One such scheme may be the door-to-door collection of small savings
in the form of deposits. There are countless savers in the countryside
who save a party sum but who do not have enough time to go bank office
to deposit the money. The savings of such persons may be garnered if a bank appoints representatives for collection.
This arrangement would undoubtedly inculcate the habit of thrift
among the people. The agents’ may be given a commission on the basis of
the amount collected by them.
Investment services
By offering investment services to
depositors a bank may attract new deposits. A large number of savers,
particularly I the middle-income group, are willing to investment their
saving surpluses in profitable securities; but they abstain from doing
so mainly because of complexity of investment affairs ad their limited
knowledge of them.
If a bank promises to collect profitable and safe securities for
the depositors, collect interest on these securities and manage their
disposal, when required, a good umber of savers would be tempted to put
their idle funds in the bank.
Banks may introduce deposit schemes which would suit the people and
which would provide for the collection of deposits and their repayment.
Farmers for example, have after the harvests, a substantial amount; if these savings are not mobilized, they will find their way into unproductive channels.
A bank may devise a scheme by which farmers’ savings are collected immediately after harvest and by which they would
have the freedom to withdraw their deposits during the year, as ad when
needed. This scheme would ensure for the depositors the triple benefits
of certainty of regular interest income, the safety of funds ad the withdrawal facility. Farmers, if educated about the merits of this scheme, may be tempted to deposit their savings in the bank.