79 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 53 17. Deposits (i) This amount comprises: 2021 2020 Savings deposits $ 602,479,853 559,770,466 Deposits payable on fixed date 958,429,274 915,003,631 Registered retirement savings plan deposits (a) 48,015,708 46,417,795 1,608,924,835 1,521,191,892 Interest payable 7,346,685 6,486,393 $ 1,616,271,520 1,527,678,285 (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, 2021, the minimum deposit rate was 0.5% (2020 – 0.5%). (ii) Concentration of deposits Deposits (excluding interest payable) comprised the following: 2021 2020 Personal $ 1,357,934,678 1,252,679,748 Commercial 250,990,157 268,512,144 $ 1,608,924,835 1,521,191,892 At March 31, 2021, deposits pledged as security for loans to members and not available for withdrawal totalled $333,043,950 (2020 - $343,403,471). The average yield of deposits during the year was 1.88% (2020 – 1.91%).
RkJQdWJsaXNoZXIy MTA2MDM=