In a striking twist, plain fixed deposits have beaten India’s stock indices over the past three years. The bull market’s gains have been narrower than they look.

For the three years ended September 17, 2026, the Nifty 50 gained 15.58 per cent and the Sensex just 9.94 per cent on a price-return basis, according to a BusinessLine analysis.

A three-year SBI fixed deposit opened at the start of that period at 6.5 per cent would have earned about 21.34 per cent cumulatively. A Post Office time deposit at 7 per cent did slightly better at 21.56 per cent.

The pain is broad. Of more than 2,800 stocks studied, 56 per cent failed to beat the Post Office deposit return over three years.

Even over five years, the Nifty’s 32.3 per cent gain barely beats a five-year SBI deposit’s 30.8 per cent, and trails the Post Office deposit’s 34.4 per cent.

The bull market is now 2,370 days old, India’s longest ever. But for many recent investors, the humble deposit has been the real winner.