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15% Interest Rate?

By on Aug 10, 2010 | 1 comment

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Before I say anything further, let me declare: I am a big zero when it comes to understanding the jargon used by bankers and ‘finance experts’.

Last week, our banker was trying to sell a scheme to us that offered returns at about 15%. In simpler terms –

If I put INR. 1,00,000 in the bank for ONE YEAR, at the end of itI will have INR. 1,15,000/-.

Money surely doesn’t grow in banks.

1 Comment

  1. durga

    August 11, 2010

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    i remember something similar. An idiot told me I get 8% interest with many * 's associated with the deal, i moved the money to that account . On my next visit to my bank – she advised I should opt for the previous one as it was offering me withdrawal facility from ATM's :-|. and I also came to know – either i have a hearing problem or she bluffed me- It was not 8% it was only 4.6%

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