If you see this line item, it is almost always tied to a premium payment for one of the following insurance or financial products: 1. Employer-Sponsored Group Benefits
Bank statements use highly condensed abbreviations due to character limits in banking software. The code breaks down into two primary components: Principal Life Insurance Company. SBD: Specialty Benefits Division. plic-sbd insurance claim on bank statement
Inform your bank that an unauthorized ACH debit occurred. If you see this line item, it is
P LIC-SBD stands for Public Life Insurance Corporation - Savings Bank Deposit. It is a type of insurance policy offered by the Life Insurance Corporation of India (LIC) that provides financial protection to depositors in case of unforeseen events. When a policyholder passes away, their nominee or beneficiary can file a claim with the LIC to receive the insured amount. SBD: Specialty Benefits Division
However, scams involving fake bank deposits do exist. It is crucial to verify the transaction to ensure you are not being drawn into a money laundering scheme or an "overpayment" scam.