Customer Care or raise a dispute on the Transaction History page.

Ask the Beneficiary to recheck their wallet. Contact Customer Care on 1800 1080 for further help if the Beneficiary’s wallet is still not credited.

After paying at the store, directly contact the Beneficiary or the merchant to refund/settle the outstanding amount. If the merchant is not providing a refund, call Customer Care.

If your order or booking gets cancelled for any reason, the merchant will automatically refund the entire amount to you as per their TAT. The wallet will be credited within 3-4 working days of the refund initiation date.

Your Account will get credited within 3-4 working days from the date of refund initiation by the merchant.

In this case, recheck the balance. If tokens are debited but the transaction has failed, the tokens will be auto reversed within 7 days. You can call Customer Care or raise a dispute on the Transaction History page.

Such a situation will be resolved within 7 working days. The transaction will either be a ‘Success’ or a ‘Failure’.

Ask the Beneficiary to recheck their wallet. Call Customer Care on 1800 1080 for further assistance if the Beneficiary’s wallet is still not credited.

In such a case, check your internet connection and ensure proper connectivity.

Go to ‘PIN Settings’ in the profile section. Ensure that you have entered the correct Debit Card details. Then, enter your new PIN and click on ‘Confirm’.

Our application is currently supported on iOS 17 and above versions & Android 10 and above. If the OS of your device falls within the mentioned OS versions, you can update to the latest version of the app.

For security, it is advised to switch off debugging/developer mode while using the app.