Putting my money where my mouth is with DBS

dbs-indo-front_aboutOn 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

One Response

  1. oh yeah I did the same as you are, go to plasa permata..

    I came up with haste, directly state her (CS) that I want to open a time deposit.

    First she replied with a question : “Atas nama institusi atau perorangan pak?”
    I replied “perorangan”, with a sum of hard cash in my bag.

    but first I was a little surprised when she state that I need to open an account, I responded quickly said that at the puri branch, the CS there said that an account isnt mandatory

    she replied with explanation:
    Puri is “Wealth” type branch, which means your minimal deposit is 50 Mil, but a concurrent account is needed on the same branch.
    But here, the Thamrin HQ branch is “Treasury” type branch which means it only accept consumer who initially will put minimal 500 Mil or 5000 US$ and an account created here (in thamrin) is mandatory.

    Well i was a little shocked and dissapointed…I havent reach the financial status to have 5000US$ like you to be put in time deposit.

    she suggest that I go to the tanah abang branch which is a “wealth” type branch

    but If i have 500 mil right now and need to open a time deposit, I’ll put the cash in MEGA depo which offers 14% of interest rate

    I decided not to open an account there (DBS thamrin) yet, but maybe in puri branch..

    Finally I go home with empty. After took 3 hours queueing in banks to withdraw a sum of cash resulting nothing but a new knowledge about how the dbs products marketing is delegated

    Time spent total in the building : 12 minutes

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