We have availed loan & associated loan insurance from SBI. We pay the EMI thru ECS. As the EMI is paid (towards loan and insurance) the amount is credited to the Loan Account. Every fixed interval SBI debits certain premium amount from the loan account.
This year also they have debited the specified amount, however we are surprised by the transaction details and the SMS.
The SMS says ‘Loan of Rs 10000 disbursed from Loan A/C xxxx and credit to xxxx as requested’
The actual transaction narration is ‘DEBIT TRANSFER - TRANSFER TO xxxx INVESTMENT INTERMEDIA-
We are wondering what party is this Investment Intermedia. There's an account number mentioned in the details
We contacted SBI home branch but they are totally clueless. They are just verbally saying that this is your premium amount but they can not affirmatively state that this has gone to SBI.
My question is does anyone have any idea if such transaction is legimate? Who can be this party by the name Investment Intermedia and how can bank has no idea about it?
Could this be a fraud transaction?