BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 55 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 38 16. Deposits This amount comprises: 2020 2019 Saving deposits $ 559,770,466 515,756,546 Deposits payable on fixed date 671,191,007 611,525,515 Registered retirement savings plan deposits (i) 46,417,795 45,114,095 1,277,379,268 1,172,396,156 Interest payable 2,218,428 2,607,588 $ 1,279,597,696 1,175,003,744 (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, 2020, the minimum deposit rate was 0.5% (2019 -1.25%). Concentration of deposits Deposits (excluding interest payable) comprised the following: 2020 2019 Personal $ 1,252,679,748 1,142,018,623 Commercial 24,699,520 30,377,533 $ 1,277,379,268 1,172,396,156 At March 31, 2020, deposits pledged as security for loans to members and not available for withdrawal totalled $ 343,403,471 (2019 - $340,815,873). The average yield of deposits during the year was 1.91% (2019 - 2.4%).
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