On October 29 2008 i wrote about looking for the bank with the best Time Deposit rate. I found DBS to provide the best rate on the criteria mentioned in the post.
Now, in the spirit of putting my money where my mouth is, i’m opening a time deposit with DBS, let’s see if the relationship goes as sweet as their promise.
I like to share with you my initial experience with the bank
Since i would only be able to manage the account on lunch at weekdays, i look for a branch in the Thamrin/Sudirman area. I found one in Plaza Permata, across of the Japanese Embassy.
Went there, parking is a bit difficult. Go to the branch in LG, nobody greets me. bad sign…
Wander around in the bank, a satpam finally greets me, i stated my wish to open a time deposit, he asked to wait for a Customer Service. I wait, and wait. I asked again, he said that they only have one CS. I’m looking at the single CS there, and it seems that she is about to go somewhere else, i don’t want to spend my time waiting for her. So i went to the teller, and restated my intent, he asked mme to wait.
I wait, the security guard then return to me and accompany me to the DBS Treasures waiting room (apparently the Thamrin Branch specializes for Treasures customer). I was a bit hesitant, since no way i can open a Treasures account (i pray for the day that such a glorious event will take place) but i still want to open a Time Deposit so i guess at least i’m a customer.
A Treasures Relationship Manager came, i stated my intent. He was a bit confused with my stated rate, saying “where did you get the info sir?”, i said “from the Puri branch”. He go out, went back after a while, confirm that rate is accurate and showed me a room where we open the account.
He asked me to wait while he fetch the account and time deposit documents, there seem to be a lot of waiting happening here.
He asked some questions, saving from filling out most of the papers on my own, there’s a lot of paper there.
He confirms that the savings account balance and its admin fee can be zero as long as my Time Deposit exceeded a certain amount.
There’s a bit of additional cost involved here, 2 x Rp 6,000 stamp cost for the savings account, and off course a Rp 6,000 stamp for the time deposit.
He asked why i choose the Thamrin branch, convenience i said, he said that i can manage the time deposit from any branch, well, that’s an additional convenience that i find useful.
We close the transaction, and opening of account is done.
Time spent: in the branch itself: 40 minutes, total in the building: 1 hour