HomeBondsElectoral Bearer Bond Scheme 2018 through SBI in January 2021

Electoral Bearer Bond Scheme 2018 through SBI in January 2021

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Electoral Bearer Bond Scheme 2018 through SBI in January 2021

The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 2nd 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 Authorised Bank.

The State Bank of India (SBI), in the XV Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorised Branches (as per list enclosed)  w.e.f. 01.01.2021 to 10.01.2021.

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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. 

Electoral Bond Scheme 2018

29 Existing Authorized Branches

Sl. No.State/UTName of the Branch & AddressBranch Code No.
DelhiDelhi Main Branch11, Parliament Street,New Delhi – 11000100691
Haryana, Punjab and ChandigarhChandigarh Main BranchSCO 43-48, Banking Square, Sector-17B, Chandigarh, Distt: ChandigarhState: Chandigarh, Pin : 16001700628
 3Himachal PradeshShimla Main BranchNear Kali Bari Temple, The Mall, Shimla, District : ShimlaState: Himachal Pradesh,Pin : 17100300718
 4Jammu and KashmirBadami Bagh (Srinagar) BranchBadami BaghCantonment, Srinagar, Kashmir
Dist : Badgam,State: Jammu & Kashmir
Pin : 190001
02295
 5UttarakhandDehra Dun Main Branch4, Convent Road, Dehradun Uttarakhand, District : Dehradun
State: Uttarakhand Pin : 248001
00630
 6Gujarat, Dadar & Nagar Haveli and Daman & DiuGandhinagar Branch, I Floor, Zonal Office Sector
10 B GandhinagarDistt: Gandhinagar,State : Gujarat Pin:382010.
01355
 7Madhya PradeshBhopal Main Branch T.T.Nagar,Bhopal-462003, Bhopal, Madhya Pradesh,District : Bhopal,State: Madhya Pradesh,Pin : 46200301308
 8ChhattisgarhRaipur Main BranchP.B.NO.29/61,JaistambhChowk, Raipur,District : RaipurState : Chhatisgarh Pin: 49200100461
 9RajasthanJaipur Main BranchP.B.No.72, Sanganeri Gate
Jaipur, Rajasthan District: Jaipur, State: Rajasthan.Pin : 302003
00656
 10Maharashtra Mumbai Main BranchMumbai SamacharMarg
Horniman Circle, Fort, Mumbai, Maharashtra   Pin: 400001
00300 
 11Goa,Lakshadweep Panaji BranchOpp : Hotel Mandovi, Dayanand,DayanandBandodkarMarg,Panaji, Goa.
District : North Goa,State : Goa, Pin: 403001
00509
 12Uttar PradeshLucknow Main BranchTarawaliKothi, MotimahalMarg, Hazratganj, Lucknow, Uttar PradeshDistrict :Lucknow,State: Uttar Pradesh
Pin : 226001
00125
 13OdishaBhubaneswar Main BranchP.B.NO.14, Bhubaneswar
BhubaneswarDistrict : Khurda
State: Odisha, Pin : 751001
00041
 14West Bengal and Andaman & NicobarKolkata Main BranchSamriddhiBhawan
1, Strand Road, Kolkata, West Bengal, District :Kolkata.State: West Bengal. 3Pin : 700001
00001
 15BiharPatna Main BranchWest Gandhi Maidhan, Patna,Bihar. Pin: 80000100152
 16JharkhandRanchi BranchCourt Compound,Jharkhand, District : Ranchi,State: Jharkhand, Pin : 83400100167
 17SikkimGangtok BranchM G Marg, Gangtok SIKKIMDist: East SikkimState : Sikkim Pin : 73710100232
 18Arunachal PradeshItanagar BranchTT Marg,VIP Road Bank Tinali, Itanagar, Arunachal Pradesh District : PapumpareState : Arunachal PradeshPin : 79111106091
 19NagalandKohima BranchNear deputy commissioner’s officeKohimaNagaland Pin: 79700100214
 20AssamGuwahati BranchPan Bazar, MG Road,Kamrup, Guwahati, Pin: 78100100078
 21ManipurImphal BranchM G Avenue, Imphal westManipurPin: 79500100092
 22MeghalayaShilong BranchMG Road, Near General POShillong, District: Khasi Hills (E),Meghalaya, Pin: 79300100181
 23MizoramAizawl BranchSolomns caveDistrict: Aizawl, MizoramPin: 796001 01539
 24TripuraAgartala BranchHari Ganga Basak road,AgartalaDistrict: Tripura (W), TripuraPin: 799001 00002
 25Andhra PradeshVisakhapatnam BranchRednam Gardens, Jail Road, Junction, Opp. Pages/Vodaphone Off, Visakhapatnam,District: VisakhapatnamState : Andhra PradeshPin : 530002 00952
 26TelanganaHyderabad Main BranchBank Street, Koti, Hyderabad.
District : Hyderabad
State: Telangana
Pin : 500095 
00847
 27Tamil Nadu and PuducherryChennai Main Branch336/166, Thambuchetty Street, Parrys, Chennai.State: Tamil Nadu
Pin : 600001 
00800
 28KarnatakaBengaluru Main BranchPost Bag No.5310,St. Marks Road, Bangalore,District :Bangalore Urban,State: Karnataka, Pin : 56000100813
 29KeralaThiruvananthapuram BranchP.B.No.14, M.G.Road, Thiruvananthapuram,
District : Thiruvananthapuram,State: Kerala, Pin: 695001 
00941

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Important FAQs

What is Electoral Bond?

Electoral Bond is a bearer Banking Instrument to be used for funding eligible Political Parties. An eligible Political Party is the one 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

What is the Validity / Maturity of Electoral Bonds?

The Electoral Bonds shall be valid for Fifteen Days from the Date of Issue ie: An Electoral Bond issued on 1St March 2018 will be valid upto 15th March 2018.

Can I redeem these Electoral Bonds in any Account?

No. The Electoral Bonds can be redeemed only by an eligible Political Party by depositing the same in their Designated Bank Account maintained with Authorised Bank

Who can purchase Electoral Bonds? Who is eligible to Donate through Electoral Bonds?

The Electoral Bonds under this Scheme may be purchased by a Person, who is a Citizen of India or Incorporated or Established in India. The definition of “Person” includes-

(i) an Individual;
(ii) a Hindu Undivided Family;
(iii) a Company;
(iv) a Firm;
(v) an Association of Persons or a Body of Individuals, whether incorporated or not;
(vi) every Artificial Juridical Person, not falling within any of the preceding subclauses; and
(vii) any Agency, Office or Branch owned or controlled by such person.

At what price the Electoral Bonds are sold? What are the Denominations or Face Value of Electoral Bonds?

The Electoral Bonds shall be issued in the denomination of Rs1000, Rs 10,000, Rs 1,00,000, Rs 10,00,000 and Rs 1,00,00,000

What are the Know-Your-Customer (KYC) norms for purchase of Electoral
Bonds?

The extant instructions issued by the Reserve Bank of India regarding Know Your Customer norms of a Bank’s customer shall apply for all Applicants of the Electoral Bonds. However, SBI as Authorised Bank may call for any additional Know Your Customer documents, if it deems necessary

What Documents I should carry for Purchasing Electoral Bonds?

In addition to Application Form and Pay-in-Slip, the Applicant should submit copy each of Citizenship Proof and KYC documents, alongwith originals

Can I use Electoral Bonds as collateral for loans?

No

Whether Nomination Facility is available for Electoral Bonds?

No such facility is available.

Check here for more FAQs

Source : PIB

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