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DEPOSITS AND OBLIGATIONS | 12 Months Ended
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Dec. 31, 2021
DEPOSITS AND OBLIGATIONS [Abstract] |
DEPOSITS AND OBLIGATIONS |
14 | DEPOSITS AND OBLIGATIONS
| a) | 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.
| b) | 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 |
| c) | 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.

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