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Your grandfather kept money in fixed deposits because it was the only game in town. Seven percent guaranteed. A certificate of deposit. Something you could touch. Something you could show your wife and sleep easy at night. That guarantee meant something when inflation was two percent. It meant something when wage growth tracked with bond yields. It meant something when the alternative was hoarding cash under the mattress or buying land in some village you'd never visit again.

Indians stopped keeping money in fixed deposits and started betting on themselves. Monthly SIPs cross ₹25,000 crore. But here's the catch: 69% of stocks went down while the Nifty 50 went up.