DEPOSITS AND OBLIGATIONS

12 Months Ended

Dec. 31, 2022

14	DEPOSITS AND OBLIGATIONS

This item consists of the following:

	2022		2021
	S/(000)		S/(000)

Saving deposits		54,769,045		56,945,262
Demand deposits		48,467,248		58,629,661
Time deposits (c)		37,478,269		27,923,803
Severance indemnity deposits		3,824,629		4,017,065
Bank’s negotiable certificates		1,418,740		1,327,690
Total		145,957,931		148,843,481
Interest payable		1,062,856		753,064
Total		147,020,787		149,596,545

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:

	2022		2021
	S/(000)		S/(000)

Non-interest-bearing -
In Peru		39,370,497		45,909,164
In other countries		3,975,654		5,942,042
		43,346,151		51,851,206

Interest-bearing -
In Peru		92,276,991		86,987,254
In other countries		10,334,789		10,005,021
		102,611,780		96,992,275
Total		145,957,931		148,843,481

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

	2022		2021
	S/(000)		S/(000)

Up to 3 months		17,201,364		14,052,666
From 3 months to 1 year		12,688,483		8,141,349
From 1 to 3 years		4,144,424		2,391,139
From 3 to 5 years		502,291		402,042
More than 5 years		2,941,707		2,936,607
Total		37,478,269		27,923,803

In Management’s opinion the Group’s deposits and obligations are diversified with no significant concentrations as of December 31, 2022 and 2021.

As of December 31, 2022 and 2021, the balance of deposits and obligations, guaranteed by the Peruvian “Fondo de Seguro de Depositos” (Deposit Insurance Fund) amounts to approximately S/52,745.2 million and S/50,478.8 million, respectively. At said dates, maximum amount of coverage per depositor recognized by “Fondo de Seguro de Depositos” totaled S/125,603 and S/115,637, respectively.

As of December 31, 2022 and 2021 the balance of deposits and obligations of Mibanco Colombia guaranteed by the “Financial Institutions Guarantee Fund” (FOGAFÍN, for its Spanish acronym) of Colombia, amounts to 304,758.0 million Colombian pesos (equivalent to S/239.5 million) and 224,078.1 million Colombian pesos (equivalent to S/219.8 million), respectively. At said dates, maximum amount of coverage per depositor recognized by “FOGAFÍN” totaled 50,000,000.0 Colombian pesos (equivalent to S/39,300 and S/49,050, respectively).