On this day Amrita Bazar Patrika, a newspaper published from Calcutta, carried the following advertisement of The Commercial Bank of India Limited.
The advertisement read: 1. If money is kept in a private house it attracts thieves. If thieves come to take money they may take lives as well.
2. If money is kept in a house or in a hole in the ground the possessor earns no interest. On all money deposited with Banks depositor receives interest which is paid half-yearly.
3. Money deposited in Banks is more readily available and gives the owner less trouble than money kept in a house or buried because if he wants to make a payment, instead of opening boxes and counting coins and notes, he writes a cheque and the Bank takes all the trouble for him…
4. Keeping money on Deposit with a Bank costs nothing but on the contrary yields a bi-annual return…
5. If the custom of depositing savings with Banks were generally adopted by natives of India, I calculate that they would in the aggregate be richer by about Rs 1 crore per annum. This is computing deposits at an average of Re I per head only, and allowing for an average return of interest at 3 per cent.
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