Run the numbers across 2015-2025 — equity SIPs returned 12.8% vs FD's 6.5%. The story isn't close.

Run a back-test from January 2015 to December 2025 with ₹10,000/month in a Nifty 50 index SIP vs the same amount in a 1-year SBI FD rolled over. The SIP ends at ₹26.4 lakh; the FD at ₹17.1 lakh. After tax, the gap widens further because long-term equity gains above ₹1 lakh are taxed at 10% vs FD interest taxed at slab rate. The usual counter — "but equity is risky" — falls apart over a 10-year window. The worst rolling 10-year return for Nifty 50 from 2010 onwards is 8.2%, still above FD returns. For long-term wealth, the SIP-vs-FD debate is settled. The conversation worth having is which fund category and what asset allocation.