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DEPOSITS AND OBLIGATIONS | 12 Months Ended
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Dec. 31, 2020
DEPOSITS AND OBLIGATIONS |
DEPOSITS AND OBLIGATIONS | 14 DEPOSITS AND OBLIGATIONS a) This item consists of the following:
|  | 2020 |  | 2019
|  | S/(000) |  | S/(000)
Demand deposits |  | 54,530,355 |  | 34,213,188
Saving deposits |  | 50,069,129 |  | 35,179,770
Time deposits |  | 28,121,094 |  | 32,853,576
Severance indemnity deposits |  | 7,736,747 |  | 7,897,199
Bank’s negotiable certificates |  | 1,202,996 |  | 1,180,461
Total |  | 141,660,321 |  | 111,324,194
Interest payable |  | 705,181 |  | 681,191
Total |  | 142,365,502 |  | 112,005,385
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 increase in the balance corresponds mainly to funds disbursed by the government through the Reactiva Peru program intended for the economic reactivation of companies, funds released from the AFPs, bonds granted by the government to the natural people; and among other liquidity injection measures due to the COVID-19 crisis, see Note 2(b). b) The amounts of non-interest-bearing and interest-bearing deposits and obligations are presented below:
|  | 2020 |  | 2019
|  | S/(000) |  | S/(000)
Non-interest-bearing - |  |  |  |
In Peru |  | 44,037,934 |  | 25,641,446
In other countries |  | 3,585,185 |  | 2,674,724
|  | 47,623,119 |  | 28,316,170
Interest-bearing - |  |  |  |
In Peru |  | 82,907,313 |  | 74,413,962
In other countries |  | 11,129,889 |  | 8,594,062
|  | 94,037,202 |  | 83,008,024
Total |  | 141,660,321 |  | 111,324,194
c) The balance of time deposits classified by maturity is as follows:
|  | 2020 |  | 2019
|  | S/(000) |  | S/(000)
Up to 3 months |  | 13,750,133 |  | 14,674,773
From 3 months to 1 year |  | 6,849,436 |  | 8,975,269
From 1 to 3 years |  | 4,143,040 |  | 6,096,891
From 3 to 5 years |  | 473,479 |  | 819,446
More than 5 years |  | 2,905,006 |  | 2,287,197
Total |  | 28,121,094 |  | 32,853,576
In Management’s opinion the Group’s deposits and obligations are diversified with no significant concentrations as of December 31, 2020 and 2019. At December 31, 2020 and 2019, of the total balance of deposits and obligations, approximately S/45,448.1 million and S/35,511.9 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/101,522 and S/100,661, respectively. As of December 31, 2020 and 2019, of the total balance of deposits and obligations, approximately 214,426.3 million Colombian pesos (equivalent to S/228.4 million) and 201,715.7 million Colombian pesos (equivalent to S/203.1 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/53,250) and 50,000,000.0 Colombian pesos (equivalent to S/50,350), respectively.

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