Maryland Security Deposit Interest Rate is 1.5% for 2021
The interest rate payable on residential security deposits in Maryland is 1.5 percent for amounts accruing during calendar year 2021. Changes to state law in 2014 and 2015 altered the interest rate for residential security deposits and provided for the monthly accrual of interest effective Jan. 1, 2015 and thereafter. Rather than having a static rate fixed in law, the legislation provides for a market-based rate that changes each calendar year.
The interest rate payable for the year resets annually based on the U.S. Treasury Yield Curve Rate for one year, as of the first business day of each year, or 1.5 percent, whichever is greater. As of Jan. 4, 2021 the U.S. Treasury Yield Curve Rate for one year was .10 percent – therefore the minimum 1.5 percent rate will be applicable to interest accruing on all security deposits during calendar year 2021.
Member Action: Please notify community managers and individuals in your company that program security deposit interest rates to change the accrual rate for calendar year 2021 to 1.5 percent.