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Of Temples & Fixed Deposits…

Beautiful piece by our Pathshala member Pradip Chinnakonda.

He comes to the Pathshala all the way from Valsad Gujarat because learning is a way of life and means to ultimate success and happiness.

The title that he has given the article is


People feel safety and comfort in Bank FDs OR they believe that their money is safe in the banks. Why?

I will answer that later…

Let us go into history first – Somnath temple was believed to have been built around 4th century AD. In those days there were no banks, so people use to deposit their earnings / Savings mostly in the form of gold coins or ornaments in the temples. Maybe in those days also there were thieves around but nodoby dared to steal from the temple. So people felt that temples were the safest place to keep their earnings / Savings. And maybe this lasted for almost 600 years.

In the 11th century, Mahmud of Gazni first invaded and looted the Somnath temple. It was rebuilt and looted for 17 times. Even then people used to deposit their earnings / Savings in the temple. WHY?

Because of cognitive bias.

It was hardcored in the people’s mind that their earnings / Savings were safe in temples. Because their forefathers did the same thing and they just followed what their forefathers did. Without considering the current situation prevalent then!

Now, it was common sense that after being looted for 1st, 2nd, 3rd time, people should have tried to find some alternative to safeguard their earnings /Savings. But, they still had faith in the temples. Of course, few might have found some alternative, maybe digging a pit and burying their gold coins and ornaments. But, I think they were very few or else there was no point looting the same temple for 17 times.

Similarly, today we see so many Mahmud of Ghaznis in the guise of Vijay Mallya, Nirav Modi who have looted the banks and fled the country. Somnath was looted only 17 times, but we don’t know how many times our banks have been already looted. But, people feel that their money is safe in the banks. Just like the people of Somnath felt that their gold coins and ornaments were safe in the temple.

So, for those who believe that bank FDs are safe, your safety is limited to only Rs. 1 lakh. Think twice!

It is high time that you come out of this bias and start exploring other alternatives to park your hard earned earnings / Savings.


Name : Pradip Chinnakonda

In Financial services since last 8 years catering to around 350 families in Valsad and Vapi. Basic objective is to help clients understand their financial circumstances and how to reach their short term and long term goals.

Very fond of reading books, blogs, articles and on sports – cricket and tennis , finance, human behaviour, current affairs etc. Off late, developing a habit of writing too, on a regular basis.

Dharmendra Satapathy

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