Rental deposit interest calculator
Under the Rental Housing Act the deposit must be held in an interest-bearing account and the interest belongs to the tenant. Work out what is owed at the end of the lease.
Get the lease right from day one
Our residential lease sets out the deposit, interest, inspections and refund timelines exactly as the Rental Housing Act requires — and comes with free inspection and deposit refund forms.
Create a residential leaseQuestions people ask
- Does a landlord have to pay interest on a rental deposit?
- Yes. The Rental Housing Act 50 of 1999 requires the landlord to invest the deposit in an interest-bearing account with a financial institution, and the tenant is entitled to the interest earned, at a rate no lower than the rate the landlord would have earned on a savings account.
- When must the deposit be refunded?
- Where there is no damage, the deposit and interest must be refunded within seven days of the lease ending. Where there is damage, the landlord may deduct the cost of repairs and must refund the balance within 14 days of restoring the property, with receipts available for inspection.
- What if no outgoing inspection is done?
- If the landlord fails to inspect the property jointly with the tenant at the end of the lease, the landlord is deemed to acknowledge that the property is in good condition and loses the right to deduct for damage. The deposit plus interest must then be refunded in full.