92 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 52 17 Deposits i) This amount comprises: 2024 $ 2023 $ Saving deposits 869,674,596 942,775,238 Deposits payable on fixed date 789,142,794 714,498,617 Registered retirement savings plan deposits (a) 51,082,085 50,297,197 1,709,899,475 1,707,571,052 Interest payable 4,754,630 4,611,534 1,714,654,105 1,712,182,586 (a) The Group operates two registered retirement savings plans for the benefit of its members. The legacy plan guarantees a minimum return on plan deposits of 5.0% while the new plan guarantees 1.0% above the minimum deposit rate. At March 31, 2024, the minimum deposit rate was 0.5% (2023 - 0.5%). ii) Concentration of deposits Deposits (excluding interest payable) comprised the following: 2024 $ 2023 $ Personal 1,542,584,064 1,521,569,716 Commercial 167,315,411 186,001,336 1,709,899,475 1,707,571,052 At March 31, 2024, deposits pledged as security for loans to members and not available for withdrawal totalled $322,266,123 (2023 - $323,628,932). The average yield of deposits during the year was 1.42% (2023 - 1.56%).
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