Extra $160 after a year's wait - SBI 1.6% FD
One year ago, I chanced upon the State Bank of India offering a 1.6% interest p.a on minimum $10k deposit. It was the best deal I've seen then. I was contemplating about putting my money into a foreign bank but went ahead thinking that the Deposit Insurance Scheme would insure me.
Prior to making my deposit, I popped into the bank to enquire on the FD rate, just to be sure it was 1.6%. The bank teller looked at me and asked, "Do you have $10k?", "Are you a Singaporean?".
When I told her I'd be withdrawing my money nearby and am a Singaporean, she gave this insouciant expression and continued to mind her business. #badcustomerservice #sheisasingaporeanchinesebtw
While walking to withdraw my money, I was having 2nd thoughts. Why should I bank my money with this bank that doesn't provide good customer service? Btw, compared to the usual airy, advanced and professional feel of our local big banks, stepping in to SBI's branch would make you feel like...you're in a police station. I didn't feel very comfortable with their service, but I wouldn't want to say no to easy money.
To cut the story short, I made my FD on 19 Jul. And 1 year later, I cashed it out.
Time flies, so damn quickly.
If not for my calendar reminder, I'd have forgotten about my FD. So a tip from me, mark your FDs maturity in your calendar. Following the reminder, I made my trip down to the bank and behold...I was the only customer. Not surprising if you've been to the branch. Anyway, I was served immediately by a sweet and friendly lady but the transaction took close to 20 minutes. Not kidding. All this while, the bank manager was chatting on the phone (not sure if he was talking about business) while the lady processed my FD and passed a form for him to sign. The bank manager even had to be reminded to sign another page. Despite the long wait, I was relieved when I received the cashier order along with my $160 interest.
So, if you are interested to bank with SBI, don't expect efficiency, but at least you'll get your money back :)
Now, time to hunt for places to park my extra cash. Any ideas?