73 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 46 16. Deposits This amount comprises: 2022 2021 Saving deposits $ 641,041,399 602,479,853 Deposits payable on fixed date 760,634,502 721,593,534 Registered retirement savings plan deposits (i) 49,451,314 48,015,708 1,451,127,215 1,372,089,095 Interest payable 2,018,850 2,217,121 $ 1,453,146,065 1,374,306,216 (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, 2022, the minimum deposit rate was 0.5% (2021: 0.5%). Concentration of deposits Deposits (excluding interest payable) comprised the following: 2022 2021 Personal $ 1,439,551,123 1,357,934,678 Commercial 11,576,092 14,154,417 $ 1,451,127,215 1,372,089,095 At March 31, 2022, deposits pledged as security for loans to members and not available for withdrawal totalled $326,641,212 (2021: $333,043,950). The average yield of deposits during the year was 1.55% (2021: 1.74%).
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