There's a more convenient way to store passwords in a script but you will have to encrypt and obfuscate the script so that it cannot be read. In order to successfully encrypt and obfuscate a shell script and actually have that script be executable, try copying and pasting it here:
http://www.kinglazy.com/shell-script-encryption-kinglazy-shieldx.htm
On the above page, all you have to do is submit your script and give the script a proper name, then hit the download button. A zip file will be generated for you. Right click on the download link and copy the URL you're provided. Then, go to your UNIX box and perform the following steps.
Installation:
1. wget link-to-the-zip-file
2. unzip the-newly-downloaded-zip-file
3. cd /tmp/KingLazySHIELD
4. ./install.sh /var/tmp/KINGLAZY/SHIELDX-(your-script-name) /home/(your-username) -force
What the above install command will do for you is:
NOTE:
This does not work for interactive scripts that prompts and waits on the user for a response. The values that are expected from the user should be hard-coded into the script. The encryption ensures no one can actually see those values so you need not worry about that.
RELATION:
The solution provided in this post answers your problem in the sense that it encrypts the actual script containing the password that you wanted to have encrypted. You get to leave the password as is (unencrypted) but the script that the password is in is so deeply obfuscated and encrypted that you can rest assured no one will be able to see it. And if attempts are made to try to pry into the script, you will receive email notifications about them.