The bonds will be sold through 29 authorised SBI branches and the parties can encash them through an account with SBI

State Bank of India had been authorised to sell and encash electoral bonds, the 13th such sale since the scheme started in 2018, from January 13 till January 22, a Finance Ministry statement said on Thursday.

“It may be noted that electoral bonds shall be valid for 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,” the Ministry said.

Under the scheme, which was notified on January 2, 2018, a person or company incorporated in India can buy electoral bonds and give them to political parties registered under the Representation of the People Act, 1951 and those that secured not less than 1% of the votes polled in the last Lok Sabha or State Assembly elections.

The bonds will be sold through 29 authorised SBI branches and the parties can encash them through an account with SBI.

The Ministry’s statement comes just days after the Election Commission of India announced on Monday that the Delhi Assembly elections would be held on February 8.