Non-Consolidated Annual Report 2017

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2017 52 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2017 (Expressed in Barbados dollars) 37 16. Deposits This amount comprises: 2017 2016 Saving deposits $ 438,019,455 400,347,839 Deposits payable on fixed date 472,339,369 418,230,494 Registered retirement savings plan deposits (i) 42,760,928 41,115,349 953,119,752 859,693,682 Interest payable 3,015,445 3,206,009 $ 956,135,197 862,899,691 (i) The Credit Union operates a registered retirement savings plan for the benefit of its members and guarantees a minimum return on plan deposits of the higher of 5.0% or 1.0% above the minimum deposit rate. At March 31, 2017, the minimum deposit rate was 1.5% (2016 - 2.0%). Concentration of deposits Deposits (excluding interest payable) comprised the following: 2017 2016 Personal $ 923,911,522 828,331,680 Commercial 29,208,230 31,362,002 $ 953,119,752 859,693,682 At March 31, 2017, deposits pledged as security for loans to members and not available for withdrawal totalled $302,834,542 (2016 - $283,398,239). The average yield of deposits during the year was 2.83% (2016 - 3.0%).