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Digital Currency Investing in FD: The Reserve Bank of India (RBI) has recently launched Digital Rupee (e₹-R), which can be used for all kinds of purchases from shops. This digital rupee has been issued under a legal tender and it works as a digital token. The central bank is currently working to strengthen the entire process of creation, distribution and retail use of the digital rupee.
After coming in the market, it can be used for payment and other works. It can also be paid by scanning the QR Code. Digital Rupee (e₹-R) will be issued by banks. According to the information given by RBI, Digital Rupees Use can be used under the bank’s wallet and mobile app and other facilities of the bank. Digital Rupee is as valid as a bank deposit or Indian currency. However, interest cannot be earned by depositing it in a savings account.
Why interest will not be available on digital rupee
The digital rupee is valid like Indian currency, which is issued in the form of digital tokens of the same denomination as the notes. Talking about interest, just as the cash kept in your purse does not give interest in itself, in the same way digital rupees also do not earn any interest if kept in your digital wallet. Digital wallets will be offered by banks to hold e₹-R.
Can Digital Rupee be deposited in Fixed Deposit?
The government says that in the coming time digital rupee will be introduced in some other forms. In such a situation, it can be used in the same way as cash and profit can be earned by investing. Union Minister Pankaj Chaudhary said in the Rajya Sabha on December 13, 2022 that digital money can be transferred through wallets, but interest cannot be earned by depositing it. This can be considered in the coming times.
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In how many ways digital rupee can be transacted
Transaction of digital rupee can be done Person to Person (P2P) and Person to Merchant (P2M). Apart from this, it can also be used by using QR code.
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