We employ the non-perturbative time-dependent basis function (tBF) approach to study the scattering of the deuteron on 208Pb below the Coulomb barrier. We obtain the bound and discretized scattering states of the projectile, which form the basis representation of the tBF approach, by diagonalizing a realistic Hamiltonian in a large harmonic oscillator basis. We find that the higher-order inelastic scattering effects are noticeable for sub barrier scatterings with the tBF method. We have successfully reproduced experimental sub Coulomb barrier elastic cross section ratios with the tBF approach by considering only the electric dipole (E1) component of the Coulomb interaction between the projectile and the target during scatterings. We find that the correction of the polarization potential to the Rutherford trajectory is dominant in reproducing the data at very low bombarding energies, whereas the role of internal transitions of the deuteron projectile induced by the E1 interaction during the scattering becomes increasingly significant at higher bombarding energies.