Connecticut tenants will see their rental security deposits earn the same interest rate in the coming year, the Department of Banking announced.
Connecticut’s banking commissioner is required by state law to calculate the so-called deposit index each year, basing it on average interest rates paid on bank savings deposits.
For the coming calendar year, the deposit index will be 0.15 percent, the same as it was for 2019, but higher than in recent years.
Landlords were required to pay 0.16 percent back in 2012, and 1.5 percent for most of the 2000s.
Under state law, landlords don’t owe tenants interest on their deposits for any month in which the rent is more than 10 days late.Â
Otherwise, they are required to return the security deposits plus interest — or a notice of damages being claimed — within 30 days of a tenant moving out, according to the banking department.
