- Electoral Bond is a Bearer Banking Instrument to be issued by State Bank of India vide Gazette Notification No. 20 dated 2nd January 2018 issued by Deptt of Economic Affairs, Ministry of Finance, Govt of India.
- Purchaser of the Electoral Bond should hand it over to the Political Party of his/her choice registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and 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.
- Electoral Bond can be encashed only by an eligible Political Party by depositing the same in their Designated Bank Account maintained with Authorized Bank Branch as given in Annexure 1 of the Gazette Notification No. 20 dated 2nd January 2018.
- Electoral Bond shall be valid for 15 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 validity period.
- No cash payment of Electoral Bond is allowed under any circumstances.
- Electoral Bond shall be issued to the buyer on non-refundable basis.
- No duplicate Electoral Bond will be issued if the original is claimed to be lost by the Purchaser. No replacement of torn or mutilated Bond will be offered.
- No interest shall be payable on Electoral Bond.
- Electoral Bond shall not be eligible for trading.
- In case of online funds transfer, i.e. SBI INB/RTGS/NEFT, Purchaser has to necessarily visit the same Branch that he has selected at the time of remitting the funds.
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