Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 62 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 47 17. Deposits (i) This amount comprises: 2018 2017 Saving deposits $ 472,412,743 438,019,455 Deposits payable on fixed date 736,961,939 651,483,711 Registered retirement savings plan deposits (a) 44,764,805 42,760,928 1,254,139,487 1,132,264,094 Interest payable 5,782,758 6,222,052 $ 1,259,922,245 1,138,486,146 (a) The Group operates a registered retirement savings plan for the benefit of its members and guarantees a minimum return on plan deposits of the higher of 5.00% and 1.00% above the minimum deposit rate. At March 31, 2018, the minimum deposit rate was 1.25% (2017 – 1.50%). (ii) Concentration of deposits Deposits (excluding interest payable) comprised the following: 2018 2017 Personal $ 1,023,487,304 923,911,522 Commercial 230,652,183 208,352,572 $ 1,254,139,487 1,132,264,094 At March 31, 2018, deposits pledged as security for loans to members and not available for withdrawal totalled $321,699,755 (2017 - $302,834,542). The average yield of deposits during the year was 2.50% (2017 – 2.83%).