Are security deposits refundable?

A security deposit may be non-refundable. Though a deposit, by definition, is a refundable amount of money, some landlords charge a non-refundable security fee. These fees are typically called non-refundable deposits. Usually, non-refundable deposits are smaller than refundable ones. They are legal in many states.

How does a security deposit work?

Rental » Security Deposits in Indian Rent Agreements: Everything You Need to Know! Security Deposits in Indian Rent Agreements: Everything You Need to Know! A security deposit, also known as a caution deposit, is a sum of money paid by a tenant to a landlord as a guarantee for the performance of the rental agreement.

Is a security deposit a part of a monthly rent?

The security deposit by the renter is not a part of the monthly rent. The rent deposit or security deposit is the amount which is paid initially during the time of renting a place. The landlord will keep the deposit with them throughout the rental agreement period. If there is damage to the property, then the renter will lose the money.