84 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 52 17 Deposits i) This amount comprises: 2023 $ 2022 $ Saving deposits 942,775,238 641,041,399 Deposits payable on fixed date 714,498,617 1,001,115,124 Registered retirement savings plan deposits (a) 50,297,197 49,451,314 1,707,571,052 1,691,607,837 Interest payable 4,611,534 7,791,120 1,712,182,586 1,699,398,957 (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, 2023, the minimum deposit rate was 0.5% (2022 - 0.5%). ii) Concentration of deposits Deposits (excluding interest payable) comprised the following: 2023 $ 2022 $ Personal 1,521,569,716 1,474,963,132 Commercial 186,001,336 216,644,705 1,707,571,052 1,691,607,837 At March 31, 2023, deposits pledged as security for loans to members and not available for withdrawal totalled $323,628,932 (2022 - $326,641,212). The average yield of deposits during the year was 1.56% (2022 - 1.55%).
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