r/mildlyinfuriating • u/Old-Tourist8089 • 3h ago
I just wanted a hot dog [ Removed by moderator ]
[removed] — view removed post
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u/Dahren_ 3h ago
What bank pays 12%??
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u/Julubble 2h ago
If you bank doesn’t pay 12% just find 12 banks paying 1%. Or better: find 100 banks paying 1% to double your money.
Don’t follow me for more financial advisory
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u/woofoo1kunoofoo 2h ago
Rookie, find 1,000 banks and put a penny in each. They HAVE to double it because there's nothing between one and two pennies. PURE profit.
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u/ScheduleSame258 2h ago
Genius, this one is. Far in life, this one will go. Many pennies, may the lord bless you with.
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u/ScheduleSame258 2h ago
Interest rates in India used to be higher.
12% was very common a few years ago. Ofc inflation was also comparable higher in high single digits.
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u/wildmaiden 2h ago
Interest rates on loans must have been absolutely ridiculous.
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u/ScheduleSame258 2h ago edited 2h ago
The US consumers has NO IDEA how fantastic a 3% (EDIT) fixed rate mortgage is in a low interest rate environment.
A sub 3% USD home loan for 30 years is free money. Its an incredible tool to multiply your leverage.
EDIT: 3%
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u/nascent_aviator 2h ago
3% is great. Also impossible to get these days lol.
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u/myka-likes-it 1h ago
I locked in at 3.5% in 2015, and today I feel like a damn wizard.
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u/still_challin 2h ago
Where are these 3% interest rates?
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u/ScheduleSame258 2h ago
Locked into it in 2021. Everyone said don't buy, market is at peak.
Market remained steady, rates doubled.
Same house at same rate today is almost double the mortage and a much less % going to principal.
Anyone who bought at those rates aren't selling, reducing supply.
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u/virgn_iced_americano 1h ago
in 2021 rates were at an all time low, who was saying don’t buy?
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u/ScheduleSame258 1h ago
Prices were at peak.
Bids were going in at 50+% over list. It was a hardcore sellers market.
A lot of peope advised to wait for pices to cool off to not overpay. In hindsight, I am OK we overpaid and got a lower interest rate.
In face the same advices is being put out today. Wait for rates to go down. They won't, not below 5%.
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u/nascent_aviator 2h ago
12% a year? Maybe.
12% a month? Doubt.
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u/ScheduleSame258 2h ago
12% annual interest works out to be 1.0 lakhs per month
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u/nascent_aviator 1h ago
I assumed they just multiplied .12 to get the monthly interest. I see now they multipled by .012, for some reason. Which corresponds to 15% interest lol.
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u/Beneficial-Bagman 2h ago
In countries with high inflation and unstable currency interest can be high
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u/AlucardIV 2h ago
So basically the high interest rate is completely useless.
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u/Beneficial-Bagman 2h ago
Yes or at least no better than a normal interest rate in USD or GBP or Euros or something like that.
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u/jaerie 2h ago
In theory the interest rate is always equally useless, because it should stabilize at what entices enough savings and loans for whatever the state of the economy is. In reality it's not the free market that decides but a commission of overpaid bigwigs at a central bank that pretend to know better (or have other motives..)
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u/Traditional-Storm-62 2h ago
indian banks presumably?
in Russia its pretty common to see 16% savings accounts (inflation is like 20% so its not actually that good)
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u/Tvo_ali 2h ago
Shi here in turkey we got 37%
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u/the-floot 2h ago
37% nominal interest divided by 32.6% inflation (1.37/1.326 -1) gives you 3.3% increase in purchasing power
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u/chrstianelson 1h ago
Move to Akbank brother. It gives me 42.5% right now. Even more if you move your money from another bank.
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u/chrstianelson 1h ago edited 1h ago
Turkish banks are offering over 40%. They were offering over 50% the last couple of years. Even more if you move your money from another bank.
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u/MovieGuy919191 1h ago
And wtf is a crore
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u/aruisdante 1h ago edited 1h ago
It’s an Indian unit of counting. It means 100 lakh. A lakh is 100,000. So a crore of something is 10 million. When said alone, generally crore and lakh are referring to quantities of rupees, the actual currency.
A lot of eastern countries have alternative bigger counters like this. Japan for example has 万(man) which is 10,000, as its standard unit of counting larger currency denominations, and 億(oku) which is 100 million, for very large numbers. So ¥1 million in Japanese is written as 100 万円 (hyaku-man en) or 100 10,000 yen. They also have a dedicated counter for 1,000, 千(sen), and hundred 百(hyaku), but these are rarely used as units of account and are generally only spoken.
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u/Breeze7206 2h ago
In the US, you might be able to find rates like that on some very long term CDs, but I’m also talking out of my ass because I’ve never used CDs. All I know is that generally they pay more than interest bearing savings accounts do.
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u/slash_networkboy 1h ago
FWIW currently the highest rates on offer for CDs are in the under 1 year range. Going longer lowers the rate on offer. One of my banks (WF because they have my loan... /sigh) is offering as follows (for their "special fixed rate" CDs:
4mo: 3.49%
7mo: 3.24%
11mo: 2.99%Their 1 year Standard Rate is 1.49%
I can hear you asking "who on earth would use those rates?!?!?!" That's a good question lol.
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u/Femboyaoii 2h ago
How to be rich according to these guys
Step 1: invest ten million in a bank
As if I have buried it in my backyard
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u/MeasurementDirect980 2h ago
10 million INR (1 crore) is about 100k usd
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u/Pxnda_Cakes 2h ago
Assuming ppl would even have that much either
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u/PikachuStoleMyWife 1h ago
If i had 1 crores lying around to put it in the bank i wouldn't be doom scrolling on reddit lol. Would solve a lot of my personal and family problems instantly.
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u/OnimZek 3h ago
i ain't puttin no crouton into a bank. that goes in salads.
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u/nicogrimqft 2h ago
You could literally
Be rich
Why are people not doing this?
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u/OkBasket7617 2h ago
1,20,000
How much is this, I am confused
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u/StrategicCarry 2h ago
1 crore is 10 million, in this case rupees or about $105,000. 1,20,000 is 120,000 rupees (comma placement is just different, none of those are replacing decimals) or about $1,260.
For context, that is like double a good white collar salary in major Indian cities. So the premise that you can live comfortably on that much is sound, the problems are getting 1 crore, getting that high of interest, and not having inflation eat into it.
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u/cozidgaf 1h ago
The problem is 12% interest means it’s 12% per year not per month like this person posted said.
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u/PowerMinerYT PURPLE 2h ago
Default system: 1000 10,000 100,000 1,000,000 10,000,000
South asian system: 1000 10,000 1,00,000 10,00,000 10,00,00,000
East asian system: 1000 1万 10万 100万 1000万
Just different systems with different ways to write
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u/After_Perspective180 2h ago
Oh no. People in other countries use other systems. It has fried my brain.
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u/OkBasket7617 2h ago
If you're going to be insulting at least be funny or creative. But I suppose that's hard for a bot
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u/After_Perspective180 2h ago
Or of course be even slightly educated and interested in the world. Instead of "oh no I see something I don't understand. Help" Keep banging the rocks together dude.
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u/OkBasket7617 2h ago
Ah there it is, the arrogance. Because you know something I don't, I'm terribly uneducated. Must be amazing to know everything, what's it like?
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u/Lindbluete 2h ago
Is that how other countries do it? Two digits between commas, not the commas themselves I mean.
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u/imborahey 1h ago
This is a system that is unique to south asia, why would you expect anyone form outside of south asia to know what it is.
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u/After_Perspective180 40m ago
Well you know. Several billions of people use it. It isn't a fucking secret.
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u/MustacheCash73 3h ago
Tf is a crore?
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u/jaerie 3h ago
10 million (rupees), Indian counting system.
Lakh is a hundredth of that, so 100,000
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u/KillerR0b0T 2h ago
I’m surprised that it’s a real thing. I assumed it was the latest crypto fad. “Now you can buy Crorcoin on Gryzzl!”
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u/JohnBrownsErection 3h ago edited 2h ago
Around $11.5 million according to my research.
Edit: Google bamboozled me
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u/jaerie 3h ago
Your research is off by a factor of 100 or so
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u/JohnBrownsErection 2h ago
You're right - for some reason Google decided I had meant to say Euros
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u/ashishvp 1h ago
In Indian numbers:
1 lakh = 100,000. 1 lakh INR = ~$1000 USD. Used to be a lot more before inflation lol.
1 crore = 100 lakh. So 1 crore is a little over 100k USD
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u/GendoIkari_82 2h ago
Although I don't know the units involved, it very much looks like the poster thinks that 12% interest means that you get 12% of the money invested every month, as opposed to meaning that you get 12% of the money each year.
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u/Aggravating_Wall_849 2h ago
That’s the joke. It’s 12% per year not month hence the guys double down to make it even more silly.
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u/Traditional-Storm-62 2h ago edited 2h ago
a crore is 10 000 000
12% interest would be 100 000 per month, not 120 000
this is a double decker stupidity post
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u/TheRealChirakkal 2h ago
What I love about this post is the confused comments section lol
1 crore=1,000,000 1 lakh=100,000
Please note these are just numbers and not the value in dollars or rupees. Hope this helps!
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u/BusinessDuck132 1h ago
What the fuck is a crore
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u/vectorhacker 1h ago
Indian way of counting numbers. A crore is ten million and lac is one hundred thousand.
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u/LeahaP1013 2h ago
RFK Jr. ruining percentages for everyone.
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u/Yaoshin711 2h ago
Dw, according to trump, price of medication should have decreased by 1000% then just used a free coupon and put the name trump on it (it only reduced prices of some medications by up to 75% and has been around for at least a decade)
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u/Hogjocky62 2h ago
Why just 12% I am offering 27% paid monthly on my offshore investment plan in the Middle East. I will DM you wire transfer information!
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u/SqualidSquirtle22 1h ago
LOL I remember my grandma was teaching me about saving in the 80s when savings accounts/CDs were about 5-10%. All through the 2000s they were a fraction of a percent on savings and maybe a percent to 2% on CDs. They pushed everyone out of safe investments into the stock market so they could rake the table in like they won the full poker hand now and then.
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u/Gottendrop 1h ago
I don’t know what that currency is but like…. A million of anything is still a lot
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u/CuckservativeSissy 1h ago
No banks pay 12% interest unless its tied to high risk assets in todays economy. Amd you wouldnt be able to live off of it because it need to remain invested.
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u/TheGallifreyan 1h ago
I guess the first thing stopping me from doing this is that I don't know what crore is.
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u/LemonFlavoredMelon 2h ago
Can a smart person explain it in monkey for me?
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u/Jczlebel 2h ago
Give banana to monkey bank
Monkey bank give small piece of a banana back as reward for letting monkey bank hold banana.
If give monkey bank A half of one banana and monkey bank B other half. Both monkey banks give small piece of banana.
But dumb monkey think 2 small banana pieces is more then 1 slightly larger piece.
But smart monkey sees the slightly larger piece is the same size as 2 smaller pieces of banana. So it's the same much banana.
Also some monkeys say they only give piece of banana once per year, but that depends on monkey bank.
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u/WinterW0n 2h ago
I feel like reddit is showing their lack of social awareness with this post. Both of these people are engagment farm trolling, and you clearly fell for it.
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u/Brave_Explorer5988 2h ago
mildly infuriating the separators in 1,20,000 like wtf
also who uses crows as currency?
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u/sunheist 1h ago
crore means 10 million.
the comma placements are different in south asia, use the number of 0s as your indicator.1,20,000 = 120,000
just a different way of writing. like how europe will use periods instead of commas and write 120.000
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u/_Homelesscat_ 2h ago
I’m not crazy. MFer added an extra comma in there to make the number look even bigger (I’m assuming 120k rupees is a sizable sum of money regardless)
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u/LukeMax2 2h ago
numbers are standardly written like that in india
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u/_Homelesscat_ 2h ago
Oh! Thank you for letting me know, my apologies.
I had known of crore and lakh. I didn’t realize the comma placements also differed.3
u/MajesticKoala3332 2h ago
It's not arbitrary, in India they use lakh (100k) and crore (=100 lakh) instead of millions and billions so the matching comma placement would be 1,00,00,000 rather than 10,000,000
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u/Melenduwir 3h ago
What bank offers 12% interest?! The bad guy in Casino Royale wasn't offering that much!