INTEREST ON SECURITY DEPOSITS
The landlord must pay interest to the tenant annually (at the end of each tenancy year) or 15 days after the date the tenant moves out (the earlier date applies). The interest rate is payable at 2% lower than the bank prime rate as of January 1 and July 1 of each year.
This Security Deposit Interest Rates table shows the interest to be paid on the security deposit for each time period. The interest is not compounded; it is calculated for each time period.
The Online Interest Calculator was created to help you calculate interest.