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Wednesday, April 24, 2024

Grandfather’s ₹500 SBI Shares Now ₹3.75 Lakh!

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New Delhi : A man in Chandigarh had a delightful surprise when he came across some old investments made by his grandfather. Dr. Tanmay Motiwala, a pediatric surgeon, was sorting through the family’s assets when he stumbled upon share certificates from the State Bank of India. He found out that his grandfather had purchased SBI shares worth ₹500 back in 1994. However, his grandfather had never sold them and had even forgotten about their existence.

Over the years, the initial investment had grown significantly, highlighting the long-term benefits of investing in stocks. Dr. Motiwala revealed that the SBI shares were now valued at ₹3.75 lakh, resulting in a 750x return over three decades.

Sharing his discovery on social media, Dr. Motiwala wrote, “My grandparents bought SBI shares worth ₹500 in 1994. They completely forgot about it. They weren’t even sure why they bought them or if they still had them. I found these certificates while consolidating our family’s assets.”

Responding to inquiries about the current value of the shares, he stated, “The current valuation is around ₹3.75 lakh, excluding dividends. It might not be a huge amount, but it’s a 750x return in 30 years. That’s significant.”

Dr. Motiwala also detailed the process of converting the family’s paper stock certificates into electronic form. “We sought assistance from a financial advisor/consultant. The process itself is cumbersome and lengthy, dealing with issues like spelling errors, address mismatches, and signature discrepancies. Even with professional help, it took time, but we managed to convert the majority of our certificates,” he explained.

He further mentioned his intention to hold onto these shares as he doesn’t currently require cash.

His post went viral, with many people sharing similar stories. One commenter remarked, “This is a real investment lesson. We should heed the wisdom of our elders.”

Another shared their own experience, saying, “I had a similar situation. My grandfather had 500 shares of SBI. He was an employee. After my father’s passing, I inherited these bonds at the age of 17. Eventually, with the help of a nearby share broker and following certain procedures, we were able to sell them. That’s how I began investing in stocks.”

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