The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 02^nd January 2018. As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No. 2 (d) of Gazette Notification), 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 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. The Electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the Authorized Bank.

State Bank of India (SBI), in the XIX Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches (as per list enclosed as per the ANNEXURE)  w.e.f. 01.01.2022 to 10.01.2022.

The Electoral Bonds shall be valid for fifteen 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.

Electoral bond rules: bonds purchasable by eligible persons, encashable only via authorised bank accounts and valid fifteen days. The Electoral Bond Scheme permits purchase by Indian citizens or Indian-incorporated entities, with individuals allowed to buy singly or jointly. Only political parties that are registered under the relevant law and meet the minimum vote-share threshold may receive bonds. Encashment is allowed solely through a party's bank account with an authorised bank. State Bank of India is authorised to issue and encash bonds through specified authorised branches during the stated sales window. Each bond is valid for fifteen calendar days and valid deposits are credited on the same day.