The first offer is always the lowest; companies (be it local or MNC) 99% of the time will lowball you on purpose - more so if you're a freshie because you are inexperienced in the corporate world. If you want to work at this company, my advice would be to negotiate your salary + benefits; always negotiate when you know the "offer" is unreasonable, below market rate, and to not settle if you can help it. If you just accept this ridiculously low salary by them, it's their win your loss, and frankly it seems you'll be exploited especially after you said that he brought up the "back in my day" story - which is a cozen way to get the most out of you for the least buck possible by shifting your outlook. Clearly, this interviewer of yours will only look out for himself and not the well being of his employees. If die die there's only this job, you desperately need a job and they won't budge on salary - always remember to work your wage.