Separate Annual Report 2021

68 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 46 16. Deposits This amount comprises: 2021 2020 Saving deposits $ 602,479,853 559,770,466 Deposits payable on fixed date 721,593,534 671,191,007 Registered retirement savings plan deposits (i) 48,015,708 46,417,795 1,372,089,095 1,277,379,268 Interest payable 2,217,121 2,218,428 $ 1,374,306,216 1,279,597,696 (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, 2021, the minimum deposit rate was 0.5% (2020: 0.5%). Concentration of deposits Deposits (excluding interest payable) comprised the following: 2021 2020 Personal $ 1,357,934,678 1,252,679,748 Commercial 14,154,417 24,699,520 $ 1,372,089,095 1,277,379,268 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 1.74% (2020: 1.91%).