An electoral bond is an instrument through which donors can fund political parties in India anonymously. Unlike other government or private debt market securities, the electoral bonds are not traded and carry zero coupon. Introduced by the National Democratic Alliance (NDA) government in 2017, SBI is the only lender allowed to issue electoral bonds. Electoral bonds are issued in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh, and Rs 1 crore and must be encashed by a party within 15 days of donation. As per Association for Democratic Reforms (ADR), a total of 18,299 electoral bonds amounting to Rs 9,857 crore have been sold between March 2018 to April 2022.