To protect the health and safety of the public and our employees, the Department of Banking has limited the number of employees at our office at 260 Constitution Plaza in Hartford. When contacting the Department, please use electronic communication whenever possible. Consumers are encouraged to use our online form for complaints. If you are unsure where to send an inquiry, you may send it to Department.Banking@ct.gov and it will be routed appropriately. Thank you for your patience during this time.

December 6, 2018

Banking Commissioner Announces 2019 Deposit Rate
Sets Interest for Rental Security Deposits

HARTFORD — Department of Banking Commissioner Jorge Perez has announced the 2019 deposit index to be 0.15%.  The deposit index is used to determine the interest rates required by statute to be paid for various accounts – see attached 2019 Deposit Index Memorandum.  The index is based on average rates paid on savings deposits and must be determined annually by the Banking Commissioner.

Rental Security Deposit

Landlords and tenants have rights and responsibilities when it comes to collecting, holding, and returning rental security deposits.  For example, a tenant forfeits their interest for any months that they are more than ten days late on their rent.  When they move out, tenants must provide written notice of a forwarding address where the landlord may send their security deposit with interest.  Landlords are required to return the security deposits of their tenants with interest or give tenants written notice of damages being claimed within thirty days of when tenants move.

The 2019 interest rate for rental security deposits is 0.15%.

The Department of Banking’s website includes a section dedicated to rental security deposit issues, including a listing of previous interest rates, at www.ct.gov/dob.  For further information, contact the Department of Banking, at 860-240-8170.

Contact:             

Matt Smith, 860.240.8105
matthew.smith@ct.gov