Security Deposit Interest Rate In Maryland Remains at 1.5%
The interest rate payable on residential security deposits in Maryland will remain at 1.5 percent for calendar year 2016.
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. 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, 2016 the rate was .61 percent – therefore the floor of 1.5 percent will be applicable to interest accruing in calendar year 2016.