The world savings day is observed on October 31st
The World Savings Day was established on 31st October 1924 during the 1st International Savings Bank Congress held in Milano, Italy. On the last day of the congress, an Italian Professor Filippo Ravizza declared this day the "International Saving Day". It was formerly called World Thrift Day. The World Savings Day is usually observed on October 31st except in countries where this day is a public holiday. This is because the objective is to keep the banks open, so that the people can transfer their savings into their account.
In India, World Savings Day was observed on October 31 till 1984. After that it is celebrated on October 30th because of the death of Prime Minister Indira Gandhi on the same day in 1984. After the Second World War, World Savings Day reached the peak of its popularity. In order to attain the goal of world savings day celebrations, savings banks started working with the support of the schools, the clergy, as well as cultural, sports, professional, and women’s associations.
The World Savings Day celebrations have the following objectives.
Nowadays the focus of the banks that organise the World Savings Day is on developing countries, where the citizens do not have their own bank account. Savings banks along with nongovernmental organisations organise campaigns to enhance savings in these countries and to double the number of savings accounts owned by the poor.
World Thrift Day is celebrated in a variety of ways including the following.