Explanation:

Electoral bonds can be purchased for any value in multiples of Rs 1,000, Rs 10,000, Rs 10 lakh, and Rs 1 crore from any of the specified branches of the State Bank of India. The life of the bond will be for 15 days.
• The central government had on January 29, 2018, notified the electoral bond scheme.
• An Indian citizen or body incorporated in India will be eligible to purchase the bond.
• Electoral bonds can be used for making a donation only to 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 a Legislative Assembly.
• These bonds will not carry the name of the payee.
• Authorised centre - It can be purchased only from specified branches of State Bank of India.
• Denomination - Electoral bonds can be bought for any value, in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh or Rs 1 crore.
• Validity - Electoral bonds will be valid for 15 daysfrom the date of purchase.