Finance Ministry has announced that the
State Bank of India (SBI) will issue and encash Electoral Bonds through its 29 Authorised Branches with effect from January 01, 2021.
SBI will issue electoral bonds in the XV Phase of sale. Subscriptions will be allowed till January 10, 2021.
According to the ministry, the Electoral Bonds shall be valid for fifteen (15) calendar days from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after expiry of the validity period. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day.
Investors can buy Electoral Bonds, either singly or jointly with other individuals.
As per the scheme's terms and conditions, only the Political Parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled in the last General Election to the House of the People or the Legislative Assembly of the State, shall be eligible to receive the Electoral Bonds.
Also, the electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the Authorised Bank.