What is investment intermedia w.r.t. sbi loan account?

A/c entries 65245 views 6 replies

Rajesh

293 Points Posted on 25 September 2018

Respected Sir/Madam,

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?

Thank you.

Replies (6)

Pradip Kumar Ghosh

2 Points Posted on 30 November 2018

I contacted the branch manager with the same query , now this is for insurance i think is what he told me an yearly amount is debited from my loan account which is a different loan account than the original one as well i am not able to close it i have to pay interest at an very inflated rate , when i took the insurance there was a certain amount which i paid for , i had no idea that it will be an yearly process i will go and talk to my branch manager once more to resolve this

rizwan shaikh

2 Points Posted on 05 May 2019

For debit of 918.00 Rs.
for debit of 918.00 Rs.
Respected sir
I have account in Sbi. AC no:- [protected]
MY MOBILE NO.:- 8866673880
PLS TELL ME WHY 918.00 Rs. HAVE BEEN DEBITED TWO TIMES IN MY AC IN INVESTMENT INTERMEDI

KINDLY REFUND THE MONEY.and block it immediately

Please call/reply me regarding this, i have no idea who has been stealing money from my account 918.00 Rs. twice in a month saying investment intermedi. I think this is happening for all SBI customer. please refund at earliest.
Block investment intermedi

WITH REGARD
RIzwan M Shaikh
Email : rizzoultion @ gmail.com

Mahesh Mak Sagar

2 Points Posted on 16 June 2019

https://www.caclubindia.com/

shahyar husain

1240 Points Posted on 05 November 2020

Investment intermediary are middleman entities between two parties who are indulged financial transaction. Entities like, commercial banks, investment banks, mutual funds, pension funds etc are the examples of investment intermedi.

Please feel free to correct me if have suggested anything wrong.

Indira Priyadarsini Kota

Practice

590 Points Posted on 20 January 2021

Shahyar hussain, Can you explain briefly the role of these investment intermediaries?

Prajjwal

422 Points Posted on 14 January 2023

An investment intermediary is an institution or individual that acts as a middleman between investors and investment opportunities. They are responsible for connecting investors with the appropriate investment products and services, and providing advice and guidance to help investors make informed decisions. Some examples of investment intermediaries include stockbrokers, financial advisors, investment banks, and mutual fund companies.

The role of investment intermediaries can vary depending on the specific institution or individual, but in general, they are responsible for: