Non-Consolidated Annual Report 2018

57 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2018 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 42 15. Deposits This amount comprises: 2018 2017 Saving deposits $ 472,412,743 438,019,455 Deposits payable on fixed date 535,975,951 472,339,369 Registered retirement savings plan deposits (i) 44,764,805 42,760,928 1,053,153,499 953,119,752 Interest payable 2,693,760 3,015,445 $ 1,055,847,259 956,135,197 (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, 2018, the minimum deposit rate was 1.25% (2017 -1.5%). Concentration of deposits Deposits (excluding interest payable) comprised the following: 2018 2017 Personal $ 1,023,487,305 923,911,522 Commercial 29,666,194 29,208,230 $ 1,053,153,499 953,119,752 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 2.5% (2017 - 2.83%).