Interest paid on rent security deposits and other consumer accounts will remain unchanged for 2016, the state banking commissioner says.
Commissioner Jorge Perez announced Monday the 2016 deposit index is 0.08 percent, same as for 2015. The deposit index is used to set interest rates required by state statute to be paid for various accounts. The commissioner sets the index based on average rates paid on savings deposits.
The 0.08 percent rate applies to renters’ deposits held by landlords for 2016. It also applies to property, funds or money delivered to the state treasurer. The rate for mortgage escrow deposits will stay at 0.1 percent.
Interest on customer deposits with public gas, water and electric utilities and certified telecom providers remains 1.5 percent.
