DEPOSITS AND OBLIGATIONS

12 Months Ended

Dec. 31, 2021

14	DEPOSITS AND OBLIGATIONS

This item consists of the following:

	2021		2020
	S/(000)		S/(000)

Demand deposits		58,629,661		54,530,355
Saving deposits		56,945,262		50,069,129
Time deposits (c)		28,668,120		28,121,094
Severance indemnity deposits		4,017,065		7,736,747
Bank’s negotiable certificates		1,327,690		1,202,996
Total		149,587,798		141,660,321
Interest payable		753,064		705,181
Total		150,340,862		142,365,502

The Group has established a policy to remunerate demand deposits and savings accounts according to a growing interest rate scale, based on the average balance maintained in those accounts; on the other hand, according to its policy, balances that are lower than a specified amount for each type of account do not bear interest. Also, time deposits earn interest at market rates.

Interest rates are determined by the Group considering the interest rates prevailing in the market in which each of the Group’s subsidiaries operates.

The amounts of non-interest-bearing and interest-bearing deposits and obligations are presented below:

	2021		2020
	S/(000)		S/(000)
Non-interest-bearing -
In Perú		45,909,164		44,037,934
In other countries		5,942,042		3,585,185
		51,851,206		47,623,119

Interest-bearing -
In Perú		86,987,254		82,907,313
In other countries		10,749,338		11,129,889
		97,736,592		94,037,202
Total		149,587,798		141,660,321

The balance of time deposits classified by maturity is as follows:

	2021		2020
	S/(000)		S/(000)

Up to 3 months		14,133,476		13,750,133
From 3 months to 1 year		8,661,200		6,849,436
From 1 to 3 years		2,517,392		4,143,040
From 3 to 5 years		419,445		473,479
More than 5 years		2,936,607		2,905,006
Total		28,668,120		28,121,094

In Management’s opinion the Group’s deposits and obligations are diversified with no significant concentrations as of December 31, 2021 and 2020.

At December 31, 2021 and 2020, of the total balance of deposits and obligations, approximately S/50,478.8 million and S/45,448.1 million, respectively, are secured by the Peruvian “Fondo de Seguro de Depósitos” (Deposit Insurance Fund). At said dates, maximum amount of coverage per depositor recognized by “Fondo de Seguro de Depósitos” totaled S/115,637 and S/101,522, respectively.

As of December 31, 2021 and 2020, of the total balance of deposits and obligations, approximately 224,078.1 million Colombian pesos (equivalent to S/219.8 million) and 214,426.3 million Colombian pesos (equivalent to S/228.4 million), respectively, are secured by the Colombian “Financial Institutions Guarantee Fund” (Fogafín, for its Spanish acronym). At said dates, maximum amount of coverage per depositor recognized by “Fogafín” totaled 50,000,000.0 Colombian pesos (equivalent to S/49,050) and 50,000,000.0 Colombian pesos (equivalent to S/53,250), respectively.