BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 84 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 53 17. Deposits (i) This amount comprises: 2022 2021 Savings deposits $ 641,041,399 602,479,853 Deposits payable on fixed date 1,001,115,124 958,429,274 Registered retirement savings plan deposits (a) 49,451,314 48,015,708 1,691,607,837 1,608,924,835 Interest payable 7,791,120 7,346,685 $ 1,699,398,957 1,616,271,520 (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, 2022, the minimum deposit rate was 0.5% (2021 – 0.5%). (ii) Concentration of deposits Deposits (excluding interest payable) comprised the following: 2022 2021 Personal $ 1,474,963,132 1,357,934,678 Commercial 216,644,705 250,990,157 $ 1,691,607,837 1,608,924,835 At March 31, 2022, deposits pledged as security for loans to members and not available for withdrawal totalled $326,351,358 (2021 - $333,043,950). The average yield of deposits during the year was 1.55% (2021 - 1.88%).
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