SBI To Issue Electoral Bonds Starting April 2. Details Here

The Electoral Bond Scheme 2018 for Phase two from April 2 to April 10 2018 has been announced. In the second phase of sale, State Bank of India (SBI) has been authorised to issue and encash electoral bonds through its eleven authorised branches with effective from April 2 to April 10. The first phase of electoral bonds was launched between March 1 to March 10. (Also Read: SBI To Start Electoral Bonds Sale From March 1. Five Things To Know)

Earlier, the government of India had notified the Electoral Bond Scheme 2018 on January 2. As per the provisions of the scheme, Electoral Bonds may be purchased by a person, who is a citizen of India or incorporated or established in India.

A person being an individual can buy Electoral Bonds, either singly or jointly with other individuals.

Only political Parties registered under Section 29A of Representation of People Act, 1951 (43 of 1951) & which secured not less than 1% of the votes polled in the last General Election to the House of People or Legislative Assembly of the State, shall be eligible to receive Electoral Bonds.

The Electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the Authorized Bank.

It may be noted that Electoral Bonds shall be valid for fifteen 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.