If the landlord holds the deposit
The deposit must be held in an interest bearing account and the landlord must refund the deposit with interest.
RHA
Section 5 Provisions pertaining to leases
(3)
(d)
The deposit contemplated in paragraph (c) must be invested by the landlord in an interest-bearing account with a
financial institution and the landlord must subject to paragraph (g) pay the tenant such interest at the rate
applicable to such account which may not be less than the rate applicable to a savings account with that financial
institution and the tenant may during the period of the lease request the landlord to provide him or her with
written proof in respect of interest accrued on such deposit, and the landlord must provide such proof on request:
Provided that where the landlord is a registered estate agent as provided in the Estate Agency Affairs Act, 1976,
the deposit and any interest thereon shall be dealt with in accordance with the provisions of that Act.
Estate Agency Affairs Act
Section 32
Trust account of and investment of trust moneys by estate agent
(1) Every estate agent shall open and keep one or more separate trust accounts, which shall contain a reference to
this section, with a bank and such estate agent or his or her employee, as the case may be, shall forthwith deposit
therein all trust money held or received by or on behalf of such estate agent and the name of such bank and the
number of each such trust account shall forthwith be notified to the board.
(2)
(a) Notwithstanding the provisions of subsection (1), any estate agent may invest in a separate savings or other
interest-bearing account opened by him with any bank, building society or any institution or class of institution
designated by notice in the Gazette by the Minister in consultation with the Minister of Finance, any moneys
deposited in his trust account which are not immediately required for any particular purpose.
(b) Any savings or other interest-bearing account referred to in paragraph (a), shall contain a reference to this
subsection.
(c) Interest on moneys deposited in a trust account referred to in subsection (1), and on moneys invested
in terms of paragraph (a), shall, subject to the express terms of the mandate in question [
lease
], which shall be in writing, be paid to the [Estate Agents Fidelity Fund
]
fund by the estate agent concerned.
Please see TPN's
video on the Rental Housing Act for more information.