New Delhi, Sep 29 (IANS): The State Bank of India (SBI) has been authorised to issue and encash electoral bonds through its 29 branches between October 1-10.

This would be the 22nd phase of sale of electoral bonds, according to a statement issued by the Union Finance Ministry on Thursday.

The government had notified the Electoral Bond Scheme 2018 on January 2, 2018.

These can 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 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, are eligible to receive the electoral bonds.

These can be encashed by an eligible political party only through a bank account with the authorised bank

The electoral bonds are valid for 15 calendar days from the date of issue and no payment shall be made to any payee political party if the 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.