Rental Deposit With Interest
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FAQ
Interest Rates for Calendar Year 2023AccountStatutory ReferenceInterest RateRental Security Deposits Interest Calculation Table47a-21(i)0.27%Claims for property, funds, or money delivered to the State Treasurer3-70a(e)0.27%2 more rows
A landlord must pay interest each year on security deposits and prepaid rent held more than six months. The rate of interest that a landlord must pay is set each year by the City Comptroller.
The landlord must return a tenant's security deposit plus interest, less any damages rightfully withheld, within 45 days after the tenancy ends. If the landlord fails to do this without a good reason, you may sue for up to three times the withheld amount, plus reasonable attorney's fees.
Interest Rates for Calendar Year 2023AccountStatutory ReferenceInterest RateRental Security Deposits Interest Calculation Table47a-21(i)0.27%Claims for property, funds, or money delivered to the State Treasurer3-70a(e)0.27%2 more rows
In interest-bearing securities, funds are raised by issuing (selling) a financial instrument to a buyer (lender) that represents a promise by the issuer (borrower) to make interest-only payments throughout the term of the security (typically six-monthly) and repay a specified principal amount at the end of its term (at ...
