13	DEPOSITS AND OBLIGATIONS

a)	This item consists of the following:

	2017		2016
	S/(000)		S/(000)

Demand deposits		29,770,276		28,506,270
Time deposits (c)		30,184,314		22,531,305
Saving deposits		28,633,099		26,684,134
Severance indemnity deposits		7,170,934		7,117,685
Bank’s negotiable certificates		959,051		743,726
Total		96,717,674		85,583,120
Interest payable		452,737		333,267
Total		97,170,411		85,916,387

The Group has established a policy to remunerate demand deposits and savings deposits according to an 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.

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

	2017		2016
	S/(000)		S/(000)

Non-interest-bearing -
In Peru		26,786,474		24,718,582
In other countries		2,596,435		3,366,109
		29,382,909		28,084,691

Interest-bearing -
In Peru		60,372,602		52,472,191
In other countries		6,962,163		5,026,238
		67,334,765		57,498,429

Total		96,717,674		85,583,120

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

	2017		2016
	S/(000)		S/(000)

Up to 3 months		15,152,619		11,017,649
From 3 months to 1 year		8,735,918		6,614,180
From 1 to 3 years		3,478,314		2,770,452
From 3 to 5 years		702,962		777,729
Over 5 years		2,114,501		1,351,295
Total		30,184,314		22,531,305

As of December 31, 2017 and 2016, Management considers the Group’s deposits and obligations are diversified with no significant concentrations.

At December 31, 2017 and 2016, of the total balance of deposits and obligations in Peru, approximately S/30,064.8 million and S/28,239.3 million are secured by the Peruvian “Fondo de Seguro de Depósitos” (Deposit Insurance Fund). At said dates, maximum coverage recognized by “Fondo de Seguro de Depósitos” totaled S/97,529 and S/97,644, respectively.